Continuous monitoring
HDL records, for every instrument and every source, whether the source is in the book and, if not, why. It also records each source’s contribution to depth, its offset from the reference price, how fresh its book is and how actively it trades. The loss of a source is visible to Hyperprop before it can affect a trader.Our commitments
Published methodology
The rules that build the HDL book are published in these docs and kept
current as they change. See How HDL works and
Execution and fills.
Quarterly transparency reports
We plan to publish a report every quarter covering source availability,
how often and why sources were excluded, and how closely HDL’s reference
price tracked the wider market.
Annual independent review
We plan an annual independent review of the methodology and its records,
with the results published in full.