202 added, 218 removed. Audit A to A.
---
name: commodity-pricing
- description: Analyze commodity pricing and trading systems including pricing models, market data feeds, position management, risk metrics, regulatory reporting, and settlement processing.
+ description: "Analyze commodity pricing and trading systems including forward curves, option models, position management, risk metrics, and regulatory reporting. Use when: 'review pricing models', 'audit trading system', 'evaluate VaR implementation', 'check commodity risk management', 'assess ETRM system', 'review derivatives valuation', 'analyze energy trading platform', 'evaluate hedge accounting'."
version: "1.0.0"
category: analysis
platforms:
- CLAUDE_CODE
---
You are in AUTONOMOUS MODE. Do NOT ask questions. Evaluate every component of the commodity pricing and trading system systematically.
- TARGET:
- $ARGUMENTS
+ ## INPUT
- If no arguments provided, analyze the entire commodity pricing codebase in the current working directory.
+ $ARGUMENTS (optional). If no arguments provided, analyze the entire commodity pricing codebase in the current working directory.
- ============================================================
- PHASE 0: SYSTEM DISCOVERY
- ============================================================
+ ---
- Auto-detect the commodity trading system architecture:
+ ## PHASE 0: SYSTEM DISCOVERY
- TECH STACK:
+ Auto-detect the commodity trading system architecture.
+
+ ### Tech Stack
- `requirements.txt` / `pyproject.toml` -> Python (QuantLib, NumPy, SciPy, pandas, arch)
- `pom.xml` / `build.gradle` -> Java/Scala (Spark, Flink, enterprise ETRM systems)
- `package.json` -> Node.js (API layer, dashboard, reporting frontend)
- `go.mod` / `Cargo.toml` -> Go/Rust (low-latency pricing engines, market data feeds)
- `docker-compose.yml` / `k8s/` -> Container orchestration
- `.proto` files -> gRPC for inter-service communication
- TRADING COMPONENTS:
- - Identify pricing models: Black-Scholes, Monte Carlo, binomial trees, finite difference
- - Identify market data: real-time feeds (ICE, CME, NYMEX), historical databases, curve construction
- - Identify position management: trade capture, portfolio aggregation, P&L calculation
- - Identify risk systems: VaR engines, stress testing, Greeks calculation, limit monitoring
- - Identify settlement: physical delivery tracking, financial settlement, netting, invoicing
- - Identify regulatory: EMIR/Dodd-Frank reporting, REMIT surveillance, position limits
- - Identify deal capture: trade entry, confirmation, lifecycle events (amendments, novations)
+ ### Trading Components
+ - Identify pricing models: Black-Scholes, Monte Carlo, binomial trees, finite difference.
+ - Identify market data: real-time feeds (ICE, CME, NYMEX), historical databases, curve construction.
+ - Identify position management: trade capture, portfolio aggregation, P&L calculation.
+ - Identify risk systems: VaR engines, stress testing, Greeks calculation, limit monitoring.
+ - Identify settlement: physical delivery tracking, financial settlement, netting, invoicing.
+ - Identify regulatory: EMIR/Dodd-Frank reporting, REMIT surveillance, position limits.
+ - Identify deal capture: trade entry, confirmation, lifecycle events (amendments, novations).
Produce a system architecture map before proceeding.
- ============================================================
- PHASE 1: PRICING MODEL EVALUATION
- ============================================================
+ ---
- Evaluate the derivatives pricing and valuation layer:
+ ## PHASE 1: PRICING MODEL EVALUATION
- FORWARD CURVE CONSTRUCTION:
- - Check for forward curve bootstrapping methodology (piecewise, spline, monotone convex)
- - Verify curve input sources: exchange settlements, broker quotes, bilateral trades
- - Check for seasonal shaping in power and gas curves (monthly, daily, hourly granularity)
- - Verify basis differential modeling between delivery points
- - Check for curve storage and versioning (end-of-day, intraday, real-time)
- - Verify curve staleness detection and fallback logic for missing market data
+ ### 1.1 Forward Curve Construction
+ - Check bootstrapping methodology (piecewise, spline, monotone convex).
+ - Verify curve input sources: exchange settlements, broker quotes, bilateral trades.
+ - Check for seasonal shaping in power and gas curves (monthly, daily, hourly granularity).
+ - Verify basis differential modeling between delivery points.
+ - Check curve storage and versioning (end-of-day, intraday, real-time).
+ - Verify curve staleness detection and fallback logic for missing market data.
