The Quote
Your quote is two numbers. Everything that happens next is arithmetic.
The brief
You have the book for one trading day. Each round you set a real quote — how wide, and which way you lean it — and the flow is then simulated against it: noise orders sweeping the book from the touch, informed orders that take your price precisely when your price is wrong, and a queue that decides which of them ever reaches you. Quote inside the touch and everything fills you, including the trades you did not want. Join a fat level and you will not trade at all. It opens quiet, with the spread there for the taking. By the close you will be carrying a position you did not choose, into a market that is moving.
How you play it
Set an actual two-sided quote each round, then watch the day's order flow run against it — queue, noise and the trader who knows something.
The job: Market Maker — Showing a price to buy and a price to sell, continuously, to people who are only ever trading with you because your price suited them.
What a market maker actually does →What you're judged on
Every decision is marked to market server-side. These are the meters that move — run one to zero and the simulation ends there.
What it tests
No trivia — the simulation only asks what the chair actually has to know.
Where you learn this
The Quote is the finale of Order Flow, waiting past Level 24 — The Final Open. You can sit down right now and find out how much of it you already know; the course is there for the parts you don't.
Play Order Flow →Other chairs
The Weekend
Sixty-two hours to Tokyo's open. You cannot save everyone — and one of them you cannot lose.
The Structurer
Every note is a bond plus options. Pick the wrong shape and the client finds out at maturity.
The President
Every policy has two halves: what you do, and who pays. The bond market grades the second one.
The Fund
Your product is returns. Your business is assets. They want opposite things.
The First Year
Twelve months on your own. No perfect month — only wiser and poorer ones.
The Newsroom
One shift on the data desk. Every story is a stats trap in disguise.
Mission Control
No options to pick — do the math, key in the number, bring them home.
The Policy Chair
You are the central bank. One rate, every quarter, a whole economy on the line.
The CFO's Chair
You run the firm's capital. Ten board meetings, one question every time: where does the cash go?
The Pit
You run the book. The tape moves, the Greeks bite, margin is real. Survive the session.
Your Own Worst Enemy
The market can't hurt you. You can. Ten moments, one enemy — the one making the decisions.
The Hot Path
Nothing is scripted. The workload is drawn, the cost model is real, and the best answer changes every interval.
The Opponent
Nothing here is scripted. They are running a model of you, and it updates.
The Desk
Run a derivatives desk for one week — it does not stay calm.
Rotation Day
Ten desks, one stack of cards each. Sort them right — and never, ever misfile ethics.
The Expert Witness
Ten regression tables enter evidence. The significant one is usually the trap.
The War Room
The VaR says you're fine. The tail says otherwise. Ten audits — read which one is lying.