Can you check whether our market maker kept to the agreed spread and size?

Yes. The presence tracker measures, hour by hour and venue by venue, how much of the time a token was quoted inside the agreed spread with the agreed size, and a monthly review sets this against the agreement's terms for the issuer's board.

How long would this position take to close if books thinned like the worst day on record?

The exit-time simulator walks a position out through calm and stressed books and gives the likely time and cost to close within the risk desk's limit, and where it gets hardest.

How do you tell a better quoting rule from a lucky one?

Every rule earns its place. The desk sees spread earned, markouts given back and inventory left, day by day and on the most stressed days.

Can Panbiota run a quoting engine for us?

Panbiota builds and runs a quoting and execution engine on the desk's own rules for spread, skew, size and inventory, with hard limits and one instant stop across every venue, for the client's own account or for licensed firms. It runs in your systems, and the desk decides when it goes live.

Market-making intelligence: order-book depth and quoting engines

Q: On which venues does the price move against our fills within the first minute?

Panbiota's markout meter measures how far the price moves one second, ten seconds and one minute after each trade, by venue, side and hour. With a desk's own fills it can break this down by counterparty and order type.

Market making · Order book depth

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01

Questions it answers

What it answers.

On which venues, and at what hours, does the price move against our fills within the first minute?
What would this order cost to fill on each venue right now, and which book refills fastest after it?
Did our market maker keep quotes inside the agreed spread, with the agreed size, through the last sell-off?
If books thinned as badly as on the worst day we have seen, how long would this position take to close at acceptable cost?
Does widening our quotes when another venue leads really cut what we lose to better-informed traders?
Which shares on our list changed liquidity status, tick size or large-order threshold this week?

02

Who it is for

Who uses it.

A glass office tower in Singapore's Marina Bay at night, one floor lit amber above the dark waterfront while ferries cross below

Crypto market-making desks

How wide to quote and what size, venue by venue. Where fills turn against you, and where books refill fast enough for narrow quotes.

Amsterdam's old exchange district on a bright morning, canal-side facades reflected in the water and bicycles leaning on the railings

Execution traders at funds

Venue, hour and order type for a big bitcoin or European share order. What that size costs on each venue, and when depth peaks.

A tall glass brokerage tower in Sydney's financial district at dusk, workers streaming out through the plaza below

Risk desks at funds and brokers

Limits set by how fast a position could close at an acceptable cost. Live depth turned into exit time, flagged when it passes the limit.

The glass headquarters of a payments firm in Seoul's Gangnam district at dusk, lit floors above a wet street

Treasurers and payment firms holding crypto

Which venue and hour to turn bitcoin or stablecoins into dollars, euros, yen or won. Cost at your size, and each local price against global.

The lakeside town of Zug in Switzerland at dawn, small office blocks and a jetty on still water under a pale sky

Token issuers that pay market makers

Renew, renegotiate or replace the market maker you pay. Hour by hour, venue by venue: were quotes inside the agreed spread, at the agreed size?

03

Modelled, tested, simulated, run

What we model, test and run.

Set-up, modelled

The draining side

One side's depth below its usual level for the hour, the book leaning, spread widening, other venues moving first. What it has meant before, in sweep size, refill time and price run, and what it likely means now.

Arbitrage set-up

One coin, two prices

Bitcoin in won, yen, reais or lira against the dollar price; a pool against an exchange book. Flagged when the gap beats fees, transfers, conversion and tax at your size.

Theory, tested

The lagging venue pays

When one venue leads on price: how often fills on lagging venues turn against the maker, and how fast.

Simulation

Stress day on today's book

The harshest days, and harsher still, run against your quoting rules, inventory and limits. Out: inventory, losses, exit times, and where each kill switch would fire.

Engine

Quoting and execution engine

Quotes on your spread, skew, size and inventory rules, widening or pulling as stress forms. One stop pulls every quote on every venue. Runs in your systems, on your rules.

Powered by Panbiota, the intelligence engine

04

What Panbiota can build

What we build for you.

Liquidity radar

Each venue a dot, nearer the centre the cheaper your order fills, from exchange books to on-chain pools. Alerts when a book freezes, skips updates or leaves its range.

Markout meter

Price move one second, ten seconds and one minute after each trade, by venue, side and hour. With your fills, flags counterparties whose trades keep preceding adverse moves.

Market-maker presence tracker

Hour by hour, venue by venue: time quoted inside the agreed spread and size. How long the best price lasted; how fast depth returned. Monthly, against the agreement.

Quote-rule tester

Your spread, skew, size and inventory rules, put through the market as it really trades. Spread earned, markouts given back, inventory left.

Exit-time simulator

A position walked out through books thin and deep, calm and stressed. Time and cost to close, worst cases, and holdings past your limit.

05

Services

Delivered to you.

Sunrise over the glass facades of Dubai's financial centre, long shadows stretching across empty plazas below the towers

Quoting model design

Spread, skew and inventory limits designed for your desk, built for calm and stress alike.

A quiet boardroom with a long wooden table and a window overlooking the Alps on a clear morning in Geneva

Liquidity reviews for token issuers

Monthly, venue by venue: your token's spread, depth and quote presence against the market-making agreement. Written for your board.

Close-up of a red emergency power-off switch behind a clear plastic cover on a wall in a server hall

Fail-safe drills

Sweeps and frozen venues thrown at your kill switches. Every booked fill reconciled to the venue's own record.

A grey London street of financial offices on a drizzly morning, umbrellas moving along the pavement

Desk assistant for UK and European dealers

Alerts in your team chat when a share on your list changes UK or EU liquidity status. Also new tick sizes and large-order thresholds.

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Leverage ring

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Markets

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