The Quote
You quote the market. Everyone who trades with you chose to. Survive the session.
The brief
You have the book. Each round the ladder is in front of you — depth on both sides, your queue position, your inventory — and you make one placement: join the touch, step ahead, back away, skew, pull, or cross and pay to get flat. Then the flow arrives. It starts as a quiet open where the spread is free money. By the close you'll face an informed seller working your bid, a fast market that makes your quote a free option, and an inventory limit with the price gapping away from you. Quote tight and you get picked off; quote wide and you earn nothing. Every world of the course, live.
How you play it
One decision a round: where to stand in the book — and live with whoever fills you.
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 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.