Name :- CA Vijay Jaju

Market Experience :- Pro Derivative Trader since 23 Years

Specialization: Various Types of Arbitrage.

1. Inter-Segmental Hybrid Arbitrage. (Today’s Topic)

2. Gamma Hunting Arb. in Stock Options. (at the risk of 1-2 day’s Theta)
3. BOX arbitrage In INDEX.
4. CoC arbitrage (cost of carry) (Calander futures spreads in stock segment)

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 Hybrid Arbitrage
The Financial Engineering in stock market
Every tick matters (Both Time & Price)

Question:- How to make money in stock market ?

Answer:- Don’t lose money.
Question:- Then How to participate in stock market without losing money?
Answer :- Hybrid arbitrage, it helps you to maintain consistency. (Prosperity with
Security)

How It is a consistent money making strategy of stock market

1. It let’s you stay in all weather market.
2. No Drawdown or near to “ZERO” drawdown.
3. Optimum gearing of baseline capital.
4. Complete elimination of fear and greed.
1. Elimination of fear : Losses are always neutralized at the inception, either in active or
passive manner, along with the opening of the trade.
2. Elimination of Greed: Profits are always capped. It will force you to book profits.
5. Its time bound. You will never find yourself stuck in market.
6. Complete elimination of fear and greed would compel you for constant opportunity hunting. (it’s
just “What Next”)
Consistency Table :- Power of Consistent Compounding
RR:- Rate of Return\ Run Rate

Year RR-1 NAV RR-2 NAV RR-3 NAV RR-4 NAV RR-5 NAV RR-6 NAV RR-7 NAV
1 10% 1.10 13% 1.13 16% 1.16 19% 1.19 22% 1.22 25% 1.25 28% 1.28
2 10% 1.21 13% 1.28 16% 1.35 19% 1.42 22% 1.49 25% 1.56 28% 1.64
3 10% 1.33 13% 1.44 16% 1.56 19% 1.69 22% 1.82 25% 1.95 28% 2.10
4 10% 1.46 13% 1.63 16% 1.81 19% 2.01 22% 2.22 25% 2.44 28% 2.68
5 10% 1.61 13% 1.84 16% 2.10 19% 2.39 22% 2.70 25% 3.05 28% 3.44
6 10% 1.77 13% 2.08 16% 2.44 19% 2.84 22% 3.30 25% 3.81 28% 4.40
7 10% 1.95 13% 2.35 16% 2.83 19% 3.38 22% 4.02 25% 4.77 28% 5.63
8 10% 2.14 13% 2.66 16% 3.28 19% 4.02 22% 4.91 25% 5.96 28% 7.21
9 10% 2.36 13% 3.00 16% 3.80 19% 4.79 22% 5.99 25% 7.45 28% 9.22
10 10% 2.59 13% 3.39 16% 4.41 19% 5.69 22% 7.30 25% 9.31 28% 11.81
11 10% 2.85 13% 3.84 16% 5.12 19% 6.78 22% 8.91 25% 11.64 28% 15.11
12 10% 3.14 13% 4.33 16% 5.94 19% 8.06 22% 10.87 25% 14.55 28% 19.34
13 10% 3.45 13% 4.90 16% 6.89 19% 9.60 22% 13.26 25% 18.19 28% 24.76
14 10% 3.80 13% 5.53 16% 7.99 19% 11.42 22% 16.18 25% 22.74 28% 31.69
15 10% 4.18 13% 6.25 16% 9.27 19% 13.59 22% 19.74 25% 28.42 28% 40.56
Change (in Multiples,compared RR-1) 1.50 2.22 3.25 4.73 6.80 9.71 3
 Consequences of Inconsistencies :- Bitter reality of drawdowns
RR:- Rate of Return /Run Rate

