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Welcome to the PnL Explained Professionals Home Page! 


New for August 2020

1) New Page:  Option Pricing Models

2) New Page:  Intro to CTRM Software   CTRM = Commodities Trading & Risk Management

3) New Page:  Intro to Volatilities   

4) Started updating our look and feel to something more modern*.


Our Mission

a) Educate the world about PnL explained reporting (a.k.a. PnL Explain/PnL Attribution/P&L Explained/P&L Attribution/Profit and Loss Explained)

b) Provide a forum for PnL Explained Professionals to share information and help them meet their professional goals.

c) Provide credentials to professionals to help demonstrate that they have reached a minimum level of proficiency in PnL explained reporting.


Our Motto

Res Non Ipsa Loquitur


PnL Explained

Profit and/or Loss (PnL) Explained also called P&L Attribution is a type of report commonly used by traders, especially derivatives (swaps and options) traders, that attributes or explains the daily fluctuation in the value of a portfolio of trades to the root causes of the changes.  PnL is usually defined as value today minus value from prior day.  PnL Explained is defined at a high level as


or in more detail:

For more, see PnL Explained FAQ and PnL Explained Glossary


And also see MTM Explained and Greeks Explained



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* That includes, for example a font change from Calibri to Verdana.  Sorry Calibri, we had some good times together, but I have moved on.


This website last updated August 2020