- OPTION PRICING:
- - Identify option models: Black-76, Bachelier, local volatility, stochastic volatility
- - Check for implied volatility surface construction and interpolation
- - Verify smile/skew handling in energy options (mean-reverting models)
- - Check for Asian option pricing (arithmetic average, geometric approximation)
- - Verify spread option pricing: Kirk approximation, Margrabe, or Monte Carlo
- - Check for swing/storage option valuation: least-squares Monte Carlo, dynamic programming
- - Verify calendar spread and time spread option handling
+ ### 1.2 Option Pricing
+ - Identify option models: Black-76, Bachelier, local volatility, stochastic volatility.
+ - Check implied volatility surface construction and interpolation.
+ - Verify smile/skew handling in energy options (mean-reverting models).
+ - Check Asian option pricing (arithmetic average, geometric approximation).
+ - Verify spread option pricing: Kirk approximation, Margrabe, or Monte Carlo.
+ - Check swing/storage option valuation: least-squares Monte Carlo, dynamic programming.
+ - Verify calendar spread and time spread option handling.
- MONTE CARLO SIMULATION:
- - Check for variance reduction techniques: antithetic variates, control variates, stratification
- - Verify random number generation quality (Mersenne Twister, Sobol sequences)
- - Check for convergence monitoring and adaptive sample sizing
- - Verify correlation structure in multi-factor simulations (Cholesky decomposition)
- - Check for simulation performance: GPU acceleration, parallel processing
- - Verify path generation respects mean reversion and jump-diffusion if applicable
+ ### 1.3 Monte Carlo Simulation
+ - Check variance reduction techniques: antithetic variates, control variates, stratification.
+ - Verify random number generation quality (Mersenne Twister, Sobol sequences).
+ - Check convergence monitoring and adaptive sample sizing.
+ - Verify correlation structure in multi-factor simulations (Cholesky decomposition).
+ - Check simulation performance: GPU acceleration, parallel processing.
+ - Verify path generation respects mean reversion and jump-diffusion if applicable.
- PHYSICAL ASSET VALUATION:
- - Check for real option valuation of physical assets (tolling agreements, storage, transport)
- - Verify intrinsic vs extrinsic value decomposition
- - Check for operational constraint modeling (ramp rates, minimum run times, efficiency curves)
- - Verify seasonal storage optimization (injection/withdrawal scheduling)
- - Check for transportation and pipeline capacity valuation
+ ### 1.4 Physical Asset Valuation
+ - Check real option valuation of physical assets (tolling agreements, storage, transport).
+ - Verify intrinsic vs extrinsic value decomposition.
+ - Check operational constraint modeling (ramp rates, minimum run times, efficiency curves).
+ - Verify seasonal storage optimization (injection/withdrawal scheduling).
+ - Check transportation and pipeline capacity valuation.
For each finding: file path, model component, severity, description, recommendation.
- ============================================================
- PHASE 2: MARKET DATA MANAGEMENT
- ============================================================
+ ---
- Evaluate the market data infrastructure:
+ ## PHASE 2: MARKET DATA MANAGEMENT
- REAL-TIME FEEDS:
- - Identify exchange feed handlers: CME MDP, ICE iMpact, NYMEX, EEX, NBP
- - Check for feed redundancy and failover between primary and backup feeds
- - Verify message processing latency monitoring
- - Check for sequence number gap detection and recovery
- - Verify time synchronization accuracy for market data timestamps
- - Check for throttling and backpressure handling during high-volume periods
+ ### 2.1 Real-Time Feeds
+ - Identify exchange feed handlers: CME MDP, ICE iMpact, NYMEX, EEX, NBP.
+ - Check feed redundancy and failover between primary and backup feeds.
+ - Verify message processing latency monitoring.
+ - Check sequence number gap detection and recovery.
+ - Verify time synchronization accuracy for market data timestamps.
+ - Check throttling and backpressure handling during high-volume periods.
- HISTORICAL DATA:
- - Check for tick data storage and retrieval performance
- - Verify end-of-day settlement price capture and validation
- - Check for corporate action and contract rollover handling
- - Verify data quality validation: price bounds, stale data detection, outlier filtering
- - Check for gap filling methodology for illiquid products
- - Verify historical data retention meets regulatory requirements (5-7 years minimum)
+ ### 2.2 Historical Data
+ - Check tick data storage and retrieval performance.
+ - Verify end-of-day settlement price capture and validation.
+ - Check corporate action and contract rollover handling.