“0” Drawdown
on capital but
With Drawdowns hit on RR
Year RR-1 NAV RR-2 NAV RR-3 NAV RR-4 NAV RR-5 NAV RR-6 NAV RR-7 NAV RR-ZD NAV
1 10% 1.10 13% 1.13 16% 1.16 19% 1.19 22% 1.22 25% 1.25 28% 1.28 22% 1.22
2 10% 1.21 13% 1.28 16% 1.35 19% 1.42 22% 1.49 25% 1.56 28% 1.64 22% 1.49
3 10% 1.33 13% 1.44 16% 1.56 19% 1.69 22% 1.82 25% 1.95 28% 2.10 22% 1.82
4 10% 1.46 13% 1.63 16% 1.81 19% 2.01 22% 2.22 25% 2.44 28% 2.68 22% 2.22
5 10% 1.61 13% 1.84 16% 2.10 19% 2.39 22% 2.70 25% 3.05 28% 3.44 22% 2.70
6 -5% 1.53 -7% 1.72 -8% 1.93 -10% 2.16 -11% 2.41 -13% 2.67 -14% 2.95 11% 3.00
7 10% 1.68 13% 1.95 16% 2.24 19% 2.57 22% 2.93 25% 3.34 28% 3.78 22% 3.66
8 10% 1.85 13% 2.20 16% 2.60 19% 3.06 22% 3.58 25% 4.17 28% 4.84 22% 4.47
9 10% 2.04 13% 2.49 16% 3.02 19% 3.64 22% 4.37 25% 5.22 28% 6.20 22% 5.45
10 10% 2.24 13% 2.81 16% 3.50 19% 4.33 22% 5.33 25% 6.52 28% 7.93 22% 6.65
11 -5% 2.13 -7% 2.63 -8% 3.22 -10% 3.92 -11% 4.74 -13% 5.70 -14% 6.82 11% 7.38
12 10% 2.34 13% 2.97 16% 3.73 19% 4.66 22% 5.79 25% 7.13 28% 8.73 22% 9.00
13 10% 2.57 13% 3.35 16% 4.33 19% 5.55 22% 7.06 25% 8.91 28% 11.18 22% 10.98
14 10% 2.83 13% 3.79 16% 5.02 19% 6.60 22% 8.61 25% 11.14 28% 14.31 22% 13.40
15 -5% 2.69 -7% 3.54 -8% 4.62 -10% 5.98 -11% 7.66 -13% 9.75 -14% 12.30 11% 14.87
End of Era IRR 6.82% 8.80% 10.74% 12.66% 14.54% 16.39% 18.21% 19.72%
End of Era Decimals 0.64 0.57 0.50 0.44 0.39 0.34 0.30 0.75
Wealth capatulation
-0.36 -0.43 -0.50 -0.56 -0.61 -0.66 -0.70 -0.25
Ratio

Key observation of Drawdowns: Higher the run rate with drawdowns has higher wealth capitulation
ratio. 4
 Hybrid Arbitrage Set-up
1. Market segments needed
1. SLB :- Securities Lending & Borrowing segment.
2. Cash Segment.
3. Derivative segment.
1. Future.
2. Options.
3. Calander Spread contracts of Stock Futures.
4. G-Sec and Liquid debt segment.

2. Technological Requirement
1. Algo trading system with Colo Setup (for smoot execution and efficient position unwinding )
with algo strategies (CASH_FUT, CON_REV, FLEX_FUT, PRICE_DIFF).
2. Real Time M2M Tracker, with Pop ups.
3. Realtime corporate announcement tracker, specifically board meeting announcements,
documents reader.

3. Execution Team (Its Team Work)

Since this activity involves multi dimensional functioning with constant vigilance of exposure,
gearing, M2M and real time corporate announcements, various level churning opportunities, for
these task, there must be well trained team in place, where each team member has very specific
task.
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 What is Hybrid Arbitrage
Hybrid arb. :-
creation cascading leveraged cost-efficient float & redeploying it at fixed yield or variable yield in time bound manner.

The Process
Below are the main primary verticals of hybrid arbitrage and all verticals are revenue center.
1. Placing Baseline capital in FDs to have margin in SLB segment, to get borrowing eligibility. This is 1st. Fixed Yield
Revenue center. (Interest on FD is revenue)

2. Creation of riskless and cost-efficient float on the baseline capital.

(Borrowing in securities SLB segment, selling in CASH by hedging in Future, in this process there are
opportunities of capturing –Ve Yield. This is the 2Nd Variable Revenue Centre).

3. Re-deployment of float in efficient manner with predefined either fixed or variable yield.
(Float would be redeployed in the Liquid Debt Assets or in FLEX FUTURE ARBITRAGE. The yields of this step is
depend upon allocation of float, this is the 3Rd. Revenue Center)
(This process would create pool of collateral which is free from any lien, this is also called “Treasury collaterals”).

4. Utilization of treasury collaterals in SLB segment, to create further float.

(Treasury collateral would be re-placed in SLB segment as margin for the enhanced borrowing eligibility. From this
step gearing starts taking in place).

