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Lesson 3.6 - Operational Playbook

Purpose

This lesson turns Chapter 3 concepts into a practical live-monitoring playbook. The objective is to help Dealers investigate with evidence, avoid premature conclusions and communicate the current operational position clearly.

Live Monitoring Playbook

Situation A: Spread Widens

Handling Actions

  1. Confirm whether the change affects one product or the broader market.
  2. Compare quote-source status and timestamps.
  3. Check news, market open or close periods and rollover arrangements.
  4. Check whether execution quality is deteriorating at the same time.
  5. Record the difference between the baseline and current state.

Situation B: Client Complains About Slippage

Handling Actions

  1. Identify the relevant order or deal ID.
  2. Check displayed quotes, server time and execution timestamps.
  3. Compare order size with the market and quote conditions at that time.
  4. Review event context and quote-source status.
  5. Review available routing, matching and execution-result evidence.
  6. Communicate only verified facts and clearly label anything still under review.

Situation C: Suspected Fast-Close or Abnormal Order Flow

Handling Actions

  1. Do not infer intent or misconduct from profit alone.
  2. Review holding time, post-trade price movement, slippage and transaction timing.
  3. Segment the activity by product, session and event window.
  4. Check account or UID correlation where policy permits.
  5. Prepare the evidence and escalate through the approved process.

Situation D: Exposure Rises Quickly During News

Handling Actions

  1. Review net and gross Exposure and direction.
  2. Identify whether the movement is concentrated in XAUUSD, one client group or one direction.
  3. Check the Bridge queue, large-order activity, fast-close alerts and pending orders.
  4. Review Client Terminal charts, spread, quote-source status and the event window.
  5. Escalate with neutral language and do not state an unverified root cause.
  6. Record the current action, assigned owner and next update time.

Communication Template

Field Required Content
Time Use server time or UTC consistently within the shift.
Observation Record confirmed observations such as wider spread, a rising Bridge queue or increased large-order activity.
Scope Identify the product, order type, client scope and whether multiple clients are affected.
Market context Note news, market open or close, rollover or a low-liquidity window.
System / Bridge status Record Trade Server status, Bridge queue and available reject or timeout evidence.
Quote / chart status Record Client Terminal chart behaviour, spread, quote-source status and screenshot evidence.
Order / Exposure impact Record slippage, execution timing, order concentration and Exposure movement.
Current action State what is being monitored, who has been notified and what review is in progress.
Next update State the next review time or that an update will be issued on material change.

Practical Training

Scenario

During CPI, XAUUSD spread widens, several large orders arrive, a client reports slippage and Exposure rises quickly.

What to Check

Quote sources, Client Terminal charts, Bridge queue, order identifiers, volume, holding time, complaint details, Exposure and event context.

Common Mistake

Combining every signal into one unverified conclusion or assigning a root cause before the evidence has been compared.

Correct Handling

Separate the review by evidence type: check charts and quote sources for quote conditions, order records for the complaint, transaction patterns for short holding times and direction or concentration for Exposure. Issue a structured update containing confirmed facts, current actions, assigned owner and next update time.

Summary

The playbook helps a Dealer turn live conditions into verifiable evidence. The objective is not to identify a root cause immediately, but to separate quote, chart, order, Bridge, Exposure, client-impact and event evidence so the correct owner can make an informed decision.

Completion Criteria

  • Can explain the key risk or operational objective of this lesson
  • Can identify the required systems, data, or evidence to review
  • Can describe the correct escalation or handling process
  • Can apply the lesson correctly in a supervised scenario