International Association
for Cryptologic Research

Banks publish daily axe lists of available securities/assets for selected clients, helping them locate Long or Short trades at reduced financing rates. This list aggregates the bank’s internal inventory, lowering costs but also revealing the bank’s holdings and potentially large client trades, risking competitive exposure. Atlas-X Axe Obfuscation, powered by novel differential privacy methods, obfuscates this list under continuous observation, balancing inventory Profit and Loss (P&L) with reduced client activity leakage. Atlas-X, live for two years across J.P. Morgan’s USA, Europe, and Asia branches, is the first differential privacy tool deployed in finance, with real and synthetic benchmarks confirming its production success."