5. Recreation of riskless and cost efficient float out of treasury collateral. Its repetition of process , of step 2 &3.
Repeating the above process till optimum gearing level get achieved.
(optimal gearing ratio is 2.10 of the baseline capital.)
(In the process of capital gearing, Yield Gearing also takes place simultaneously)

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 Basic Capital.(FD) Treasury Collaterals.
For Margin in SLB For Margin in SLB
Revenue Center:- Fixed Income
(Fixed Deposits).

Borrowing Eligibility enhancement

Borrowing in SLB Segment

Liquidity Creation by Selling in

CASH and hedging in FNO
Revenue Center:- Reverse Arb Opportunities

Redeploying Float in Debt Redeploying Float in FLEX

Securities (Liquid Bees In) FUTURES (Equities In)

Revenue Center: Flexible

Revenue Center:- Fixed Income of Arbitrage Income
Debt securities

Pool of Treasury Collateral. (Liquid Bees + Equities)

Would be redeployed after meeting the margins of FNO
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 Cascading Leverage & Float Creation

Base capital Exibit-1 Margins Exibit-2

Cascading Leverage Table Exibit-3
Yield S No Margins Rate
S No Particulars Figure % Amount 1 VAR Margin SLB 18.00% Margin
2 VAR Margin FNO 18.00% Margin Rate Treasury
1 Base Amount 100.00 0.06 6.00 S No Layer of SLB (1+VAR) Float Colltral
Total VAR Margin 36.00%
Layer 1 Initial
Important Aspects 1
Margin of SLB &
Derivatives (Base 100.00 1.36 73.53 73.53
Capital)
1. Yield sensitivity of reverse arb exposure.
Switching of /- Ve yield exposure when it turns positive +Ve yield Layer 2 Margin of
exposure. 2 SLB & Derivatives
73.53 1.36 54.07 54.07
(Treasury Collateral)
2. Maintain the necessary collateral mix ratio. Layer 3 Margin of
(Cash equivalent 50 % and Non Cash Ratio 50%) 3 SLB & Derivatives
54.07 1.36 39.75 39.75
(Treasury Collateral)
Layer 4 Margin of
3. VAR Margin of security, it affects overall gearing. 4 SLB & Derivatives
(Dixon 100 % VAR) 39.75 1.36 29.23 29.23
(Treasury Collateral)
4. Max concentration limit in overall exposure of reverse Layer 5 Margin of
5 SLB & Derivatives
arb. (Treasury Collateral)
29.23 1.36 21.49 21.49

5. Trial balance management account should not to Total

296.58 218.07
turned into net Cash Debit.
Total Float creation from Treasury collateral is
6. Rollover of position. Rs. 145/-
 Creation of float by reverse arbitrage (Borrowing, Selling, Hedging)

Important aspects while opening trade of float creation

In this process, securities would be borrowed from the SLB segment and will be sold in cash segment
by hedging by futures.

1. Get the list of negative yield futures (undha badla) in the order of their respective yield.

2. Check the corporate action status, forthcoming board meeting agenda.

3. Any Corporate action

1. If Dividend to be, the dividend per share.
2. If dividend to be announced then dividend payout.

4. Ensure there is no foreclosure type corporate action in SLB segment. Other than Dividend &
Stock Split.

5. Ensure VAR Margin on securities while we are choosing for float creation. Because it ultimately
affects base capital gearing ratio.

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 Example of Reverse Arbitrage :- Creation of Float and realizing Rev. Arb. Yield.

Example of reverse Arb (SYMBOL :- CDSL) Example of reverse Arb (SYMBOL :- TATAELXI)
Trade
S No Symbol Trade Date Segment Series Type Rate Qty Values Trade
S No Symbol Trade Date Segment Series Type Rate Qty Values
1 CDSL 07-Mar-25 SLB X5 Borrow 10.00 400.00 4,000.00
1 TATAELXI 07-Mar-25 SLB X5 Borrow 45.00 100.00 4,500.00

2 CDSL 07-Mar-25 EQ - Sell 1156.50 -400.00 -4,62,600.00 2 TATAELXI 07-Mar-25 EQ - Sell 5649.00 -100.00 -5,64,900.00

24-Apr-
3 CDSL 07-Mar-25 FUTSTK 24-Apr-25 Buy 1135.00 400.00 4,54,000.00
3 TATAELXI 07-Mar-25 FUTSTK 25 Buy 5554.00 100.00 5,55,400.00
Rev Arb. -4,600.00
Rev Arb. -5,000.00

