A Claude-backed analyst on your desk. Above-materiality trades never bypass you.
Price any bond, compute DV01 and KRD, run scenario shocks, ingest curves, and book trades over FIX 4.4. Every action above your portfolio materiality threshold routes to a human — every single time.
The boring middle, automated. The dangerous middle, gated.
The agent runs the steps a junior analyst would. Anything that touches a position above your materiality threshold goes to a human.
- 08:30
Curve refresh
Agent ingests overnight ECB, UST, and BVAL curves. Freshness panel green; one EM curve flagged STALE_PRINT.
- 08:45
Morning risk
Agent runs DV01, KRD, and a 100bp parallel shift across the IG book. Surfaces a duration mismatch in the EUR sleeve.
- 09:10
Proposed rebalance
PM asks: "Rebalance the IG book to neutral duration." Agent proposes selling $5M of an IG corporate.
- 09:11
HITL routing
Policy gate routes T2. Trader sees the proposal in Slack with the verbatim rule citation.
- 09:12
Approval + FIX
Trader approves. HMAC envelope flows to FIX gateway. NewOrderSingle dispatched. ExecutionReport confirms fill.
- 17:00
EOD report
Agent generates the EOD report. Audit chain verified by bondfoundry-finos verify-chain. Coverage matrix exported.
Approval is a finite resource. We spend it where reversibility ends.
T0 read-only and T1 reversible writes flow without you. T2 above-materiality trades surface in Slack with the rule citation. T3 irreversible actions need a manager + second approver, both distinct from the agent caller.
- Per-portfolio materiality thresholds with risk-team overrides
- Session-aggregate ledger closes split-order bypass
- Slack + Teams approval notifications
# what the trader sees on Slack
BondFoundry · HITL approval required (T2)
Tool: create_trade
Side: sell
ISIN: US...0X9
Notional: $5,000,000
Portfolio: IG-CORP-USD
Rule (BF-MAT-T2-001):
"Trades exceeding $1M notional require human
approval prior to FIX submission."
Envelope expires in: 87s
[ Approve ] [ Reject ]Buy-side deep-dives.
FIX Gateway as AI: Connecting Your OMS to Claude-Backed Quant Analysis
How BondFoundry's FIX 4.4 gateway sits in front of an AI agent — with HITL approval envelopes, ExecutionReport flowback, and a HITL queue that doesn't trust the model.
Materiality-Driven Access Control: Why Tier Routing Matters for Bond Desks
T0 to T3 tier routing for AI agents on a fixed-income desk — with a worked $5M corporate-bond example and the split-trade bypass nobody talks about.
What desks ask before the first call
How are above-materiality trades approved?
The agent generates an HMAC-signed approval envelope scoped to the exact ISIN, notional, and side. A trader (or for T3 irreversible actions, two distinct approvers with manager role) approves the envelope via Slack, Teams, or the operator workspace. The envelope expires 90 seconds after issuance.
Can the agent execute a trade by splitting it into smaller sub-materiality pieces?
No. BondFoundry tracks a session-aggregate materiality ledger, so cumulative notional within a session triggers HITL even if no individual slice does. The split-trade bypass is closed at the gate.
Which curve providers are supported?
CSV, US Treasury, and ECB are shipped today. Bloomberg BVAL and Refinitiv RDP adapters are in flight. Adding a new provider is a single file under packages/bondfoundry_engine — there is a documented adding-a-curve-provider guide in the repo.
What about non-vanilla bonds — callables, FRNs, inflation-linked?
Scaffolded but not parity-tested. Vanilla bonds are parity-tested against QuantLib. For non-vanilla instruments you bring reference pricings and we extend the harness — we are deliberate about not over-claiming on this.