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From B-Book to A-Book: Rethinking Broker Risk, Revenue & Valuation in the Age of AI Trading
Published on Jan 21, 2026
Updated on Sep 21, 2026
Recording of Webinar hosted by LiquidityFinder on Wednesday 21, January, 2026: From B-Book to A-Book: Rethinking Broker Risk, Revenue & Valuation in the Age of AI Trading
This webinar recording is particularly relevant to:
Retail and institutional brokers
Risk managers and dealing-desk leads
Brokerage founders and executives
Liquidity, prime-of-prime and trading technology providers
The classic B-book model has powered the growth of retail FX/CFD and crypto brokers for years. Done well, it can be a perfectly rational way to monetise short-lived, small-ticket flow — particularly in highly volatile markets such as gold, BTC, silver and oil.
But the market is changing quickly. AI-driven trading tools are accelerating how retail flow behaves, liquidity can become fragile around headline events, and investment managers continue to scrutinise counterparty risks with their brokers more closely The question for brokers is "How durable is the B-book model over the next three to five years?”
This LiquidityFinder webinar is an open discussion about the strengths of the B-book model — and why, despite those strengths, a growing number of brokers are actively shifting toward A-book or “agency-first” execution models. The conversation focuses on practical trade-offs: what brokers gain, what they give up, and how the choice affects risk, revenues, and client outcomes in real market conditions.
All the guest speakers are practitioners of the A-book model. These are firms that have chosen to run agency-first execution, across demanding market environments and diverse client bases. The discussion explores why they made that decision, what changed operationally, and how the approach has influenced relationships with liquidity providers and prime brokerage, as well as internal risk governance.
The panel examines how execution strategy can impact client mix, LP and PB relationships, regulatory risk, balance-sheet volatility, and ultimately how a brokerage is valued — particularly in an environment where buyers and investors increasingly look for predictability, robust governance, and clean narratives around execution and conflict management.
Speakers
Lars Holst, CEO, GCEX
Robert Brown, Strategic Development, MAS Markets
Jeremy Kinstlinger, Founder, Afterprime
Youssef Bouz, COO, GCC Brokers
Victor Ivanchenko, General Manager, cBridge, Spotware
Sam Low, Founder, LiquidityFinder
Watch The Full Webinar Replay:
(Recorded live)
Feel welcome to add comments or questions in the comments section below and the hosts will endeavour to answer them. 👇
If you are a trader, are you more comfortable trading with an A-book broker for the comfort that their model aligns their interest with yours? Or do you prefer a B-book broker for tighter spreaqds and faster execution?
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