Key Points CDSL Key Points TATAELXI

S No Particulars Figures S No Particulars Figures
1 Rev Arb Yield PA % 7.37% 1 Rev Arb Yiled PA % 6.85%

2 Float Created In Lakhs 4.54 2 Float Created In Lakhs 5.55

Margin Involved ( Cash Equivalent= 3.20 + Non cash Equivalent= Margin Involved ( Cash Equivalent= 3.67 + Non cash Equivalent=
3 3.20_ 6.40 3.67_
3 7.30
4 Corporate action DIV 8.00
5 Payout Season Jul/Aug 4 Corporate action DIV 70.00
6 Security VAR % 20.00% 5 Payout Season June
6 Security VAR % 15.00%

We need to strike balance among

1. Yield Sensitivity
2. VAR Margin
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 Redeployment of Float:-

Float can be redeployed in two types of strategies

1. 1St. Is to buy the Liquid debt securities. For this purpose we use LIQUIDBEES or
LIQUIDCASE where returns are in the range of 4.65 to 4.75 % PA. interestingly these
securities are having lower haircuts, i.e., 5% and treated as cash equivalent for cash
margins. This is Fixed Yield Revenue center

2. 2Nd. is to deploy Flex Future Arbitrage. Here flex future, means “ZERO” cost collar
strategy where loss are restricted to zero or near to zero, simultaneously profits are
also capped. In this strategy targeted yield is around 1.5 % to 2.25 % PM. Annualized
it is 18 % to 24 % PA. we used to allocate exposure around 100 % to 120 % of base
capital,. This is variable revenue center.

To get referred range, futures of particular symbol must have Cost of Carry (COC) of
7.50 % PA, then only Flex Future Arb trades are viable. We used to select index
component to due to lower haircut.

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 Sectorial Indice’s co-relation with Benchmark Index (NIFTY-50)
INDEX DATA AS ON 19-MARCH-2025

S No INDEX Name Last Rate 1_5days 2_10days 3_20days 4_30days

1 NIFTY METAL.IX 9,148.55 2.82 9.59 10.89 12.18
2 NFTY CPSE.IX 5,931.45 4.17 8.25 8.59 2.38
3 NFTY PVT BANK.IX 24,762.20 3.97 2.72 0.87 2.05
4 NIFTY BANK.IX 49,702.60 3.86 3.02 0.90 1.00
5 NIFTY PHRMA.IX 21,145.65 4.00 6.68 0.33 -1.01
6 NFTYP SUBK.IX 6,019.35 3.39 5.25 1.95 -1.61
7 NIFTY50.IX 22,907.60 1.82 3.74 -0.23 -1.94
8 NIFTY FMCG.IX 52,184.00 0.45 0.65 -1.44 -2.20
9 NIFTY IT.IX 36,223.50 -3.15 -2.83 -11.81 -14.39

Track the correlation of sectorial indices with benchmark NIFTY 50 , and accordingly choose index
and its constitutes for opening of FLEX TRADE. For example ITNIFTY falling more than NIFTY, we
would underweight on IT index symbols, and BANKNIFTY is managing NIFTY 50, we would slight
overweight on banking stocks for flex exposure. Similarly metal Index has been outperforming we
would overweight in overall flex exposure. We used to call it merry-go-round.

Select the out of Top 5 component of the sectorial index.

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 SYMBOL Selection for Re-deployment of FLOAT via Flex Futures:-
Why flex futures :- Higher potential Yield.
In our list around 60 stocks are eligible for Flex Future exposure.

1. Selected Symbol must be in the approved security in SLB segment as Non cash collateral.

2. The Haircut must not be >20 % otherwise gross gearing ratio would be impacted accordingly.

3. Symbol should be part of the respective index with influential weightage.

1. For Example HDFCBANK, ICICIBANK, KOTALBANK are part of the NIFTY 50 and heavyweight of
the BANKNIFTY INDEX.
2. ITC, HINDUNILVR, DABUR are the part of consumer index.
3. SUNPHARMA, LUPIN, DRREDDY Part of the Pharma index.
4. TATAMOTOR, MARUTI, M&M, ASHOKLEY are the part of auto index.
5. INFY, HCLTECH, TCS, TECHM are the part of IT index.
6. TATASTEEL, JINDALSTEEL,NALCO, HINDALCO are the part of metal index.
7. ONGC, GAIL, NTPC, POWERGRID, REC, PFC are Navratna companies ,and part of the CPSE
index.

