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Roles & Permissions

AEX uses a role-based access control (RBAC) system backed by Microsoft Entra ID. Each user is assigned to exactly one role group, which maps to a fixed set of permissions. Permissions are embedded in the user's JWT token and evaluated on every request.

Roles​

There are five roles in the system:

RoleDescription
viewerRead-only market participant — can view market data, credit, and documentation
traderCan place and manage orders on the market
credit-managerManages credit limits and approves credit requests; does not have trading access
entity-adminFull entity administration — manages users, invitations, credit, and documentation for their entity
operatorPlatform operator with global scope — can control the market, manage all entities, and promote users

Roles are hierarchical in practice, but permissions are not inherited — each role has its own explicit set. The operator role is the only one with the Global scope modifier, which lifts entity isolation restrictions across the platform.

Permissions​

There are 19 discrete permissions, each named {Domain}.{Action}:

Market Permissions​

PermissionDescription
Market.ViewView market data, order book, and price feeds
Market.TradePlace, modify, and cancel orders; access Curve Manager and Compliance Dashboard
Market.OperateHalt and resume the market; access market operations controls
Market.Config.ViewView market configuration settings
Market.Config.ManagePropose changes to market configuration
Market.Config.ApproveApprove or reject configuration change proposals

Credit Permissions​

PermissionDescription
Credit.ViewView credit limits and utilisation
Credit.ManageCreate, modify, and delete credit limits
Credit.ApproveApprove credit limit requests from counterparties
Credit.OverrideOverride credit checks (operators only — audited)

Documentation Permissions​

PermissionDescription
Docs.ViewView ISDA documentation status for counterparties
Docs.ManageUpdate ISDA documentation status

User and Entity Permissions​

PermissionDescription
Users.ViewView user accounts within your entity
Users.ManageCreate and manage user accounts within your entity
Users.PromoteChange a user's role (operators only — audited)
Invitations.ViewView pending invitations
Invitations.SendSend invitations to new users
Entity.ViewView entity details
Entity.ManageCreate and manage entities (operators with Global scope only — audited)

Global Scope Modifier​

Global is not a permission — it is an Entra App Role assigned exclusively to operators. It lifts entity isolation so that an operator can act on any entity, not just their own. All sensitive operations by operators are recorded in the audit log.

Role to Permission Mapping​

The table below shows which permissions each role holds:

Permissionviewertradercredit-managerentity-adminoperator
Market.View✓✓✓✓✓
Market.Trade✓✓✓
Market.Operate✓
Market.Config.View✓—
Market.Config.Manage✓
Market.Config.Approve✓
Credit.View✓✓✓✓✓
Credit.Manage✓✓✓
Credit.Approve✓✓✓
Credit.Override✓
Docs.View✓✓✓✓
Docs.Manage✓✓
Users.View✓✓✓✓
Users.Manage✓✓
Users.Promote✓
Invitations.View✓✓
Invitations.Send✓✓
Entity.View✓✓✓✓
Entity.Manage✓
Global (scope modifier)✓
note

Market.Config.View appears in the entity-admin role in some contexts. Actual permissions for your account are determined by your Entra group assignment — contact your platform administrator if you need to verify your exact permission set.

What Each Permission Unlocks in the UI​

Market.Trade​

  • Place, modify, and cancel orders via the order ticket and order blotter
  • Access the Curve Manager pane (Market Maker mode)
  • Access the Compliance Dashboard pane (Market Maker mode)
  • Use the Curve and Compliance tabs in the bottom panel (Market Maker mode)

Without Market.Trade, the Curve Manager and Compliance Dashboard display an access message instead of their content.

Market.Operate​

  • Access market operations controls in the Admin panel
  • Halt and resume the market
  • Access the global Documentation tab (requires Global modifier as well)
  • Perform engine-level resets and diagnostics (requires Global modifier)

Credit.View / Manage / Approve / Override​

  • Credit.View — View the Credit tab showing your entity's credit utilisation and counterparty limits
  • Credit.Manage — Create, edit, and delete credit limit configurations; submit credit limit requests
  • Credit.Approve — Approve or reject credit requests submitted by counterparty entities (must be from a different entity than the requester)
  • Credit.Override — Bypass credit checks on order submission; every use is recorded in the audit log

Entity.View / Manage​

  • Entity.View — View entity details; required to see counterparty information in the credit panel
  • Entity.Manage — Create and configure entities in the Entities admin tab (requires Global scope — operators only)

Users.View / Manage / Promote​

  • Users.View — View user accounts and their roles in the Users admin tab
  • Users.Manage — Invite, edit, and deactivate users within your entity
  • Users.Promote — Change a user's role; every promotion is recorded in the audit log (operators only)

Invitations.View / Send​

  • Invitations.View — View pending and accepted invitations in the Invitations admin tab
  • Invitations.Send — Send new invitations to onboard users to your entity

Docs.View / Manage​

  • Docs.View — View ISDA documentation status per counterparty in the credit panel
  • Docs.Manage — Update documentation status and notes; access the global Documentation admin tab (operators with Global only)

Market.Config.View / Manage / Approve​

  • Market.Config.View — View current market configuration settings
  • Market.Config.Manage — Propose changes to configuration (e.g. market hours, product catalogue) in the Configuration admin tab
  • Market.Config.Approve — Approve or reject pending configuration proposals; a different user from the proposer must approve

Admin Panel Access​

The Admin tab appears in the bottom panel only when you hold at least one of the following permissions: Entity.View, Users.View, Invitations.View, Market.Config.Manage, or (Market.Operate + Global). The tabs visible within the Admin panel depend on your specific permissions:

Admin TabRequired Permissions
EntitiesEntity.View + Global
UsersUsers.View
InvitationsInvitations.View
DocumentationMarket.Operate + Global
ConfigurationMarket.Config.Manage
SupportAny admin-level permission (same as panel access)

Audited Permissions​

The following permissions trigger an audit log entry on every evaluation:

  • Market.Operate
  • Market.Config.Manage
  • Market.Config.Approve
  • Credit.Override
  • Users.Promote
  • Entity.Manage

Audit entries capture the timestamp, user ID, entity ID, permission checked, target entity, and the grant/deny outcome. These satisfy NZISM v3.9 privileged access monitoring requirements.

Next Steps​