Broker Risk Management – What tools are available for brokers?

 

 

The retail brokerage industry has undergone immense change and volatility in recent years. From shifting market conditions to evolving client demands,  brokers face increasing pressure to adapt and strengthen their operations. This has catalysed greater demand for sophisticated risk management solutions that provide stability amidst a landscape of uncertainty.     

 

Insight from key industry players and conversations with brokers themselves confirms that advanced technologies are pivotal in equipping brokers with the tools needed to thrive in this hyper-competitive market. There is consensus that real-time data, customisable platforms, and holistic oversight of the business are essential elements brokers need in order to optimise performance and profitabilty. By leveraging these capabilities, brokers can gain greater visibility over workflows, protect against business risks, and unlock valuable insights into client behavior and market trends. With brokers increasingly operating across multiple trading platforms, asset classes, and counterparties, holistic oversight is critical for informed decision making and risk control.   

 

Retail brokers who decide to internalise the risk generated from client trading flow (B-book) are doing so because this method to managing client volume generates higher profit margins for the firm. But this model does of course come with risk that needs management.   

 

Brokers who B-book their client flow have seen record growth in volume over the past few years. Very few brokers are B-booking 100% of their flow, and would be foolhardy to do so. Brokers are now supported by a range of sophisticated software firms that provide tools to analyse their flow to help them decide how to manage their risk and when to offset the risk generated by client trades to their Liquidity Providers (A-book).

 

Leading software providers have responded to market demands by engineering cutting-edge technologies spanning real-time monitoring, predictive analytics, and customizable modular platforms. These tools empower brokers to optimise trade execution, respond to emerging threats, and gain data-driven insights around client behavior. 

 

I was asked by a broker recently for more information on what risk management software is available to brokers as he was unable to find much information on this subject, and unable to make a comparison between the providers out there. Based on this, I requested information from the established firms in the market providing risk management software for brokers and below is a review of the available platforms out there.

 

Up until a few years ago, prior to MT5 and when most brokers were using MT4 and not multi-asset, they had FX exposure only.  Most of the companies that we will look at below were offering bridging software only, allowing those brokers that wanted to A-book their flow to connect their Liquidity Provider to MT4. MT4 had some basic tools like exposure monitoring, trade reports and alerts but the functionality is limited. Some brokers developed or commissioned custom plugins and scripts for MT4 to add risk management features like position limits, margin controls etc. However, coding and maintaining these was complex. Mostly brokers were manually hedging their risk. This is labour intensive and depended upon brokers manually monitoring positions using spreadsheets and other custom but relatively simple tools.

 

Bridging software firms have extended their product suite and now provide sophisticated solutions to meet the demands of brokers to manage more of their client flow to allow them to capture spread and, just as importantly, to identify toxic behaviour amongst their client base.

 

MT5 was introduced in 2014, and by 2016 MT5 reached over 1,000 brokers offering the platform to clients. In 2017 MT5 was opened up to third party developers for building custom trading tools and add-ons allowing for the provision of 3^rd party software solutions for risk management.

 

Of course MT5 is not the only front end out there. Check out my previous article on what alternatives there are to MetaQuotes MT4 and MT5 - it is clear that there is a widening choice of front / middle / back-end trading platforms for brokers and their clients to use.

 

Now that most retail brokers live in a multi-asset world, with multiple client-facing front-ends, things have become a lot more complex in the quest to manage risk to retain and increase profits. Software firms have risen to the challenge and demands of the brokers who want to maintain as much profit margin as possible, while minimising risk.

 

I reached out to the firms below to let them explain the solutions they offer to help brokers to manage risk generated by client flow. I asked each firm to outline the solutions they offer based on the same questions. Their responses are reproduced below.  By enabling proactive risk mitigation, these firms equip brokers to confidently capture opportunities for sustainable growth and profitability.

 

Please see the table at the bottom of the overview to see a summary of each company's capabilities. (Of course, each of these companies is rapidly developing their software suite to keep up with client demand and to keep up with the competition. Many of the features that may be missing today, we can be sure are in development.)

 

At the bottom of each company's overview, you will find a brief description of their commercial model, also summarised in the table at the bottom of the page.

 

 

The companies and products covered in this overview are:

 

 

Brokeree Solutions   Centroid Solutions – Centroid Risk   Devexperts - DXtrade   GCEX - XplorRisk   Gold-i - VisualEdge   iSAM Securities   MahiMarkets - MFX Echo / MFX   Match-Trade Technologies   oneZero   Tools For Brokers   TraderTools - PriceOnTM   Your Bourse

Click the image below to go straight to the comparison table at the bottom of the article:

 

 

 

 

 

Brokeree Solutions

 

 

 

 

 

 

Founded in 2013, Brokeree Solutions specialize in MetaTrader 4 and 5 solutions allowing brokers to optimize their business and fine-tune their trading platforms. Brokeree offers a wide range of plugins and tools for automated/passive risk management, starting from client exposure to post execution hedging.

 

 

Andrey Kamyshanov, Co-Founder and Managing Partner, Brokeree Solutions:

“We consistently develop our solutions based on our deep analysis of client feedback, industry trends, and our own vision of technology evolution.   These practices help us identify possible requests ahead of the market and give brokers an advantage over constantly evolving market conditions.”

 

 

Brokeree’s RMS Overview

Brokeree provides solutions to address client protection, liquidity risk, yield enhancement, trade profiling, market data discrepancies (i.e. frozen quotes), trading platform performance maximisation and maintenance.  

 

Brokeree Solutions offers a wide range of plugins and tools for MetaTrader trading platforms for automated/passive risk management, starting from client exposure to post execution hedging. The tools are all coming as individual solutions that can be used independently from each other.

 

Brokeree Liquidity Bridge - is a comprehensive solution that combines advanced order execution, smart liquidity aggregation, and risk management.

