Capacity Cloud — Always-On Bilateral Capacity
Capital providers can register standing appetite for bilateral hedging. A routing optimizer matches your need to a registered provider with available capacity — bilaterally, without a broadcast RFQ.
Browse providers →What is this?
Getting a bilateral hedge done usually means calling a dealer, waiting for a quote, comparing a few sheets, and hoping the counterparty still has appetite by the time you reply. Capacity Cloud removes that friction. ECP-verified capital providers — such as banks, insurers, CTAs and family offices — can pre-register their standing appetite. When you have a hedge need, a routing optimizer scores and matches you instantly to the highest-quality available provider. Terms go bilateral. No broadcast RFQ. No auction. No central counterparty.
How it works
You submit a hedge need
Specify the instrument type, notional, tenor, and risk objective. This can come from your AI agent automatically (via A2A discovery) or from you directly in the cockpit.
The routing optimizer matches you to the best provider
The optimizer scores the registered panel on decorrelation, available appetite, execution reliability, and ECP status — and routes a bilateral IOI to the highest-scoring provider with sufficient capacity.
Terms go bilateral
The provider receives a bilateral IOI — not a broadcast. You negotiate one-to-one. No other participant sees the flow. Settlement follows the standard bilateral OTC path under §2(h)(7).
Who provides capacity?
Banks
Rate, credit, and FX capacity from regional and national banks
Insurers
Long-duration and catastrophe-risk appetite from ECP-qualified insurers
CTAs / Managed Futures
Commodity and multi-asset capacity from registered CTAs
Family Offices
Private bilateral capacity with flexible terms and tenors
Key facts
Bilateral only (§2(h)(7))
Every placement is one institution to one provider. No order book, no central matching, no SEF trigger.
No Tomorrow leg (N8)
Tomorrow never takes the other side. Disinterested operator — always.
ECP-verified panel
Providers are required to pass ECP certification before registration. Certs refresh every 2 years.
Dynamic appetite
Providers set their own appetite controls in real time. The router only routes to providers with available capacity.
FAQ
Does Capacity Cloud create an order book?
No. There is no order book, no public price feed, no many-to-many price formation. Every placement is bilateral between you and one provider — §2(h)(7) ECP exemption applies. Tomorrow never takes a leg and never acts as counterparty (N8 disinterested operator rule).
How does the routing optimizer pick a provider?
The optimizer scores providers on decorrelation (do they reduce your concentration risk?), available appetite, historical execution reliability, and ECP certification freshness. The highest-scoring available provider with sufficient capacity gets the bilateral IOI. You can also specify exclusions or preferences.
What if no provider has enough appetite?
The router returns the best partial match and flags the shortfall. You can choose to accept the partial placement, wait for capacity to refresh, or offer the residual to the PTRRS Risk Fabric, which can propose offsets as named bilateral legs, each needing your consent.