How it worksIntroduction

How it works

From news event to tradable basket.You keep the licence, money, and customers.

Cascade builds news-driven baskets and related compute. You choose which modules we run; the rest stays on your stack.

Introduction

A customer who wants exposure to a news theme (for example rising oil prices) can take a single contract on a basket of related stocks, long some names and short others.

Cascade handles the steps from that order intent through to a booked, hedged position, for as many of those steps as you buy.

We never hold your customers' money. In any configuration.

Broker and Venue

Cascade uses two roles throughout the product:

You are the Broker. Your customers stay with you. The Venue is where the hedge is placed.

Broker

The licensed firm that faces retail customers, books contracts, holds money in trust, and transmits hedges.

Venue

Where the hedge is executed: an exchange, liquidity provider, or cover counterparty. The Broker holds the account there.

The five modules

Five separate products, not five phases of one product. A module never reaches inside another. That is why you can buy three and build two yourself.

  1. 01 Basket intelligence

    Live

    Maps a news theme to a basket of constituents with direction and weight.

    Consumes
    News / themes
    Produces
    A basket: constituents, direction, weight, disclosure
    If you turn it off
    You write your own baskets

  2. 02 Index and marks

    Live

    Publishes an index level and live marks for each basket.

    Consumes
    A basket + licensed market-data feed
    Produces
    A mark: basket, index level, timestamp
    If you turn it off
    You calculate your own index and license your own data feed
    • The index is a level, not a price. It starts at 1,000.
    • It is spread-free. Cascade publishes the raw index; you apply your own spread.

  3. 03 Exposure and netting

    Live

    Nets customer order intent into hedge deltas across the book.

    Consumes
    Basket, mark, order intent
    Produces
    Net exposure, hedge delta
    If you turn it off
    You do your own netting and hedge sizing

  4. 04 Risk compute

    Not built

    Computes valuation and advisory risk signals from marks and positions.

    Consumes
    Marks, positions
    Produces
    Valuation and advisory risk signals
    If you turn it off
    You do your own margin and loss-cut maths
    • Signals are advisory. Cascade computes; the Broker acts.
    • Not available on the live landing path today.

  5. 05 Ledger of record

    Not on sale

    Cascade holds the contract (full-service tier).

    Consumes
    Order intent, risk signals
    Produces
    Contract state
    If you turn it off
    You keep your own customer ledger (the normal case)
    • Not available in Japan. Do not treat as the default path.

Pick your configuration

The more licensed and built-out you are, the fewer modules you need.

If you hold the licence and run your own platform, take modules 1 to 3 (or 1 to 4) and keep your customer relationship entirely. If you have an app and no dealer platform, take all five, where the jurisdiction allows.

#You areYou takeWe doYou do
1A media company, or a Broker who just wants ideasM1BasketsEverything else
2A Broker who wants a branded index to quote againstM1–M2Baskets + indexSpread, ledger, margin, netting, hedging
3A licensed Broker with your own platformM1–M3Baskets, index, netting, hedge deltasLedger, margin, loss-cut, order transmission
4A Broker with a ledger but no derivatives risk mathsM1–M4The above + advisory risk signalsLedger, and you still enforce
5An app with no dealer platformM1–M5Everything up to the contract itselfThe app, and the licence

How money and risk flow

The customer relationship never leaves the Broker. Cascade computes; the Broker books and transmits.

Customer
Broker
Cascade
Venue

  1. 01

    Customer

    Taps Invest on a published basket in your app.

  2. 02

    Broker

    Quotes an indicative index, books the contract in your ledger, holds margin in your trust account.

  3. 03

    Broker

    Reports the order intent to Cascade.

  4. 04

    Cascade

    Decomposes into signed legs, nets across customers, emits hedge deltas.

  5. 05

    Broker

    Transmits cover orders to the Venue from your own OMS.

  6. 06

    Broker → Cascade

    Reports fills; Cascade updates cover held and streams fresh marks.

Getting started

  1. 01

    Choose Broker or Venue

    Create an organisation. Brokers launch indices; Venues route cover flow.

  2. 02

    Complete due diligence

    Licence checks and profile assignment decide which modules are enabled for your jurisdiction.

  3. 03

    Connect and go live

    Issue API keys, wire webhooks and SSE marks, connect your Venue, then publish your first basket.