 

Key Advantages

• Depth of Market and price aggregation from multiple LPs
• Over 30 integrated liquidity providers
• A-Book execution, B-Book execution, Hybrid Execution Mode
• Supported trading platforms: MT4, MT5, DXtrade CFD, cTrader 

 

Brokeree’s Exposure Manager - post-execution hedging solution for automated risk management based on the aggregated clients' exposure per symbol across multiple accounts associated with a particular trader.

 

Key Advantages

• Combine suspicious accounts from multiple MetaTrader servers into internal groups to apply different risk management strategies.
• Minimize risks by monitoring clients’ positions for large volumes and automatically hedging such positions if the volume crosses a pre-defined level.
• Hedge clients positions to MetaTrader 4 and 5 servers as well as to any liquidity provider via FIX API.
• Send pending orders instead of direct hedging to enter the market at a more favourable price.
• Supported trading platforms: MT4, MT5, TraderEvolution

 

Dynamic Margin and Leverage - A comprehensive solution that provides multi-asset brokers with extensive functionality to manage leverage and margin requirements on a per-account and per-symbol basis.

 

Key Advantages

 

• A wide range of filters allows brokers to fine-tune margin rules for specific market conditions.
• Balance or equity levels can be used to dynamically change user’s leverage. Scheduling allows brokers to prepare for high-volatility on the market by increasing margin requirements for the period.
• Reject levels can be set up to automatically reject trade requests after the margin-call event to prevent traders from increasing risks by entering new positions.
• Customisable stop-out levels provide additional functionality by closing positions per specific symbols instead of closing the most losing trade.

 

Asset classes covered: All our solutions are working directly with trading platforms, so all asset classes can be used as long as they are properly setup on the trading platform and mapping is configured in the Brokeree software if needed.

 

Is the RMS standalone, or bundled with the company’s other products?

Any plugin or a solution from a risk management package can be acquired separately without the need to opt in for additional services.

 

Can brokers purchase specific risk management modules/functionality or does the entire platform need to be implemented?

Solutions like Liquidity Bridge and Exposure Manager are standalone software with web UI for administrators for system configuration and monitoring. A wide portfolio of plugins is installed directly on MetaTrader 4 and 5 servers either as a plugin or as a manager API tool.

 

How deeply is the risk management software integrated into your liquidity and aggregation system (if applicable)? Can it be decoupled?

If we speak about the features available in Liquidity Bridge, like hybrid execution, symbol mark-up and liquidity aggregation, those are a part of the solutions and cannot be acquired separately. However, if we talk about any other process, like dynamic margin, alert system regarding market data stream, etc, those come as standalone tools or plugins and can be used on their own.

 

What implementation / training services do you provide? (e.g. integration, testing, training etc)

Onboarding includes installation of the solution in the demo environment, a series of presentations to go over the features of the solution to achieve the required brokers’ setup, continuous tech support during active subscription.

 

What ongoing client support is offered after deployment?

A customer success team, tech support team and BDM are working closely with a broker upon their requests to ensure the operations are smooth and efficient.

 

What is the commercial model / pricing options or structures for Brokeree’s solution?

All solutions are available via a monthly subscription model with a flat-fee pricing. Brokeree Solutions does not charge any volume fees for risk management and liquidity management solutions, making it an appealing option for brokers.

 

 

Real-time P&L on B-book: Yes, MT4 Liquidity Bridge

Aggregated Currency exposures: Yes (in Exposure Manager)

VaR: No

NOP: Yes (via Plug-ins)

Trade Blotters: Yes

Toxic flow identification: Yes, automated with Dealing Desk plugin

Decay analysis for each:

Individual client: Yes (via reports in Liquidity Bridge)

Symbol: Yes (Liquidity Bridge)

Liquidity Provider: Yes (Liquidity Bridge)

Multi-Asset: Yes

Multi-platform: Yes

Standalone: Yes

Modular: No

Industry Awards: Finance Magnates 2022, Best Emerging Fintech, see here

Commercial Model: Flat monthly subscription (no volume fees).  

 

For further information, please contact: sales@brokeree.com

 

 

 

 

 

Centroid Solutions – Centroid Risk

 

 

 

 

 

Founded in 2017, coming to market that year with a Regulatory and Risk Management solution, and then offering a bridging solution the following year (unusual in that other firms started with their bridging solution and then offered risk management) Centroid Solutions specialise in risk management, quantitative analytics, connectivity, complex execution strategies and P&L optimization for multi-asset financial brokers.

 

 

Cristian Vlasceanu, CEO of Centroid Solutions

“As broker setups continue to evolve to meet the current requirements of the market, it has become more challenging to manage a trading environment consisting of multiple counterparties, such as trading platforms and liquidity providers.   Having such a segregated environment, with customers sometimes split across multiple trading platforms, means that you can lose the overall visibility over trade risks, and make it harder to take timely decisions when it comes to risk management.   That is why it is our job to bring this information together and provide the overall unified view and needed intelligence and controls, to manage risk efficiency.”

 

 

You can follow Centroid Solutions on LiquidityFinder here.

You can connect with Cristian on LiquidityFinder here.

 

 

Centroid’s RMS Overview

Centroid Risk is a fully-featured risk management solutions tailored for modern brokers. It helps firms measure the level of market risks and improve the company's risk adjusted performance by leveraging huge amounts of data in real-time and safeguard against potential losses under different market conditions.

 

The system offers a convenient GUI interface to monitor and analyse the company's risk exposures, P&L and all trading activities in real-time, produces comprehensive risk management, risk analytical insights, risk alerts on trading data with forecasting capabilities, hedging and other recommendations for actions and decision-making business reports, based on data-driven intelligent technology from one centralized environment.

