Value a trade against a market snapshot

The Price tab of the structure page is a valuation of one deal: what the deal is worth against a market as it stands, read on demand rather than streamed.

The signed-off prototype asks it for four things. A figure for the deal, read against a market snapshot, with the snapshot's own time stated so a person knows how fresh it is. The shifts applied to that snapshot named, so the figure is traceable. No ticking: the number is indicative and Refresh is what reads a newer snapshot. And a structure valued as a whole while a package is valued leg by leg and summed, because that is how each is held.

None of that exists. The product has no valuation: nothing values a trade, a leg, a structure or a portfolio. The reporting side runs ORE over a report, which answers a different question — a batch of deals, a run, a set of result rows — and it is not a figure for the deal in front of a person.

The tab exists, is signed off, and says in its own words that it reads nothing. That is the honest state and it is also a dead end: no later task in the arc makes a number appear, so the tab stays a notice for as long as valuation is absent.

It is also the first question a trader asks about a deal they are looking at. The blotter, the structure page and the trade page all state what a deal is; none of them says what it is worth.

Not designed here, and it is bigger than a tab. It needs a valuation capability before a screen can show one:

• A market snapshot with an identity and a time, so a figure can name the market it was struck against. Published curves have a snapshot read; a deal needs the curves, surfaces and fixings its own instruments take, which is a selection rather than a lookup.
• A valuation of one deal against that snapshot, with the shifts applied to it.
• A decision about what is valued: the deal as a whole, or its legs and their sum, which the prototype already distinguishes by kind.
• Then the tab: the figure, the snapshot and its time, and Refresh reading a newer one.

The Price tab states a figure, the market it was struck against and when that market was read. A package states one figure per leg and the sum the customer is quoted. Refresh reads a newer snapshot; nothing ticks.

• The structure view — the signed-off prototype and its Price tab.

• Build the structure page — the page whose Price tab waits on this.