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 Example of Flex Future:- SYMBOL: HDFCBANK (Table-1)

Date of Option
S No Opening Symbol Instrument Expiry Type Strike Price Qty Rate Amount Spread COC PA

1 11-Mar-25 HDFCBANK EQ - - - 6,600.00 1,683.00 1,11,07,800.00

2 11-Mar-25 HDFCBANK FUTSTK 27-Mar-25 - 0.00 1,690.50 0.00 7.50 10.2%

3 11-Mar-25 HDFCBANK OPTSTK 27-Mar-25 PE 1,700.00 6,600.00 30.00 1,98,000.00
4 11-Mar-25 HDFCBANK OPTSTK 27-Mar-25 CE 1,680.00 -550.00 32.50 -17,875.00
5 11-Mar-25 HDFCBANK OPTSTK 27-Mar-25 CE 1,720.00 -6,050.00 12.65 -76,532.50
1,12,11,392.50

Key Stats (Table-2) Alternative Return Comparison (Table-3)

S. No. Particulars Figure S. No. Particulars Figure
1 Max Loss (Negative Loss) (In Thousands) 7.00 1 Deployment in Liquid Bees (In Lakhs) 112.11
2 Max Profit Pre Exp (In Thousands) 118.00 Yield From Investment in Liquid Bees (In
3 Amount Involved (In Cr.) (In Lakhs) 112.20 2 Thousand) 4.85 % Annualized Yield. 26.60
4 Expense (In Thousands) 21.70 3 Max Yield from Flex (In Thousand) 97.00
Post Expanse Post Max Profit (In 4 Risk Reward Ratio of Yield 3.65
5 Thousands) 97.00
Important Variables.
6 Post Expense Annualized Max Yield 19.71%
1. If COC (if cash to future premium compresses or turn into negative, Payoff would
Max Duration (In not Rolled Over) to next turned into favor, despite position is against us, and liquidity would be released.
7 expiry 16.00 This liquidity can be redeployed into Liquid Bees.

2. Would get 6600 qty of HDFCBANK as Treasury Collateral . This collateral would be
used to create in new float via SLB, value (after haircut) of this treasury collateral is
93 Lakhs. We can create new float subject to overall margin space. 14
 Adjustment in Flex Future, if U/L Turns Negative > X %
Original Flex HDFCBANK Table-1
Square
Flex Date Symbol INST Expiry Opt Tp Strk Prc Qty Rate Amount Rate Nett Profit
1 11-Mar-25 HDFCBANK EQ - - - 6,600.00 1,683.00 1,11,07,800.00 0.00
2 11-Mar-25 HDFCBANK FUTSTK 27-Mar-25 - 0.00 1,690.50 0.00
3 11-Mar-25 HDFCBANK OPTSTK 27-Mar-25 PE 1,700.00 6,600.00 30.00 1,98,000.00 90.00 60.00 3,96,000.00
4 11-Mar-25 HDFCBANK OPTSTK 27-Mar-25 CE 1,680.00 -550.00 32.50 -17,875.00 1.95 -30.55 16,802.50
5 11-Mar-25 HDFCBANK OPTSTK 27-Mar-25 CE 1,720.00 -6,050.00 12.65 -76,532.50 1.25 -11.40 68,970.00
1,12,11,392.50 73.00 4,81,772.50