Some of the features of the system include:

• Support multiple trading platforms simultaneously
• Real-time company profitability including breakdown
• Real-time company portfolio overview (A, B, C books)
• True exposure tracking (after A-book) per asset class and product
• Real-time view of net positions per customer against company’s book
• Portfolio stress testing
• Market gap analysis
• VAR Analysis
• Configurable risk profiles based on multiple (40+) criteria
• Real-time client risk profiling
• Risky account behaviour
• Latency arbitrage detection
• Two-leg arbitrage detection
• Toxic flow and collaboration detection
• Decision making business reports
• Client trading statistics
• Client sentiment analysis
• Client drawdown statistics and reports
• Account concentration analysis
• Risk alert notifications
• And more…

 

What broker needs does Centroid’s solution address?

There are numerous features available on Centroid Risk, here are some of benefits of using Centroid Risk:

• Centralise in real-time all risk information across multiple trading platforms in one engine
• Know your profitability in real-time (Portfolio P&L)
• Analyse and understand the split of profitability
• Run various price movements scenarios and assess impact on your P&L (Stress Testing)
• Understand your customers trading performance (Client analysis and profiling)
• Define complex risk criteria to automatically monitor across all clients (Client analysis and profiling)
• Protect against arbitrage activity
• Protect against scalper behaviour
• Receive suggestions for actions for exposure and client execution (hedging suggestions)
• Receive intelligence reports automatically generated
• Receive real-time risk alerts

 

 

Asset classes covered: Centroid Risk covers the following asset classes:

• • FX
  • Commodities
  • Equities
  • Indices
  • Cryptos

 

Is the Centroid RMS standalone, or bundled with the company’s other products?

Centroid Risk is a standalone product, but at the same time, it can be used together with Centroid Bridge, our connectivity bridge and execution engine, to achieve more.

 

Centroid Bridge is responsible for connectivity to multiple LPs and trading platforms, but the system also includes some additional risk management features for the brokers to use, like:

• Concentration per login - Feature that is used to limit brokers loss based on the pre-defined acceptable amount a brokers can take.
• Market impact analysis - Ability to analyse the profitability of a client and hence the toxicity of the flow of that client to their business.
• And more…

 

Can brokers purchase specific risk management modules/functionality or does the entire platform need to be implemented?

At Centroid Solutions, we offer a comprehensive real-time trade Risk Management System, and all features available will be made available to each client as part of the solution. As each customer’s needs can vary, we see that different clients make use of different features of the system (however they still benefit from having all the feature set available to them).

Additionally, we have the ability to customize the system, based on the unique requirements of the clients, and we are known for adding custom features to specific client systems, removing unneeded features, etc.

Furthermore, we also constantly add additional features to the system which are made available across the entire customer base.

 

How deeply is the risk management software integrated into your liquidity and aggregation system (if applicable)? Can it be decoupled?

Centroid Risk is a standalone system so it can be used independently, without being integrated together with our or any liquidity aggregation system.

However, clients can always utilise our liquidity management (including aggregation, feed management, liquidity distribution) and execution system, Centroid Bridge. There are features, such as Market Impact Analysis and Concentration per login, that are only available on the bridging system.

 

What implementation / training services do you provide? (e.g. integration, testing, training etc)

We understand that each customers setup and requirements can be unique, therefore we follow a specific implementation approach for the system, by first discussing and identifying the specifics of each setup and then proceeding with the deployment of the dedicated Centroid Risk Engine. During this deployment phase we handle any customizations and configurations specific to the setup.

Additionally, we provide full system training of the Centroid Risk System, in dedicated sessions, for each customer. This is handled with our risk experts and support team. Furthermore, once the setup is deployed, there is also a dedicated testing and accommodation period of the system.

Throughout onboarding and ongoing, we maintain a dedicated communication channel with each of our customers, where the entire team from our side is available, so clients can message us at any time for questions, queries, clarifications and issues.

Also, as part of our ongoing service to the customers, in case there is a need to implement additional specific features, we discuss together the requirements, analyse them and always strive to implement these for the client.

 

What ongoing client support is offered after deployment?

The onboarding communications group with our risk system experts and support will be converted into live support group, giving the client access to our support team whenever they have any questions.

Apart from the above communications group for standard support, they can also contact us by email, ticketing system and online video call. This service is available 24/7.

For emergency, they can contact us using any of the above communications methods. This service is available 24/7.

For clients who require extra training, we will schedule dedicated calls with our risk experts and/or support team, so they can learn and understand how the feature in question works and explain any new features that were added to the system.

 

What is the commercial model / pricing options or structures for Centroid’s solution?

The commercial model varies from setup to setup. As each client has their own unique requirements. There is a one-off setup fee and a monthly fee that will depend on the scale of the required setup.

 

Real-time P&L on B-book: Yes

Aggregated Currency exposures: Yes

VaR: Yes

NOP: Yes

Trade Blotters: Yes

Toxic flow identification: Yes (also as Market Impact Analysis – Available on Centroid Bridge)

Decay analysis: (in the Market Impact Analysis – available on Centroid Bridge)

Individual client: Yes

Symbol: Yes

Liquidity Provider: Yes

Multi-Asset: Yes

Multi-platform: Yes

Standalone: Yes

Modular: No

Commercial Model: Bespoke per client

Industry Awards: United Fintech Awards APAC 2023 – Best Bridge provider, Best Risk Management Solutions, see here

Commercial Model: one-off set up free / monthly fee (dependent on scale of the deployment)

 

For further information, contact: sales@centroidsol.com

 

 

 

 

 

Devexperts - DXtrade

 

 

 

 

 

 

Devexperts has been developing financial software for the capital markets since 2002. The company’s core expertise is multi-asset trading platforms, matching engines, and exchange solutions. Among the clients are retail and institutional brokerages, wealth-management firms, investment funds, and exchanges. Devexperts’ development team consists of 700 engineers located in offices in the USA, Germany, Bulgaria, Singapore, Portugal, Turkey, Georgia, and Ireland.

