Corporate-action risk

Corporate-action risk

Splits, mergers, distributions, and symbol changes can alter hedge ratios and require authoritative mapping updates before routing resumes.

Hinge exposes separate risk components and an aggregate only when enough observed inputs exist. Higher risk is not calculated by simply inverting Carry Score.

Operational controls

Stress funding sign and basis. Keep leverage within the simulator’s conservative pre-launch set. Stop routing halted, stale, or unavailable markets.

Limits and risk

Some inputs—such as venue liquidation rules, corporate-action state, and exact closing cost—remain unavailable and are shown as such.