Downward Revised FLEX HDFCBANK Table-2

INSTRM
Flex Date Symbol NT Expiry Opt Tp Strk Prc Qty Rate Amount Spread COC PA
1 19-Mar-25 HDFCBANK EQ Revised Cost 6,600.00 1,610.00 1,06,26,028.00
2 19-Mar-25 HDFCBANK FUTSTK 27-Mar-25 - 0.00 1,615.80 0.00 5.80 16.00%
3 19-Mar-25 HDFCBANK OPTSTK 27-Mar-25 PE 1,620.00 6,600.00 32.50 2,14,500.00
4 19-Mar-25 HDFCBANK OPTSTK 27-Mar-25 CE 1,640.00 -6,050.00 18.50 -1,11,925.00
5 19-Mar-25 HDFCBANK OPTSTK 27-Mar-25 CE 1,620.00 -550.00 29.50 -16,225.00
1,06,26,028.00
Key Stats TableTable-3 Revised Cost Table Table-4
S No Particulars Figure S No Particulars Figure
1 Max Loss (In Thousands) -22.00 1 Gain Of Flex Wings 73.00
2 Max Profit Pre Exp (In Thousands) 98.50 2 Cost of U/L 1,683.00
3 Amount Involved (In Cr.) (In Lakhs) 106.00 3 Revised Cost of U/L 1,610.00
4 Expense (In Thousands) 21.70
5 Post Expnse Post Max Profit (In Thousands) 76.80
6 Post Expense Annualized Max Yield 18.83%
We can also rollover this position to next expiry series by
adopting the method shown in Table-2. without having any loss
7 Max Duration 7.00 on original position. The new position would be tracked in next
expiry according to our yield target.
 Profit Booking:- Since Flex future arb is multileg trading combination it is little bit complex,
slippage probability is also high. but profit booking of trade is hassle-free. Profit booking can
be possible in scalped manner without slippage at the time of momentum and heavy
activity.

Process of Profit booking and winding up of position:

1. Shift the PUT strike to the extent of strike of call sold (starting from 35 % of Strike difference, (In this case strike
difference is 20 points so strike shifting starts from 7 points) in this case initial put position had been taken at 1700
Strike, this strike would be Shifted to 1720 Strike, from the spread of 7 with scalp say of 1. point per slice till last slice
point value of 2 (in this case 5 slices would be done till 2, and rest of 6 would be at 2 average would be 3.35 it means
profit of (20-3.35=16.65) have been booked. This strike shifting would be done Via PRICR_DIFF algo. Spread of put
strikes can be impacted due to various reason like change in CASH FUT spread, flush out trade due to hectic mkt
activity, IV skew , these can cause profit booking. See Exabit -1
Exibit-1 Exibit-2
Instrume Option Strike Instrume Option Strike
S No Symbol nt Expiry Type Price Qty S No Symbol nt Expiry Type Price Qty
1 HDFCBANK EQ - - - 6,600.00 1 HDFCBANK FUTSTK 27-Mar-25 - - 6,600.00
2 HDFCBANK OPTSTK 27-Mar-25 PE 1,700.00 0.00 2 HDFCBANK OPTSTK 27-Mar-25 CE 1,720.00 -6,600.00
3 HDFCBANK OPTSTK 27-Mar-25 CE 1,720.00 -6,600.00 3 HDFCBANK OPTSTK 27-Mar-25 PE 1,720.00 6,600.00
4 HDFCBANK OPTSTK 27-Mar-25 PE 1,720.00 6,600.00

2. Derivative position is get converted into synthetic short future.

3. Once spread of future to cash get compressed or turned –VE then sell cash buy future by using CASH_FUT Algo and
release liquidity.
4. Once cash long position closed future long position would be opened, residual position would be closed by CON-REV
(Conversion reversal Algo), here there is also arb opportunity that can also be captured. If position remain there,
don’t worry position would close without delivery obligation at the end of series. Exibit-2 16
 Important Operational Aspects
1. Efficient movement and deployment of collateral, in time bound manner.

2. Cash Future premium volatility:- after passing initial 10-12 days, there are volatility in cash to
future premium, here we have either intraday churning of cash future premium or liquidity get
released from stock in. This liquidity can be redeployed in another avenue, like liquid Bees or
another Flex Future. This volatility can easily be captured by CASH FUTURE algos. This is
another Revenue Center

3. VAR margin of SLB segment :- VAR margin ultimately weigh on overall gearing ratio. SYMBOLS
having VAR margin above 25 % must be avoided.

4. Technology adoption :- by adopting algos we can capture CASH_FUT_Spread Volatility,

CON-REV arb can be captured. However we book profits in FLEX FUT by algos just by shifting
strike very easily and efficiently in multiple SYMBOLS, which is otherwise very inefficient and
error prone to book profits in multileg, multi-segment, multiple symbol position
simultaneously.

5. Resource Optimization:- underutilization would impact profitability.

6. Corporate action (Dividend/Bonus) reconciliation.

7. MIS reports and accounting, P&L and Balance Sheet.

8. Evaluation : Self, System, Team. (efficiency, efficiency, and efficiency) 17

 Thank you for your time!

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