Capital systems, built like instruments.

Market structure, risk, and capital systems built on first principles. We treat markets as systems to be measured and controlled — not narratives to be guessed — and build the apparatus to prove it.

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01.1Overview

Three capabilities, one standard of evidence.

Execution: Order routing and execution modelled as feedback control, with measurable guarantees on slippage and impact.
Risk: Portfolio risk as a live system: scenario engines, stress paths, and uncertainty surfaced rather than hidden.
Market structure: Research into venue behaviour, liquidity, and incentive design across both traditional and on-chain markets.

01.2Track record

The numbers

$4.2B

Assets modelled

2.1

Blended Sharpe

99.98%

Execution uptime

Strategy book — illustrative figures
Strategy	AUM	Sharpe	Max DD
Systematic macro	$1.8B	1.94	−7.2%
Execution alpha	$640M	2.41	−3.1%
Cross-venue arb	$420M	3.02	−1.8%

01.3Research

Finance research

All research

2026.05.21

Finance

Market microstructure as a control problem

Reframing execution as feedback control yields cleaner guarantees than statistical priors alone.

9 min read

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