Distribution list

The set of clients a salesperson sends axes or runs to, with the date it last changed.

DefinitionThe set of clients a salesperson sends axes or runs to, with the date it last changed.

A distribution list is the named set of clients that receives a salesperson's axes and runs. Its hit rate is the axes sent through it that were traded; its age is the date it last changed. A list unchanged for a year, with a hit rate below the desk's, was built on who was asked then rather than who trades now, and its age beside its rate is the review.

How it is used

A named set of clients that receives a salesperson's axes or runs, with the date it last changed and the hit rate of what was sent through it.

Example

A credit list of 38 clients was last changed fourteen months ago. Axes sent through it are traded 12 percent of the time against 21 percent for the desk. Six clients on it have not traded an axe in a year.

Where it goes wrong

Lists inherited and never edited. They describe who was asked two years ago.

Articles that use this term

Coverage and territory · Trading

Axe distribution: which clients receive the desk's axes, and which ones trade them

How a trading desk measures whether its axes reach the clients who trade them, from the axe log, the distribution records and the blotter: axes sent per client per product, axes traded within a stated window, the clients who receive many and trade none, the clients who trade the desk's axes but receive few, the salespeople whose distribution lists have not changed in a year, and the identity that trades against axes sit inside the blotter.

16 Sept 20262 min read Coverage and territory · Trading

Ten questions a head of sales trading asks, and the table that answers each

The ten questions a head of sales trading puts to the salespeople and the traders, which clients have gone quiet in a product where the desk has not, what is the size-weighted hit ratio by client, which clients are tiered where by flow and hit ratio, which axes reached the clients who trade them, who is covered by one salesperson only, what does the coverage map look like by client and product, does the blotter reconcile to the benchmark submission, which clients receive many prices and trade none, which salespeople's distribution lists are stale, and what changed, each with the table from the RFQ log, the blotter and the coverage file, and the answer to send back.

16 Sept 20262 min read Coverage and territory · Trading

Axe hit rate on ten axes: the whole arithmetic on one page

The complete axe distribution calculation on ten axes sent by one desk, small enough to check by hand: each axe's instrument, side and the clients it was sent to, the blotter's trades in those instruments within the window, the match rule, axes received and traded per client, the axe hit rate, the client on every list who traded none, the client who traded the desk's axed instrument without being sent the axe, the salesperson's list age, and the assertion that matched trades are a subset of the blotter, so a reader can reproduce every figure and then run it on their own axe log.

17 Sept 20263 min read Board and management reporting · Trading

Client KPIs for sales and trading desks: ten measures that matter, each with its formula and the export it comes from

The ten client KPIs a sales and trading desk should run on, each with its formula, the export it comes from and what it tells you: hit ratio by client and product, size-weighted hit ratio, inquiry share, the quiet client list, client tiering by flow and profitability, axe hit rate, traded unsent, coverage recency by client value, revenue concentration, and response time on inquiries. Also the three measures most desks miss, the figures to drop, the identities, and who owns what.

17 Sept 20264 min read