 

The risk management solution provided by Devexperts is part of its DXtrade trading platform, which is a multi-asset front to back trading platform covering CFD trading in FX, Cryptocurrencies, Commodities, Metals, Indices, Futures, single-stock equities and spread bets based on these instruments.

 

Jon Light, Head of Devexperts’  OTC Trading Platforms

“We aim to provide a turnkey solution for brokers to mitigate their dependence on costly third-party tools.   DXtrade is an off-the-shelf trading solution for Forex and CFD brokers with robust risk management and back-office applications. Its flexible settings allow brokers to achieve the ideal setup in both their trading front-end and brokerage operations.”

 

You can follow Devexperts on LiquidityFinder here and connect with Jon Light here.

 

DXTrade’s RMS Overview

 

What broker needs does your solution address?

We have an array of cutting-edge Risk Management tools and real-time monitoring capabilities, empowering our clients with enhanced control over their business activities in the DXtrade platform. Here are some of them:

 

Real-time monitoring and insights:  With our Exposure Monitor, experience instant updates on your exposure, revealing hedging order amounts instrument-wise or currency wise. Gain valuable insights through comparisons of exposure-related metrics, enabling informed decision-making in your trading strategies.

 

Precision and customization: Achieve greater precision in your trading positions with individual offset accounts automatically generated for each counterparty (liquidity provider). Customize execution with offset accounts for specific order types in Dealing Settings.

 

Empowering manual offsets:  Take control of exposure calculations by issuing hedging orders manually, ensuring accuracy and greater control over your trading endeavours.

 

Essential risk management tools: Introducing Limits, Exposure Limits, and Quotes Monitoring tools. Set customizable limits on order size, exposure, and distance for limit/stop orders. Establish precise exposure limits per instrument, account, or both. Empower yourself with real-time insights to handle quotes effectively.

 

Asset classes covered: We cover CFDs for:

• • FX
  • Cryptos
  • Commodities (grains, energy etc),
  • Metals
  • Indices
  • Futures
  • Single-stocks
  • And spread-bets based on the above assets

 

Is the DXTrade RMS standalone, or bundled with the company’s other products?

The risk management solution is a part of the DXtrade trading platform.

 

Can brokers purchase specific risk management modules/functionality or does the entire platform need to be implemented?

All the risk management solutions are built-in into the DXtrade platform and cannot be separated.

 

How deeply is the risk management software integrated into your liquidity and aggregation system (if applicable)? Can it be decoupled?

No, it cannot be decoupled

 

What implementation / training services do you provide? (e.g. integration, testing, training etc)

We provide all the tech information needed for the client. We set their server environment and LP connections/integrations for them. We help them with all the rest of integration needed. We also provide special training with their risk management team on our admin side making sure that they will comfortably set their preferred settings afterward.

 

What ongoing client support is offered after deployment?

We have a Jira ticket system 24/7 available for our clients with a fast turnaround and a dedicated account manager who facilitates the resolution of any issues.

 

What is the commercial model / pricing options or structures for DXTrade’s solution?

The platform starts at $5k pm for 10,000 accounts, and that includes:

• Mobile apps
• Web trader
• Trader APIs
• Risk platform
• Dealing and operations interfaces – with unlimited groups and admin logins
• Broker/3^rd party APIs
• 24/7 technical platform support and monitoring
• Dedicated Infrastructure setup and monitoring
• Account Manager
• Full platform training with no limit on number of sessions

 

 

Multi-Asset: Yes

Multi-platform: Yes

Standalone: Yes

Modular: No

Real-time P&L on B-book: Yes

Aggregated Currency exposures: Yes

VaR: Yes

NOP: Yes

Trade Blotters: Yes

Toxic flow identification: N/A

Decay analysis for each:

Individual client: Yes

Symbol: Yes

Liquidity Provider: Yes

Multi-Asset: Yes

Multi-platform: Yes via APIs

Industry Awards: 2023 Fund Intelligence Operations and Services Awards: Best Options Trading Platform and Best Crypto Trading Platform. A full list of Devexperts' awards can be viewed here

Commercial Model: Monthly fee starting at $5,000

 

For further information, contact: sales@devexperts.com

 

 

 

 

GCEX - XplorRisk

 

 

 

GC Exchange Limited (GCEX) was founded in 2018 as a Digital Prime Brokerage offering a best-of-breed platform for institutional and professional clients. Headquartered in London, GCEX has multiple offices across the globe.

The company's platform is built on cutting-edge technology, allowing clients to access deep liquidity pools across multiple asset classes, including digital assets and foreign exchange markets. GCEX's platform is designed to provide clients with flexibility and choice, allowing them to choose between execution and credit-based trading models.

 

Lars Holst, CEO and Founder, GCEX

“With XplorRisk we are adding value to our offering, helping clients to optimize their trading operations.   Whether trading FX, metals or digital assets, our clients that choose to B-book client flow, now have greater control over risk management, with a complete overview of their exposure and the ability to set up automated controls and test rules to mitigate risk.”

 

You can connect and message Lars Holst on LiquidityFinder here.

GCEX's RMS Overview

XplorRisk is an advanced risk management solution, seamlessly integrated with GCEX’s margin-based CFD and FX platform, XplorTrader. XplorRisk also serves as a key pillar in GCEX’s pioneering crypto-native solutions, collectively known as XplorDigital. XplorDigital includes the firm’s plug and play solutions, ‘Crypto in a Box’ and ‘Broker in a Box’ and comprises of technology-agnostic platforms covering regulation, regulated custody solutions, staking solutions, safety of funds, tier-1 and deep liquidity, connectivity to biggest price makers and innovative technology partnerships.

XplorRisk is an easy customizable solution to run an A-book or a B-book. With manually managed risk, or fully automated risk management based on risk limits, loss limits, specific clients or specific instruments.

 

 

 

What broker needs does GCEX'ss solution address?

