Why Capital Delta exists
Options are not simply directional instruments. They allow risk to be expressed through price, volatility, time and convexity—often at the same time. That makes them powerful, but it also makes their management difficult to reduce to intuition alone.
Capital Delta exists to turn that complexity into a repeatable operating process. The firm trades proprietary capital while developing the research, execution and risk infrastructure required for a future regulated investment platform.
Our investment approach
The portfolio is built primarily around delta-neutral, multi-leg options structures, complemented by selective directional opportunities when the market context justifies them. The objective is not to eliminate risk. It is to understand which risks are being taken, why they are present and how they should evolve through time.
Our research focuses on three connected problems:
- Trade construction: selecting structures that express a view on volatility, probability and payoff asymmetry.
- Position management: deciding when a hedge or adjustment improves the expected outcome after costs.
- Portfolio control: keeping aggregate Greeks, concentration, liquidity and margin inside a defined operating envelope.
Rebalancing as a research problem
Frequent intervention can reduce one risk while creating another through transaction costs, slippage or over-management. Capital Delta is developing reinforcement-learning policies to optimize the timing and frequency of adjustments. The goal is a system that intervenes because the state of the position warrants it—not because a human operator feels compelled to act.
Technology and infrastructure
The core platform is written in Rust and follows an event-driven architecture. It connects real-time market data, historical datasets, strategy research, execution and risk monitoring into one traceable workflow.
The current infrastructure includes owned servers, live data subscriptions, a substantial local historical dataset and an operational Tastytrade integration. A dedicated backtesting simulator is being completed to test strategies and management policies across different market regimes.
Risk and governance
Risk management is being developed at both position and portfolio level. The framework is intended to formalize limits for drawdown, margin usage, liquidity, concentration and portfolio Greeks, together with clear review and escalation rules.
We prefer to describe this work accurately: the framework is under active development. Building it alongside the trading system is essential to ensuring that growth in capital never outpaces operational control.
The founder
Capital Delta is led by Joaquín Béjar García, a quantitative developer with more than twenty years of experience across financial technology, low-latency systems and digital-asset markets.
His experience includes building trading and market infrastructure with Rust, Go, Python and C++, and working across institutional and emerging-market environments. Capital Delta brings that engineering background directly into the investment process.
The path forward
Capital Delta currently operates through a US single-member LLC using proprietary capital. The development path is intentionally phased:
- Produce a longer, transparent live track record.
- Complete the backtesting and portfolio-risk framework.
- Strengthen operational controls, reporting and governance.
- Evaluate the appropriate regulatory structure before accepting external capital.
The long-term ambition is to evolve from a focused prop-trading operation into a regulated hedge-fund platform without losing the engineering discipline that created the original edge.
Start a conversation
We welcome conversations with researchers, infrastructure providers and market professionals interested in systematic options.