· 10 min read
Positions, Not Stock Levels: What Changes When the Operator Is the Counterparty
An operator who buys and sells on their own book is not an intermediary moving other people's goods. What they hold is exposure, and exposure is not a quantity. A warehouse model tracking units in and units out loses the exposure view entirely, and turns a reallocation into an untraceable edit to two numbers. Modelling positions explicitly, with allocation and reallocation recorded as transitions, lets the book explain itself.