Pricing Controls

Spread and pricing behavior is driven by the engine's config/spreads.json contract and hot-reloaded on the next request. Track A restricts the operator-editable surface to a known-live subset; anything not listed here is either not wired to the runtime or still gated behind an implementation task beyond Track A.

Live spread fields

• Base spread (bps) — applied to every quote before adjustments.
• Vol-scaling multiplier — bounded to a configured [min, max] range so an operator cannot zero out or blow up the spread by accident.
• Size tiers — ascending notional thresholds with per-tier bps adders. The engine validates monotonicity.
• After-hours adjustment — extra bps applied when the market is outside regular trading hours.

Vol-scaling multiplier bounds

The multiplier is clamped at the engine, not the console. If an operator submits a value outside bounds, the engine returns a 400 with the allowed range. The console surfaces the error and does not retry.

Size-tier rules

• Tiers must be strictly ascending by notional threshold.
• Per-tier bps values must be non-negative.
• A tier with threshold 0 acts as the base tier.

See Operator Actions for the audit and reason requirements that apply to every spread change.