Ability to manage risk either manually or automatically, with full transparency and flexibility and - NO additional set up or monthly fees - as part of GCEX’s white label solution.

 

Asset classes covered:

• Spot FX
• Spot Metals
• Spot Crypto
• Crypto CFDs
• Index CFDs

 

Is the GCEX RMS standalone, or bundled with the company’s other products?

The solution comes as an add on service on top of our White Label offering – Broker in a Box.

 

Can brokers purchase specific risk management modules/functionality or does the entire platform need to be implemented?

Brokers can choose to utilize only the simple B book features, without having to license the more advanced features.

 

How deeply is the risk management software integrated into your liquidity and aggregation system (if applicable)? Can it be decoupled?

The risk management module can either work together with our other trading systems, or it can be decoupled and work as an application connected with a third-party trading system

 

What implementation / training services do you provide? (e.g. integration, testing, training etc)

Full support during the onboarding process including integration (if required), testing and training.

 

What ongoing client support is offered after deployment?

24/7 production support after going live

 

What is the commercial model / pricing options or structures for GCEX's solution?

Pricing upon request with extremely competitive prices for a white label solution. XplorRisk is available to all white label clients without any additional set up or monthly fees.

 

Real-time P&L on B-book: Yes

Aggregated Currency exposures: Yes

VaR: No

NOP: Yes

Trade Blotters: Yes

Decay analysis for each:

Individual client: No

Symbol: No

Liquidity Provider: No

Multi-Asset: Yes

Multi-platform: Yes

Standalone: Yes

Modular: Yes

Industry Awards: 2020 Best Digital Assets Prime Brokerage - Acquisition International Hedge Fund Awards

Commercial Model: Pricing upon request, with extremely competitive prices for a white label solution. XplorRisk is available to all white label clients without any additional set up or monthly fees.

For further information, contact: sales@gc.exchange

 

 

 

Gold-i - VisualEdge

 

 

 

 

 

Gold-i has been in business since 2008, originally offering one of the earliest bridges to MT4. Since then, under the stewardship of its Founder and CEO Tom Higgins,  the company’s software suite has evolved, with its broker business intelligence tool Visual Edge now a key focus for the company and clients. Some of its earliest adopters from 2015 are still clients today. (See this interview with Gold-I’s CEO Tom Higgins and Misha Kipnis, VP of Visual Edge for further reading.) Visual Edge provides data-driven business intelligence for broker risk management and operational efficiency.

 

Tom Higgins, CEO, Gold-i,

“With most brokers moving to mainly B-book models now, and offering a variety of assets, it is vital that they have the tools to provide deep business insight into trading activity.   Latency arbitrage, for example, is a real problem that Visual Edge solves. Spread-sheets, showing after the fact data, just do not cut it anymore.”

 

You can connect with Tom Higgins on LiquidityFinder here.

 

Gold-i’s RMS Overview

Visual Edge is the optimal business intelligence tool that helps firms manage risk, maximise the efficiency of their operations, and increase profitability. From Risk Management to the Dealing Desk, Compliance, Finance, and Marketing - every department will experience the deep benefits of Visual Edge.

With Visual Edge, you benefit from:

• Monitoring the key metrics that drive your business
• Information to help optimise client trade flow to increase profits
• Monitoring toxic clients and unwanted scalpers to reduce losses
• Reports to support your regulatory requirements
• Multiple trading servers simultaneously
• Full aggregation and drill-down by any attribute including client, symbol, book, asset class, country, Liquidity Provider
• Easily integrated with any trading platform’s database

 

What broker needs does Gold-i’s solution address?

• Lack of insight across key metrics and data
• Toxic clients and unwanted scalpers going unnoticed
• Unable to generate reports to support regulatory requirements
• Inadequate software to analysis multiple trading servers simultaneously 
• Lack of integration for business intelligence tools with current trading platform
• Can’t monitor overall position as well as individual trades

 

Asset classes covered:

Visual Edge is asset class agnostic and can fully manage FX, CFDs, stocks and Cryptos.

 

Is the Gold-i RMS standalone, or bundled with the company’s other products?

Visual Edge is a standalone product but integrates fully with the complete Gold-i suite of products.

 

Can brokers purchase specific risk management modules/functionality or does the entire platform need to be implemented?

Visual Edge comes as a single platform rather than individual modules.

 

How deeply is the risk management software integrated into your liquidity and aggregation system (if applicable)? Can it be decoupled?

Visual Edge is separate from our other technology. Brokers don’t need our other technology for Visual Edge to work but it can be used with the whole Gold-i set of products.

 

What implementation / training services do you provide? (e.g. integration, testing, training etc)

Set-up and implementation with the help of our client support team which will configure personalised settings and ensure the systems are connected properly. Once live, full user training is available to clients.

 

What ongoing client support is offered after deployment?

24/5 client support is available from our worldwide team.

 

What is the commercial model / pricing options or structures for Gold-i’s solution?

Visual Edge is priced at a fixed monthly fee per trading platform server.

 

 

Real-time P&L on B-book: Yes

Aggregated Currency exposures: Yes

VaR: No

NOP: Yes

Trade Blotters: Yes

Decay analysis for each:

Individual client: No

Symbol: No

Liquidity Provider: No

Multi-Asset: Yes

Multi-platform: Yes

Standalone: Yes

Modular: No

Industry Awards: 2021 Global Forex Award for Best Bridge Provider, see here

Commercial Model: Visual Edge is priced at a fixed monthly fee per trading platform server

 

For further information, contact: sales@gold-i.com

 

 

 

 

 

iSAM Securities

 

 

 

 

 

 

Jeff Wilkins, MD at iSAM Securities (USA) Inc.