+ - Verify data quality validation: price bounds, stale data detection, outlier filtering.
+ - Check gap filling methodology for illiquid products.
+ - Verify historical data retention meets regulatory requirements (5-7 years minimum).
- CURVE MANAGEMENT:
- - Check for official end-of-day curve publication workflow
- - Verify curve approval and sign-off process
- - Check for curve override capability with audit trail
- - Verify multi-curve support: bid, ask, mid, settlement, internal marks
- - Check for curve comparison and variance reporting
- - Verify curve data distribution to downstream consumers (risk, P&L, settlement)
+ ### 2.3 Curve Management
+ - Check official end-of-day curve publication workflow.
+ - Verify curve approval and sign-off process.
+ - Check curve override capability with audit trail.
+ - Verify multi-curve support: bid, ask, mid, settlement, internal marks.
+ - Check curve comparison and variance reporting.
+ - Verify curve data distribution to downstream consumers (risk, P&L, settlement).
- REFERENCE DATA:
- - Check for contract specification management (lot sizes, delivery points, expiry dates)
- - Verify product master data consistency across systems
- - Check for calendar management (exchange holidays, delivery calendars)
- - Verify counterparty and broker reference data management
+ ### 2.4 Reference Data
+ - Check contract specification management (lot sizes, delivery points, expiry dates).
+ - Verify product master data consistency across systems.
+ - Check calendar management (exchange holidays, delivery calendars).
+ - Verify counterparty and broker reference data management.
- ============================================================
- PHASE 3: POSITION MANAGEMENT AND P&L
- ============================================================
+ ---
- Evaluate trade capture and position management:
+ ## PHASE 3: POSITION MANAGEMENT AND P&L
- TRADE CAPTURE:
- - Check for trade entry validation (limit checks, product eligibility, counterparty credit)
- - Verify trade lifecycle event handling: new, amend, cancel, novation, exercise, assignment
- - Check for trade confirmation matching and exception handling
- - Verify deal ticket completeness (all required fields populated)
- - Check for bulk trade import capability and validation
- - Verify trade audit trail (every change tracked with user, timestamp, before/after)
+ ### 3.1 Trade Capture
+ - Check trade entry validation (limit checks, product eligibility, counterparty credit).
+ - Verify trade lifecycle event handling: new, amend, cancel, novation, exercise, assignment.
+ - Check trade confirmation matching and exception handling.
+ - Verify deal ticket completeness (all required fields populated).
+ - Check bulk trade import capability and validation.
+ - Verify trade audit trail (every change tracked with user, timestamp, before/after).
- POSITION AGGREGATION:
- - Check for real-time position aggregation by: book, trader, desk, commodity, delivery period
- - Verify netting logic: delivery point, counterparty, product type
- - Check for physical vs financial position separation
- - Verify time-bucketed position reporting (daily, monthly, quarterly, annual)
- - Check for position limit monitoring against regulatory and internal limits
- - Verify position reconciliation between front-office and back-office systems
+ ### 3.2 Position Aggregation
+ - Check real-time position aggregation by: book, trader, desk, commodity, delivery period.
+ - Verify netting logic: delivery point, counterparty, product type.
+ - Check physical vs financial position separation.
+ - Verify time-bucketed position reporting (daily, monthly, quarterly, annual).
+ - Check position limit monitoring against regulatory and internal limits.
+ - Verify position reconciliation between front-office and back-office systems.
- P&L CALCULATION:
- - Check for mark-to-market P&L methodology (daily revaluation against curves)
- - Verify realized vs unrealized P&L separation
- - Check for P&L attribution: price change, volume change, new deals, curve roll
- - Verify P&L explain capability (breakdown of daily P&L movement drivers)
- - Check for accounting P&L vs trading P&L reconciliation
- - Verify multi-currency P&L with FX rate handling
- - Check for accrual accounting treatment where required (hedge accounting, ASC 815)
+ ### 3.3 P&L Calculation
+ - Check mark-to-market P&L methodology (daily revaluation against curves).
+ - Verify realized vs unrealized P&L separation.
+ - Check P&L attribution: price change, volume change, new deals, curve roll.
+ - Verify P&L explain capability (breakdown of daily P&L movement drivers).
+ - Check accounting P&L vs trading P&L reconciliation.
+ - Verify multi-currency P&L with FX rate handling.
+ - Check accrual accounting treatment where required (hedge accounting, ASC 815).
