Vig It never takes a position it can’t cover.
— account — equity — P&L —

Uncovered exposure
$0

Every open structure has its maximum loss computed and reserved before the order reaches the broker. An order that would not be covered is never sent.

Worst case if all breach
—
Already reserved
—
Premium collected
—
Open structures
—
Capital reserved against the ceiling
—
ceiling — —

Open structures

Decisions this tick