Traded unsent

A client who traded the desk's axed instrument on the right side in the window without having been sent the axe.

DefinitionA client who traded the desk's axed instrument on the right side in the window without having been sent the axe.

Traded unsent is the strongest signal in an axe log: a client who did what the axe asked without being asked. It is found by matching the blotter to the axes for clients who were not on the distribution list, and it names the client who should be. The count per client, beside the client's axes received, is on the same table as axe hit rate.

How it is computed

Clients who traded the axed instrument on the opposite side within the window, without being on the distribution list for that axe.

Example

Client Z traded two of the week's ten axed bonds within four hours of the axe and was sent neither. Z should be on the list.

Where it goes wrong

Never computed, because it needs the axe log joined to the blotter for clients who were not sent anything.

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 Alternatives and comparisons · Trading

How to choose analytics software for trading: questions, data and traps

How desks should choose analytics software: start from the questions, check the data you hold, ask vendors ten questions, avoid the traps.

24 Sept 20264 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