- HEDGE ACCOUNTING:
- - Check for hedge designation and documentation workflow
- - Verify hedge effectiveness testing: prospective and retrospective
- - Check for fair value vs cash flow hedge classification
- - Verify de-designation and reclassification handling
- - Check for ASC 815 / IFRS 9 compliance in hedge accounting logic
+ ### 3.4 Hedge Accounting
+ - Check hedge designation and documentation workflow.
+ - Verify hedge effectiveness testing: prospective and retrospective.
+ - Check fair value vs cash flow hedge classification.
+ - Verify de-designation and reclassification handling.
+ - Check ASC 815 / IFRS 9 compliance in hedge accounting logic.
- ============================================================
- PHASE 4: RISK MANAGEMENT
- ============================================================
+ ---
- Evaluate risk measurement and monitoring:
+ ## PHASE 4: RISK MANAGEMENT
- VALUE AT RISK (VaR):
- - Identify VaR methodology: historical simulation, parametric, Monte Carlo
- - Check VaR confidence levels and holding periods (95%/99%, 1-day/10-day)
- - Verify VaR backtesting: exceptions tracking, Kupiec test, Christoffersen test
- - Check for conditional VaR (CVaR / Expected Shortfall) calculation
- - Verify component VaR and incremental VaR for portfolio decomposition
- - Check for VaR limit monitoring and breach notification
+ ### 4.1 Value at Risk (VaR)
+ - Identify VaR methodology: historical simulation, parametric, Monte Carlo.
+ - Check VaR confidence levels and holding periods (95%/99%, 1-day/10-day).
+ - Verify VaR backtesting: exceptions tracking, Kupiec test, Christoffersen test.
+ - Check conditional VaR (CVaR / Expected Shortfall) calculation.
+ - Verify component VaR and incremental VaR for portfolio decomposition.
+ - Check VaR limit monitoring and breach notification.
- GREEKS CALCULATION:
- - Check for delta, gamma, vega, theta, rho calculation on all derivative positions
- - Verify Greeks are computed using appropriate bump sizes (1% price, 1% vol, 1 day)
- - Check for cross-gamma and correlation sensitivity
- - Verify Greeks aggregation across portfolios
- - Check for Greeks-based hedging recommendations
+ ### 4.2 Greeks Calculation
+ - Check delta, gamma, vega, theta, rho calculation on all derivative positions.
+ - Verify Greeks are computed using appropriate bump sizes (1% price, 1% vol, 1 day).
+ - Check cross-gamma and correlation sensitivity.
+ - Verify Greeks aggregation across portfolios.
+ - Check Greeks-based hedging recommendations.
- STRESS TESTING:
- - Check for historical stress scenarios (energy crises, weather events, geopolitical shocks)
- - Verify hypothetical stress scenario construction capability
- - Check for reverse stress testing (what scenario causes a given loss threshold)
- - Verify stress test coverage of all material risk factors
- - Check for stress test reporting and governance workflow
+ ### 4.3 Stress Testing
+ - Check historical stress scenarios (energy crises, weather events, geopolitical shocks).
+ - Verify hypothetical stress scenario construction capability.
+ - Check reverse stress testing (what scenario causes a given loss threshold).
+ - Verify stress test coverage of all material risk factors.
+ - Check stress test reporting and governance workflow.
- CREDIT RISK:
- - Check for counterparty credit exposure calculation (current and potential future exposure)
- - Verify credit limit monitoring and breach alerting
- - Check for collateral management: margin calls, ISDA CSA threshold tracking
- - Verify netting agreement application in exposure calculation
- - Check for credit valuation adjustment (CVA) computation
+ ### 4.4 Credit Risk
+ - Check counterparty credit exposure calculation (current and potential future exposure).
+ - Verify credit limit monitoring and breach alerting.
+ - Check collateral management: margin calls, ISDA CSA threshold tracking.
+ - Verify netting agreement application in exposure calculation.
+ - Check credit valuation adjustment (CVA) computation.
- LIMIT MANAGEMENT:
- - Check for multi-level limit framework: VaR, position, Greeks, notional, tenor
- - Verify limit breach detection is real-time or near-real-time
- - Check for pre-trade limit checking capability
- - Verify limit override workflow with approval and audit trail
- - Check for limit utilization reporting and trending
+ ### 4.5 Limit Management
+ - Check multi-level limit framework: VaR, position, Greeks, notional, tenor.
+ - Verify limit breach detection is real-time or near-real-time.
+ - Check pre-trade limit checking capability.
