The uncorrelated leg
What reaches you is the exposure the network could not internalise — driven by a rate decision, a title race or an election, not by whatever the index did that day.
Hedge funds
Nobody prices this.
The uncorrelated residual a factor model has no line item for — being built as a bilateral counterparty book, not open for live quotes yet.Register interest and hear first when ECP-verified quoting opens.
Nothing else on your screen prices this.
This counterparty is being prepared rather than traded. Nothing here describes depth that exists today.
Either side of the book
An institutional participation is capped at the senior attachment point. A fund counterparty can be shown the full residual instead — long or short, sized to what the network can clear.
Read the model
Base rate, time decay, category and signal blend, resolving to a price and a band before any operator sees the structure. Every input is named at /legal/model-methodology.
- Counterparty
- Verified ECP only
- Execution
- Off-facility, bilateral
- Clearing
- Not exchange-cleared
- Transfer
- Non-transferable
None of that is negotiable. What is negotiated is the price — the one variable that changes deal to deal, and a decision here is a call, not a quarter of diligence.
Eligibility is verified, not assumed. Bilateral contracts are not exchange-cleared, are not transferable, and carry counterparty credit risk. They involve a substantial risk of loss and are not suitable for everyone.