“We have always been the leaders when it comes to risk management, and we continually re-invest in our technology and people to ensure the success of our clients today, tomorrow, and into the future.    When it comes to risk management and connectivity, the iSAM Securities’ risk solutions cover everything, including book optimization, mark-out management, execution management, trader profiling, alerting, and adverse flow detection.    The iSAM Securities risk solutions are designed to first establish what a specific client needs, then are designed to address those needs head on. The software and service are designed to adapt to brokers individually."

 

You can follow IS Prime on LiquidityFinder here.

 

iSAM Securities RMS Overview

The iSAM Securities’ risk product is the only industry offering where the software can be standalone or offered in conjunction with a full 24-hour quantitative risk management team. Technology in the brokerage space is fragmented and we tie everything together and offer everything a broker needs, including the bridge, risk engine, hosting, liquidity, and the risk team.

 

What broker needs does iSAM Securities solution address?

"When it comes to risk management and connectivity, the iSAM Securities’ risk solutions cover everything, including book optimization, mark out management, execution management, trader profiling, alerting, and adverse flow detection. The iSAM Securities risk solutions are designed to first establish what a specific client needs, then are designed to address those needs head on. The software and service are designed to adapt to brokers individually."

 

Asset classes covered:

iSAM Securities risk solution can work with all asset classes including:

• • Forex
  • Indices
  • Cryptocurrencies
  • Commodities
  • Equities
  • Equity Baskets/ETF’s
  • Treasuries

 

Is the iSAM RMS standalone, or bundled with the company’s other products?

Each of the products iSAM Securities offers is standalone, including the bridge, risk engine, hosting, liquidity, and the risk team. There are commercial benefits for bundling offerings.

 

Can brokers purchase specific risk management modules/functionality or does the entire platform need to be implemented?

The bridge and risk engine, combined with the analytics comes in one thoughtfully designed piece of software.

 

The 24-hour risk advisory offering is separate and iSAM Securities can work with brokers using different bridge and hosting vendors.

 

How deeply is the risk management software integrated into your liquidity and aggregation system (if applicable)? Can it be decoupled?

The risk management software and liquidity connectivity are all tied into the same intuitive software application. The software can be decoupled from iSAM Securities liquidity or bundled for added commercial benefit.

 

What implementation / training services do you provide? (e.g. integration, testing, training etc)

The iSAM Securities Production Engineering team are responsible for the implementation and training. There is a full walk through of the technology user guides and tutorials. Every broker is different, but the iSAM Securities risk software and analytics are very intuitive, and the team is always just a chat or phone call away.

 

What ongoing client support is offered after deployment?

iSAM Securities offers / has gold standard when it comes to support. When you pick up the phone, you are speaking to a risk manager that is not only a product expert, but also a user of the same technology. Think of iSAM Securities 24-hour support as a full team sitting in a virtual seat on your trading desk ready to help at any given moment.

 

What is the commercial model / pricing options or structures for iSAM’s solution?

Monthly minimum fees plus per million fees based on volume. iSAM Securities charge monthly minimum fees for hosting and the bridge, with different rates for volume (per million) based on A-book or B-book flow. Higher charges apply for flow sent to other LPs (ie: not to ISAM)

 

 

 

Real-time P&L on B-book: Yes

Aggregated Currency exposures: Yes

VaR: Yes

NOP: Yes

Trade Blotters: Yes

Toxic flow identification: Yes

Decay analysis for each:

Individual client: Yes

Symbol: Yes

Liquidity Provider: Yes

Multi-Asset: Yes

Multi-platform: Yes

Standalone: Yes

Modular: Yes

Commercial Model: Monthly minimum fees including per million fees based on volume

 

For further information, contact: info@isam-securities.com

 

 

 

 

MahiMarkets - MFX Echo / MFX

 

 

 

 

 

 

MahiMarkets was founded in 2010 by David and Susan Cooney, both coming from eFX desks at major banks (both from Barclays where they helped developed the BARX trading platform). MahiMarkets provides two core solutions - MFXEcho and MFXCompass - for maximizing B-book yields through optimized execution. MahiMarket’s solutions work with FX, CFDs, Commodities and Crypto.

 

 

Susan Cooney, co-Founder, MahiMarkets

“At MahiMarkets, we are revolutionising the industry.   At a crucial time when finance and technology are evolving at an incredibly fast pace and market volatility is high, we’re providing banks and brokers with the tools they need to not only survive these high-impact changes but also thrive and grow.   Our strength lies in the unity of extensive real-world trading experience with world-class engineering. We are professional problem solvers and consultants, constantly adapting our techniques to the changing needs of the market.   Our trading laboratory innovates rapidly, producing highly optimised products designed to protect a broker’s business, stabilise risk and increase P&L.   A number of businesses have already benefited from our products and continue to do so. We look forward to carrying on with our work and helping future clients safeguard their businesses and make positive, lasting changes that will help them prosper in the ever-changing market.”

 

MahiMarket’s RMS Overview

B-Books have seen record growth in trade volumes in recent years. In doing so the size of broker's risk has increased alongside this.

 

These growth trends are occurring in an era of increased regulation, competition on spreads and trading commissions.

 

Mahi’s product suite helps in three ways

• Ensuring B-Books are as profitable as possible via automated flow classification, partitioning counterparties based on their trading behaviour and matching them to the best execution
• Pricing and execution technology that can make you more profitable. We’re able to quantify and demonstrate via our simulation framework the difference these can make. It can help brokers make an additional 15$/M and we are happy to demonstrate this on any broker’s historical historical trade data.
• We’ve got a new risk management model which helps brokers minimise P&L variation via significantly lower VaR levels with no loss of overall profitability. The model uses a time limited window to bound risk in a B-Book, avoiding the accumulation of large risk positions and the resulting P&L swings. The method clears risk using advanced hedging techniques and predictive signals, whilst also obtaining around 90% internalisation in the portfolio.

 

What broker needs does MahiMarket’s solution address?