Start as BrokerStart as VenueBook a demo

API integration

Wire Cascade into your product from your Broker backend. Call Business with an API key; Business proxies allowlisted Engine routes and serves live SSE. Full request/response schemas live in Swagger.

Start here

OpenAPI · Swagger UI

Broker Server OpenAPI is served on your Business host at /docs/tenant. Use your sandbox Business URL when exploring the API.

/docs/tenant

Auth

Authorization: Bearer csk_…

Keys: csk_test_ / csk_live_. Issue keys in the Broker console under API keys.

Bases

  • /v1/engine/*REST: catalog, index, trading, positions
  • /v1/stream/*SSE: live marks and event fan-out

How to integrate into your product

  1. 01

    Authenticate

    Call Business with your API key. Unknown /v1/engine/* paths return 404; only the allowlisted surface is open.

    Authorization: Bearer csk_test_xxxxxxxx
Content-Type: application/json
  2. 02

    Load catalog into your product

    List published events and templates, then show constituents to customers.

    GET /v1/engine/events
GET /v1/engine/events/{eventId}
GET /v1/engine/catalog/templates
  3. 03

    Quote against the live index

    Read the current level (starts at 1,000) and subscribe to SSE marks. Apply your own spread in your app. Cascade is spread-free.

    GET /v1/engine/baskets/{basketId}/index
GET /v1/stream/marks
  4. 04

    Record suitability, then trade

    A first buy is refused without a passing suitability row. Preview writes nothing; reserve holds capacity; commit opens the contract.

    PUT  /v1/engine/traders/{traderId}/suitability
POST /v1/engine/buy/preview
POST /v1/engine/buy/reserve
POST /v1/engine/buy/commit
  5. 05

    Show positions and closes

    Read the book your customers hold, preview a close, then queue the sell.

    GET  /v1/engine/positions
GET  /v1/engine/portfolio
POST /v1/engine/sell/preview
POST /v1/engine/sell
  6. 06

    Listen for hedge and lifecycle events

    Subscribe to the event stream for hedge-delta and trade lifecycle fan-out from Business.

    GET /v1/stream/events

API reference by job

Allowlisted Broker Server routes, the same surface documented in Swagger. Scope hints must be present on your API key.

Catalog & events

Populate your market list and basket detail screens.

MethodPathSummaryScope
GET/v1/engine/eventsList eventsbaskets:read
GET/v1/engine/events/{eventId}Get eventbaskets:read
POST/v1/engine/events/detailsBatch event detailsbaskets:read
GET/v1/engine/catalog/templatesList catalog templatesbaskets:read
GET/v1/engine/catalog/templates/{templateId}Get catalog templatebaskets:read

Index & live marks

Drive customer quotes and P&L from the published index level.

MethodPathSummaryScope
GET/v1/engine/baskets/{basketId}/indexCurrent basket indexindex:read
GET/v1/engine/baskets/{basketId}/index/historyIndex historyindex:read
GET/v1/stream/marksLive marks (SSE)index:read

Trading lifecycle

Wire invest / close in your app. Preview is free; reserve then commit after you debit margin.

MethodPathSummaryScope
PUT/v1/engine/traders/{traderId}/suitabilityRecord suitabilitytrade
POST/v1/engine/buy/previewPreview a buytrade
POST/v1/engine/buy/reserveReserve a buytrade
POST/v1/engine/buy/commitCommit a buytrade
POST/v1/engine/pending-orders/{pendingOrderId}/cancelCancel a queued buytrade
POST/v1/engine/sell/previewPreview a selltrade
POST/v1/engine/sellQueue a selltrade

Positions & book

Read what customers hold and listen for hedge / lifecycle events.

MethodPathSummaryScope
GET/v1/engine/positionsList positionsread
GET/v1/engine/portfolioPortfolio summaryread
GET/v1/engine/tradesList tradesread
GET/v1/engine/trades/{tradeId}/statusTrade statusread
GET/v1/stream/eventsLifecycle / hedge events (SSE)API key

Conventions

  • Money fields are decimal strings, never JSON numbers.
  • customerRef / traderId are opaque. Cascade holds no customer identity.
  • Index values are levels starting at 1,000, not currency prices.
  • Buy preview always returns indicative: true and never a firm entry price.
  • POST /quotes is not on the Broker Server allowlist. You own the pricing layer.
See pricingFAQ