+ - Verify limit override workflow with approval and audit trail.
+ - Check limit utilization reporting and trending.
- ============================================================
- PHASE 5: REGULATORY REPORTING AND COMPLIANCE
- ============================================================
+ ---
- Evaluate regulatory reporting capabilities:
+ ## PHASE 5: REGULATORY REPORTING AND COMPLIANCE
- EMIR / DODD-FRANK REPORTING:
- - Check for trade reporting to registered trade repositories
- - Verify Unique Transaction Identifier (UTI) generation and sharing
- - Check for Legal Entity Identifier (LEI) management
- - Verify reporting field completeness against regulatory technical standards
- - Check for lifecycle event reporting (modifications, terminations, valuations)
- - Verify daily valuation reporting for outstanding derivatives
- - Check for reporting reconciliation and error correction workflow
+ ### 5.1 EMIR / Dodd-Frank Reporting
+ - Check trade reporting to registered trade repositories.
+ - Verify Unique Transaction Identifier (UTI) generation and sharing.
+ - Check Legal Entity Identifier (LEI) management.
+ - Verify reporting field completeness against regulatory technical standards.
+ - Check lifecycle event reporting (modifications, terminations, valuations).
+ - Verify daily valuation reporting for outstanding derivatives.
+ - Check reporting reconciliation and error correction workflow.
- REMIT (EU ENERGY MARKET):
- - Check for REMIT transaction reporting (standard and non-standard contracts)
- - Verify fundamental data reporting (generation outages, capacity availability)
- - Check for inside information disclosure procedures
- - Verify market manipulation surveillance (wash trades, spoofing detection)
- - Check for ACER reporting format compliance
+ ### 5.2 REMIT (EU Energy Market)
+ - Check REMIT transaction reporting (standard and non-standard contracts).
+ - Verify fundamental data reporting (generation outages, capacity availability).
+ - Check inside information disclosure procedures.
+ - Verify market manipulation surveillance (wash trades, spoofing detection).
+ - Check ACER reporting format compliance.
- POSITION LIMITS:
- - Check for exchange position limit monitoring (CFTC, ESMA)
- - Verify position aggregation across accounts and entities for limit purposes
- - Check for large trader reporting threshold monitoring
- - Verify exemption tracking (bona fide hedging, risk management)
- - Check for speculative position limit compliance
+ ### 5.3 Position Limits
+ - Check exchange position limit monitoring (CFTC, ESMA).
+ - Verify position aggregation across accounts and entities for limit purposes.
+ - Check large trader reporting threshold monitoring.
+ - Verify exemption tracking (bona fide hedging, risk management).
+ - Check speculative position limit compliance.
- SETTLEMENT AND DELIVERY:
- - Check for physical delivery scheduling and nomination
- - Verify financial settlement calculation and netting
- - Check for invoice generation and reconciliation
- - Verify settlement calendar management per exchange and jurisdiction
- - Check for settlement dispute handling and resolution workflow
+ ### 5.4 Settlement and Delivery
+ - Check physical delivery scheduling and nomination.
+ - Verify financial settlement calculation and netting.
+ - Check invoice generation and reconciliation.
+ - Verify settlement calendar management per exchange and jurisdiction.
+ - Check settlement dispute handling and resolution workflow.
- ============================================================
- PHASE 6: SYSTEM OPERATIONS AND DATA INTEGRITY
- ============================================================
+ ---
- Evaluate operational controls and data governance:
+ ## PHASE 6: SYSTEM OPERATIONS AND DATA INTEGRITY
- END-OF-DAY PROCESSING:
- - Check for EOD batch processing pipeline: curve publication, P&L, risk, reporting
- - Verify batch job dependency management and failure handling
- - Check for EOD reconciliation checkpoints
- - Verify EOD completion monitoring and SLA tracking
- - Check for month-end and year-end close processing
+ ### 6.1 End-of-Day Processing
+ - Check EOD batch processing pipeline: curve publication, P&L, risk, reporting.
+ - Verify batch job dependency management and failure handling.
+ - Check EOD reconciliation checkpoints.
+ - Verify EOD completion monitoring and SLA tracking.
+ - Check month-end and year-end close processing.
- DATA INTEGRITY:
- - Check for trade data reconciliation between systems (front/mid/back office)
- - Verify position reconciliation with exchange clearing statements
- - Check for cash reconciliation with bank statements
- - Verify data lineage tracking from source to report
- - Check for data quality monitoring and alerting
+ ### 6.2 Data Integrity
+ - Check trade data reconciliation between systems (front/mid/back office).
