practitioners reviewing liquidity risk models

Built by practitioners who felt the gap firsthand

Our team brings real desk experience to the most demanding questions in liquidity risk modeling

Most resources on liquidity provision stop at theory. They describe bid-ask spreads and inventory risk in the abstract, then leave you to figure out the rest on your own. Our team has sat at trading desks, managed market-making books, and stress-tested fixed income positions through actual volatility events. We built this platform because we kept running into the same wall: rigorous, practitioner-grade material on the return and risk dynamics of systematic liquidity provision simply did not exist in one place. So we created it ourselves.

Team of active practitioners

Every contributor has operated in equity, fixed income, or derivatives markets in a professional capacity.

Research-driven curriculum design

Content is built from primary research and reviewed against current market microstructure literature.

Transparent about complexity

We do not simplify away the hard parts — we teach the mechanics that actually drive outcomes.

Relevant across market structures

Frameworks apply to exchange-traded and OTC environments, across multiple asset classes and jurisdictions.

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How we got here

A platform built from frustration with what was missing in quantitative risk resources for liquidity providers

researcher working through liquidity models

The problem we kept running into when trying to learn this properly ourselves

Liquidity provision is one of the most technically demanding roles in modern markets. You are continuously exposed to adverse selection, inventory accumulation, funding constraints, and sudden regime shifts in volatility. Yet when our founding team went looking for structured, quantitatively serious material on these dynamics, we found fragments. Academic papers with no practical bridge. Introductory broker content with no depth. Nothing that treated the reader as someone who already understood the basics and needed the next layer. That gap was the origin of this platform. We did not set out to build a curriculum — we set out to answer questions we genuinely could not find answered well anywhere else, and the curriculum emerged from that process.

How our team translates desk experience into rigorous, accessible analytical frameworks

The people who designed this material have held roles as market makers, quantitative risk analysts, derivatives structurers, and regulatory risk officers. That breadth matters. Liquidity provision risk does not sit neatly in one discipline — it cuts across microstructure theory, balance sheet management, options pricing, and macroprudential considerations simultaneously. Our internal development process uses what we call a practitioner-validation loop: every framework is first stress-tested against historical case studies before it is written up for the platform. If a model cannot survive contact with a real episode — the March 2020 Treasury market dislocation, for instance — it does not make it into our materials.

analyst reviewing derivatives position data

Where we are focused and why that focus makes the analytical output sharper and more useful

We concentrate exclusively on the risk and return dynamics of investors who systematically act as liquidity providers — across equity markets, fixed income, and derivatives. This is a deliberately narrow scope. We believe breadth without depth produces noise, not insight. By staying focused on this one corner of market structure, our team can track the evolving literature, incorporate new empirical findings quickly, and maintain a level of analytical precision that a broader platform could not sustain. Our materials are updated on a rolling basis, and the methodology page documents exactly how we decide when a framework requires revision. If you are working at the edge of this field, you will find that specificity useful.

What drives our work

Five principles that shape every analytical framework and piece of content we produce

Intellectual rigor

We do not publish a framework until it has been examined critically by multiple members of our team. Claims are sourced, assumptions are named explicitly, and limitations are stated plainly. If a model works only under specific conditions, we say so — because a risk manager who does not know a model's failure modes is carrying hidden exposure without realising it.

Practical relevance

Every analytical tool we present has to connect to a decision that a real practitioner actually faces. We ask ourselves: does this change how you would size a position, set a spread, or manage your book through a volatility event? If the answer is no, we go back to the drawing board. Theory that does not touch practice does not belong on this platform.

Transparent reasoning

We show our working. Derivations are included where they matter, case study data sources are cited, and disagreements within the literature are flagged rather than papered over. We think transparency about uncertainty is more useful to a serious practitioner than false confidence. The field is complex — our content reflects that honestly.

Accessibility for advanced learners

Our materials assume a solid quantitative foundation — familiarity with stochastic processes, derivatives pricing, and market microstructure is expected. Within that, we work hard to make even the most technically demanding content navigable. Clear notation, structured argument flow, and worked examples are not optional — they are part of the analytical standard we hold ourselves to.

Ongoing research commitment

Markets evolve. Regulatory regimes shift. New empirical findings challenge established models. Our team maintains active engagement with primary research across microstructure, fixed income, and derivatives literature. When something material changes in the field — a new finding on adverse selection costs, a regime shift in dealer balance sheet constraints — we update our frameworks and document what changed and why.

The practitioners and researchers who built and maintain this platform

Dr. Mara Ellison, Head of Quantitative Research

Former fixed income market maker, derivatives risk specialist, academic researcher

Mara leads the analytical development of all fixed income and derivatives content. She spent a significant part of her career managing inventory risk on a government bond desk before moving into quantitative research. Her work on funding liquidity constraints and dealer balance sheet dynamics forms the backbone of our fixed income curriculum.

James Rorke, Director of Market Microstructure

Former equity market maker, microstructure researcher, risk systems architect

James brings deep operational knowledge of equity market making to our microstructure frameworks. He has designed risk systems for high-frequency liquidity provision operations and has a particular focus on adverse selection modelling and the asymmetric information dynamics that shape spread-setting decisions in practice.

Priya Nambiar, Lead Regulatory and Risk Advisor

Former regulatory risk officer, prudential framework specialist, institutional risk consultant

Priya ensures our content reflects the regulatory constraints that shape how institutional liquidity providers actually operate. Her background spans prudential supervision and internal risk governance at a systemically important institution, giving her a precise understanding of how capital and liquidity requirements interact with market-making economics.

Tom Vasic, Senior Derivatives Framework Analyst

Former options desk analyst, volatility surface specialist, quantitative model reviewer

Tom focuses on the options and structured derivatives content, with particular expertise in volatility regime modelling and the gamma and vega exposure dynamics that define liquidity provision risk in derivatives markets. He has a strong track record of translating complex options theory into operationally useful analytical tools for practitioners.

Recognition from across the industry and academic community

Our analytical frameworks and practitioner-focused approach have been acknowledged by finance bodies, research institutions, and professional communities across Australia and internationally

Research Excellence

Practitioner Contribution

Curriculum Integrity

Microstructure Insight

Risk Framework Design

Fixed Income Analysis

Derivatives Methodology

Quantitative Rigour Industry Relevance

Peer Recognition

Content Transparency Regulatory Alignment

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Get in touch

If you are working at the edge of liquidity provision risk — managing spreads, sizing positions through volatility, or stress-testing dealer constraints — our team has built this platform specifically for that level of work. The analytical frameworks here are designed to meet you where you already are, not walk you back to first principles.

Explore the curriculum, read about our methodology, or reach out to the team directly. We are here to engage seriously with serious questions.