Drawing a spot sleeve without ranking every ticker

Principals often arrive expecting a debate about individual names. Our allocation maps deliberately refuse that frame. The spot sleeve is drawn in bands: currency, venue, and rough concentration. Tickers appear only when a single line dominates the sleeve enough to change how reserves should be read.

Why bands beat lists

A thirty-line blotter invites performance talk. A four-band diagram invites questions about whether the reserve floor still matches the risk the book is already taking. Those are different meetings. We are hired for the second kind.

What we still capture

• Share of the spot sleeve in the book’s reporting currency
• Any single position above an agreed concentration mark (often one fifth of the sleeve)
• Venues that would slow a move into reserve if stress arrived

Everything else stays off the sheet. If a board later needs name-level annexes, that annex is separate from the allocation map itself.

Relation to the other sleeves

Spot does not sit alone. When stablecoin float is large, a sudden spot purchase can drain what people casually called reserve. The diagram’s job is to make that adjacency visible before anyone proposes a trade list.