+ - Verify position reconciliation with exchange clearing statements.
+ - Check cash reconciliation with bank statements.
+ - Verify data lineage tracking from source to report.
+ - Check data quality monitoring and alerting.
- AUDIT AND CONTROLS:
- - Check for segregation of duties: trading vs risk vs settlement vs IT
- - Verify four-eyes principle on trade amendments and limit changes
- - Check for system access controls and role-based permissions
- - Verify regulatory audit trail retention (7 years for CFTC, 5 years for EMIR)
- - Check for change management controls on pricing models and risk parameters
+ ### 6.3 Audit and Controls
+ - Check segregation of duties: trading vs risk vs settlement vs IT.
+ - Verify four-eyes principle on trade amendments and limit changes.
+ - Check system access controls and role-based permissions.
+ - Verify regulatory audit trail retention (7 years for CFTC, 5 years for EMIR).
+ - Check change management controls on pricing models and risk parameters.
- ============================================================
- OUTPUT
- ============================================================
+ ---
+ ## OUTPUT FORMAT
+
+ ```
## Commodity Pricing and Trading System Analysis Report
**System:** [name/description]
**Stack:** [detected technologies]
**Commodity Markets:** [detected: power, gas, oil, metals, agricultural]
**Trading Types:** [physical, financial, derivatives]
### Summary
| Category | Status | Findings | Critical |
|----------|--------|----------|----------|
| Pricing Models | [PASS/WARN/FAIL] | N | N |
| Market Data | [PASS/WARN/FAIL] | N | N |
| Position/P&L | [PASS/WARN/FAIL] | N | N |
| Risk Management | [PASS/WARN/FAIL] | N | N |
| Regulatory Reporting | [PASS/WARN/FAIL] | N | N |
| Operations/Integrity | [PASS/WARN/FAIL] | N | N |
### Pricing Model Coverage
| Product Type | Model | Validation | Greeks | Status |
|-------------|-------|------------|--------|--------|
| Forwards/Futures | | | | |
| European options | | | | |
| Asian options | | | | |
| Spread options | | | | |
| Swing/storage | | | | |
### Risk Coverage Matrix
| Risk Metric | Implemented | Validated | Monitored | Gap |
|-------------|-------------|-----------|-----------|-----|
| VaR (historical) | | | | |
| VaR (Monte Carlo) | | | | |
| CVaR / ES | | | | |
| Greeks | | | | |
| Stress testing | | | | |
| Credit exposure | | | | |
### Detailed Findings
For each category with WARN or FAIL:
- #### [Category Name]
-
| # | Severity | File | Description | Impact | Recommendation |
|---|----------|------|-------------|--------|----------------|
### Remediation Priority
[Ordered list by financial exposure and regulatory risk]
-
- ============================================================
- NEXT STEPS
- ============================================================
+ ```
- After reviewing the analysis:
- - "Run `/load-forecast` to analyze demand prediction models feeding pricing decisions."
- - "Run `/energy-compliance` to review FERC/NERC regulatory compliance for energy trading."
- - "Run `/fraud-detection` to evaluate trade surveillance and market manipulation detection."
- - "Run `/security-review` to audit trading platform APIs and access controls."
- - "Run `/financial-compliance` to review broader financial regulatory requirements."
+ ---
- ============================================================
- DO NOT
- ============================================================
+ ## RULES
- - Do NOT modify any pricing models, risk parameters, or trading limits — this is an analysis skill.
+ - Do NOT modify any pricing models, risk parameters, or trading limits.
- Do NOT execute trades, submit orders, or interact with exchange APIs.
- Do NOT access or display actual trade data, counterparty names, or portfolio positions.
- Do NOT expose pricing model parameters, VaR figures, or limit thresholds that are commercially sensitive.
- Do NOT skip regulatory reporting analysis even for internal or proprietary trading systems.
- Do NOT assume model accuracy without checking backtesting and validation results.
- - Do NOT conflate theoretical model outputs with production calibrated results — verify calibration.
+ - Do NOT conflate theoretical model outputs with production calibrated results -- verify calibration.
+
+ ---
+
+ ## NEXT STEPS
+
+ - "Run `/fraud-detection` to evaluate trade surveillance and market manipulation detection."
+ - "Run `/security-review` to audit trading platform APIs and access controls."
+ - "Run `/compliance-ops` to review broader financial regulatory requirements."