Our solutions cover a number of different challenges that brokerages may encounter. We can help with consistency of P&L in retail portfolios with lower risk (VaR) and collateralisation requirements. We form our own pricing, this can really help with providing a highly available consistent pricing that doesn’t unnecessarily spike or gap during difficult trading conditions, which keeps the broker’s customers very happy. Broker’s control their own spreads and response to situations which really helps them differentiate their offering.

 

We’ve automated a lot of our analytics and system management meaning that problems are dealt with very quickly. We’ve made B-Books boring, reduced P&L swings, happier end clients, consistent yields.

 

We’re always working with clients and prospects to drive our products forward. We’re soon to launch our tools for managing swap-free accounts and automating the detection and management of that too.

 

Asset classes covered:

• • FX
  • CFDs
  • Commodities
  • Crypto

 

Is the MahiMarkets RMS standalone, or bundled with the company’s other products?

The offering we provide is bespoke; clients can pick and choose what they wish to pay for. Our products work most effectively when purchased in tandem, to cover the full scope of concerns that clients often face. For example, MFXEcho focuses on analytics, whilst MFXCompass covers pricing, risk management and execution.

 

Can brokers purchase specific risk management modules/functionality or does the entire platform need to be implemented?

We understand that one size does not fit all. Therefore, we have broken our solutions down into modules to ensure that clients are only paying for the parts that are most relevant to their business. MFXEcho and MFXCompass are complementary but it is not mandatory to use both and MFXEcho is often used as a standalone product. We encourage clients to start with MFXEcho and then often introduce our pricing, execution and hedging modules at a later date, once they have built trust in our solutions and are comfortable with moving forward.

 

How deeply is the risk management software integrated into your liquidity and aggregation system (if applicable)? Can it be decoupled?

The two systems operate very closely together. Whilst they can be decoupled, they may not operate as effectively as they would when working in tandem.

 

What implementation / training services do you provide? (e.g. integration, testing, training etc)

We provide extensive support to all of our clients both during the onboarding process and once they are live. We work as a consultancy and very much partner with our clients rather than just deploying software.

 

As well as offering 24/5 support with support teams in both the UK and New Zealand, we provide full training on all of our solutions and have support documentation for clients to access. We run detailed testing before go-live for all clients and work with them to ensure that set up is bespoke to their requirements and setup.

 

Once a client is live, we continue to work with them to ensure optimum profitability and productivity. Finally, we are always open to feedback and encourage our clients to speak up should they have an issue. Many of our product features have been introduced thanks to client suggestions, and if our software doesn’t support something they need, we endeavour to rectify that as quickly as possible.

 

What ongoing client support is offered after deployment?

As mentioned, full 24 hour support is available in the form of an in-house analytics and development team. We set up Slack channels for all clients to allow a constant thread of communication. We monitor all trading activity and alert clients to anything that we think needs further attention. For many of them, we are effectively an outsourced risk department.

 

What is the commercial model / pricing options or structures for MahiMarkets’ solution?

We have individual pricing for each of our solutions depending on what the client requires. MFXCompass has also been split into modules so that clients can choose which parts best fit their needs. Pricing is bespoke and based on a number of individual factors.

 

Real-time P&L on B-book: Yes

Aggregated Currency exposures: Yes

VaR: Yes

NOP: Yes

Trade Blotters: Yes

Toxic flow identification: Yes

Decay analysis for each:

Individual client: Yes

Symbol: Yes

Liquidity Provider: Yes

Multi-Asset: Yes

Multi-platform: Yes

Standalone: Yes

Modular: Yes (but not as effective as when taken together)

Industry Awards: Waters Technology Inside Market Data & Inside Reference Data Awards 2023 – Best Data Analytics Provider – MFX Echo

MahiMarkets Commercial Model: Bespoke per client depending upon requirements

 

For further information, contact: bonnie.cassidy@mahimarkets.co.uk

 

 

 

 

 

Match-Trade Technologies

 

 

 

 

 

Match-Trade Technologies, founded in 2013, has a suite of products for brokers, from an established front-end trading platform (Match-Trader), a social/copy trading app, CRM system to an MT4/MT5 bridge with a built-in Risk Management System. We will look at their Risk Management System, built in to the Match-Trader Bridge.

 

Michael Nichols, Head of Sales, Match-Trade Technologies

“With ongoing support, we also help our clients to identify potential risks. I must say that recently more and more brokers have decided to implement advanced solutions to reduce risk.   Of course, they aim to protect their funds, but it seems to me that this is also influenced by the fact that RMS are becoming easier to use, and their possibilities are increasing.   By having open communication and analysing the flow we help to prevent toxic or abusive behaviour from their clients, thus ensuring business continuity and profitability on both sides. I am honoured that brokers use Match-Trader and trust our support."

 

You can follow Match-Trade Technologies on LiquidityFinder here.

 

Match-Trade’s RMS Overview

At Match-Trade Technologies, we provide brokers with a Risk Management Solution. It was developed fully in-house by our experts and allows our customers to customise risk management settings at the account or group level (routing rules, coverage rules etc.). Additional execution parameters protect the brokers from adverse trading conditions.

 

What broker needs does Match-Trade’s solution address?  (e.g. liquidity risk, yield enhancement, Liquidity Provider performance, trader profiling, trade profiling etc.)

All the ones you mentioned. We provide brokers with reports on scalpers; in the trade summary, you can easily check the buy & sell percentage, what part turned out to be profitable, and what was their average duration. As for the LP performance, you can easily check how much time in milliseconds the risk engine needed to execute the trade.

 

Asset classes covered:

The list of assets we offer is fluid, we are constantly adding new products at the request of customers. We try to build our portfolio in such a way that it remains attractive to our institutional clients, and as a technology provider, we can easily create new assets.

 

Is the Match-Trade RMS standalone, or bundled with the company’s other products?

Our RMS is a part of the Bridge. It is not necessary to use our other products to take advantage of its features.

