Field notes
Field notes
Short pieces from the desk on spot sleeves, stablecoin float, and how reserve floors are drawn.
Why stablecoin float is not a reserve floor
A naming problem that shows up in almost every Hong Kong book we map — and how the allocation diagram forces the distinction.
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Drawing a spot sleeve without ranking every ticker
Sleeve-level mapping keeps the desk conversation on concentration and currency, not on yesterday’s price path.
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The assumptions strip that keeps a map honest
Every diagram we deliver carries a dated strip of FX rates, entities, and exclusions — the part clients skim, then later need.
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Reserve floors under two quiet stress sketches
We do not run dramatic scenarios at the desk. Two modest sketches are usually enough to test whether the floor still reads as a floor.
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