Book groups and rates centres
Table of Contents
Summary
Each book is assigned a rates centre so that every book sharing a centre revalues against consistent market data. Regional/centre-based books, owned and managed only by the traders on that centre, are then aggregated into a book group — a single consolidated view of risk sitting on top of the individually-owned regional books. Centre ownership of a trade doubles as an access-control mechanism: the owning centre has the only read/write access, removing the need for a separate locking mechanism.
Detail
Rates centre
A rates centre determines which set of revaluation market data a book uses at end-of-day. Assigning every book to a rates centre — rather than letting each book reference market data independently — keeps revaluation consistent across all books that logically share a market (e.g. all books managed out of a given regional trading centre use that centre's market data snapshot).
Book group
A book group aggregates the individually-owned, centre-based books into a single consolidated risk view, without changing who owns or can write to the underlying books. This lets, for example, a global head see aggregated risk across all regional centres while each centre's traders retain exclusive control of their own books.
Ownership as access control
The centre that owns a trade is the only centre with read/write access to it. This ownership model itself functions as the access-control mechanism — there is no separate locking layer needed to prevent two centres from concurrently modifying the same book's trades, since only the owning centre can write to it in the first place. See Book access and permissions for the broader permission model this sits alongside.
See also
- Book — hub note.
- Books and portfolios — the trading-side hierarchy book groups aggregate on top of.
- Book access and permissions — the wider permission model.
- Business Centre — what a rates centre actually is: the FpML
business centre entity a book's
rates_centre_codereferences. - Business Unit — the organisational-hierarchy node a rates centre is typically assigned to, and how books inherit it by default.