The firm Hedge Execution Planner — the desk under the Tail Hedge Overlay. The overlay decides how much convex protection the book needs; this turns that into a worked order ticket. It tracks the standing hedge sleeve as state, so every run shows the rebalance delta — open when flat, add or trim as the target moves, roll a decaying sleeve, switch the instrument class when the binding scenario changes, harvest the convex leg when the regime says monetise. It places no orders — it produces the ticket a trader works.