Paper Trader — risk desk

Equity · every book against the $100,000 it started from

Plotted against calendar time, not session number, because these books did not start together — main has 56 sessions and the newest has 27. A book with one session draws as a point; a short line means a young book, not a flat one.

Metric	main2026-10-26	bluechip2026-10-26	tempo2026-10-26	fable2026-10-26	jbstrat*2026-10-26
Performance · the race itself
Portfolio value	$110,036	$104,471	$100,479	$98,244	$74,021
Total return	+10.04%	+4.47%	+0.48%	−1.76%	−25.98%
Sessions	56	30	27	31	29
Holdings	10	12	9	9	16
Cash negative = margin	$11,395	−$72,200	−$21,219	$2,441	$72,358
Capital · Basel FRTB, standardised approach
Capital requirement	$38,522	$64,553	$45,692	$45,047	$27,865
As % of equity	35.0%	61.8%	45.5%	45.9%	37.7%
Market risk · historical simulation
VaR 99% · 1 day	$2,955	$3,959	$4,167	$3,742	$7,919
As % of equity	2.69%	3.79%	4.15%	3.81%	10.70%
Expected shortfall 97.5%	$3,334	$4,256	$3,964	$4,230	$7,826
Attribution · market vs decisions · locked under 20 sessions
Beta vs benchmark	0.55	0.27	0.17	0.35	0.19
Market component	+2.01%	−0.44%	−0.12%	−0.56%	−0.13%
Decision component	+8.83%n.s.	+7.21%n.s.	+0.90%n.s.	−2.45%n.s.	−25.73%n.s.
Leverage & counterparty · CCR block
Gross leverage	0.90×	1.69×	1.21×	0.98×	2.48×
Margin debit	$0	$72,200	$21,219	$0	$0
Short market value	$0	$0	$0	$0	$90,895
Settlement in flight T+1	$0	$1,800	$37,669	$18,918	$183,562
SA-CCR EAD	$0	$0	$0	$0	$0

Risk per dollar · scaled to the largest book on screen

The same figures as the table, drawn — because these are ratios meant to be compared, and a number only reads as "nearly double" once it is a length.

Capital requirement · % of equity · FRTB SA

main 35.0%

bluechip 61.8%

tempo 45.5%

fable 45.9%

jbstrat* 37.7%

VaR 99% · 1 day · % of equity · historical

main 2.69%

bluechip 3.79%

tempo 4.15%

fable 3.81%

jbstrat* 10.70%

Gross leverage · × equity

main 0.90×

bluechip 1.69×

tempo 1.21×

fable 0.98×

jbstrat* 2.48×

Settlement in flight · unsettled notional · T+1

main $0

bluechip $1,800

tempo $37,669

fable $18,918

jbstrat* $183,562

Reading this page

Not every book here is a contestant. jbstrat runs outside the shared risk desk — its orders never pass gate.review(), it is the only book holding shorts, and its mandate says in advance that its returns are not comparable to the gated books in either direction. It is marked * everywhere it appears. The rows still line up; the comparison does not.

Risk-adjusted comparison stays locked. Sharpe, max drawdown and performance against the S&P 500 need 20 sessions; only 5 of 5 books clears that. The raw metrics above are published from day one because they describe the book as it is held today — a capital charge is a property of the positions, not an estimate that needs history. A ratio of return to risk is not, and dividing a two-day return by anything would be the flattering mistake.

Overstated capital. tempo (1 name), fable (4 names) could not be classified from reference data and fell to the 70% "other sector" bucket — the regulation's own fail-closed rule. Those charges are safe-direction wrong.

None of this is visible to the agents. Every metric on this page is computed after a session closes, from what the book already holds. No number here reaches a prompt, and the risk desk that gates the orders does not read them.