DEV · local workspace

Megatron Markets

For brokers

A broker desk can work negotiated and central-book flow without changing the underlying model, provider, bundle, or time term.

Broker desk

Register an account with role BROKER, then use its identifier as x-mm-account-id on desk-scoped mutations and private reads. A new broker desk is TRADING_DISABLED with zero credit, so registration permits preparation and private reads but does not itself permit new exposure. Public RFQ reads can be used before choosing a desk action.

Spread monitor

The Broker Desk's Cross-Provider Spread Monitor is a comparison view derived from the authenticated market-price response. It groups provider-backed BLENDED Spot rows by model and quote unit, then compares distinct providers; it is not an order route, executable quote, or trading recommendation.

The buy side selects ask, then last trade, then reference spot; the sell side selects bid, then last trade, then reference spot. These sources are labelled BOOK, TRADE, and SPOT respectively. For each model and quote unit, the monitor compares distinct providers and chooses the largest sell-minus-buy spread. Prices and the resulting spread use exact decimal arithmetic, and each side retains its source badge. A negative spread remains visible. If two distinct providers do not have usable prices for the same model and unit, the monitor shows an empty comparison state rather than inventing a value.

Negotiated flow

  • List and inspect RFQs with GET /api/v1/rfqs and GET /api/v1/rfqs/{id}.
  • Create an RFQ or submit a quote under an active selected broker desk.
  • Accept an eligible quote with POST /api/v1/quotes/{id}/accept when the desk and instrument controls are open.
  • Use voice sessions for transcript-backed negotiation and explicit proposed terms.

The broker workflow connects RFQ, voice, orders, fills, positions, fees, and statements. Continue with Managing open orders and positions after submitting.

Execution controls

Preview fees before submitting an order. New exposure requires active account authority and open controls; cancellation remains available to an eligible trading membership when those controls close. Existing algo records can be reviewed, paused, or cancelled where their lifecycle state permits; new and resume requests return the documented conflict response. Voice booking remains human-confirmed unless the broker desk has deliberately selected bounded autonomy.