 

Can brokers purchase specific risk management modules/functionality or does the entire platform need to be implemented?

Most of our risk-related solutions are available with our Bridge and cannot be purchased individually. You can get full access to our solutions with the Match-Trader Trading Platform.

 

How deeply is the risk management software integrated into your liquidity and aggregation system (if applicable)? Can it be decoupled?

It can be separated.

 

What implementation / training services do you provide? (e.g. integration, testing, training etc)

We are proud of our solutions, which is why we put a lot of effort into training so that our customers can fully enjoy them. Our experts provide training video calls, we also conduct refresher training sessions if necessary. In addition to that, we have a dedicated training section on our website, which includes manuals and video materials.

 

Regarding integrations, our liquidity FIX is already integrated with leading bridging providers, so there are no issues with that.

 

We also offer test connections, depending on the clients' needs, for up to a month, with conditions exactly the same as on the live server.

 

What ongoing client support is offered by Match-Trade after deployment?

After the setup, we provide support regarding the functioning of the entire liquidity system, which includes execution-related aspects, feed information, and we keep clients informed about swap points and rolls (both predicted and actual values).

 

What is the commercial model / pricing options or structures for Match-Trade’s solution?

We try to keep it simple: Match-Trader Platform is available from $2500 a month, no setup fee.

 

Real-time P&L on B-book: Yes

Aggregated Currency exposures: Yes

VaR: No

NOP: Yes

Trade Blotters: Yes (if using Match-Trader, otherwise, No)

Toxic flow identification: Yes

Decay analysis for each:

Individual client: Yes

Symbol: Yes

Liquidity Provider: Yes

Multi-Asset: Yes

Multi-platform: Yes, (but more effective when using Match-Trader)

Standalone: Yes

Modular: No

Industry Awards: 2021 B2B Global Forex Award for The Best Technology Provider, see here

Commercial Model: Flat monthly fee, from $2,500 per month. No set up fee.

 

 

For further information, contact: mnichols@match-trade.com

 

 

 

oneZero

 

 

 

 

 

Founded in 2009, oneZero is one of the original MT4 bridge providers that has evolved a sophisticated software suite to cater the for the current needs of retail brokers (and now, other client segments, including institutional brokers, prime of primes, execution desks at proprietary trading firms and asset managers).

 

The oneZero solution (comprising the Hub, EcoSystem and Data Source) is multi-asset class and manages quotes and execution in foreign exchange, CFDs, commodities, futures, cryptocurrencies and NDFs.

 

 

 

Andrew Ralich, CEO and co-Founder, oneZero

“What has always excited me about the FX market is the dynamic, evolving nature of the space. FX is the highest volume asset class globally, but also has a very fragmented liquidity environment. The OTC nature of the market lends to a wide variety of risk management, pricing and hedging needs for clients.    oneZero has serviced this market for 14 years, providing a steady stream of stability, performance and innovation on the back of our real-time Hub platform.   In today’s market, marrying our real time performance with our market leading data capabilities, we are working in partnership with our clients to drive the next generation of data-driven solutions for this complex and exciting market.”

 

 

The oneZero Solution Overview

At oneZero, we understand the ins and outs of the retail FX brokerage business better than anybody. Since 2009 we’ve been perfecting a powerful, market neutral, end-to-end technology solution for retail brokers. oneZero offers an award-winning, fully configurable toolset that lets you manage your liquidity to reduce costs and spreads while controlling risk. Built to scale. Time has shown that some of the world’s largest brokers, and biggest growth stories, are built on oneZero technology.

 

oneZero has been voted Best Connectivity Provider in the Finance Magnates London Summit Awards for the last five consecutive years, highlighting oneZero’s superior offering for access to liquidity, risk management, routing aggregation and bridge solutions. Your connectivity provider is the foundation on which your business will succeed or fail and the quality of the product your customers will experience. Use the best.

 

By partnering with oneZero you join the over 250 successful clients already benefiting from oneZero innovation. They are supported by industry-leading technology and 24/7 global customer support that facilitates tens of millions of trades and billions of quote messages every day. Our perspective of the unique challenges and requirements generated across our entire client base help us drive ongoing product evolution and delivery.

 

oneZero’s Retail Hub is a robust Software-as-a-Service price and risk management platform used by clients across the globe to manage their trading functions. Build customized liquidity pools and establish connections to your customers via front-end trading platforms including MetaTrader 4/5 for the receipt and delivery of quotes and trades. Features include pricing and risk management, aggregation, warehousing, market access, price distribution, and more. We offer access to global liquidity providers and venues, and comprehensive regulatory reporting.

oneZero has demonstrated its leadership position over the last 5 years by driving thought leadership in the marketplace paralleled by continued innovation in our feature set:

• Multi-asset pricing and execution capabilities: we connect to all of the world's leading pricing solutions for FX, but also have a vast EcoSystem of Equities, Futures, CFD and Crypto price providers.
• Our risk management solutions are informed from years of experience, providing more than just “A-Book” or “B-Book” management; we offer complex solutions for Systematic Hedging (automated portfolio management based on position, P&L, etc.)
• Our pricing solutions are adaptable to the dynamic needs of the Retail FX space, offering not only bid/spread mark-ups but complex features for clients to construct their OWN liquidity through Volume Bands, Target Spread and Min/Max spreading controls available only via oneZero.
• Lastly, our data and analytics capabilities have always led the market in terms of transparency in execution, regulatory compliance and robust reporting of broker performance. Today, we are delivering data wisdom via AI that helps brokers understand and predict how their clients trading activity will affect their risk book and LPs, and offering dynamic suggestions to our clients on how they can configure their system to maximise profitability.

oneZero owns and operates our own infrastructure and provides our services all within managed systems that leverage the scale of our global client base. This allows us to be dynamic and resilient in our offering, providing top performance, security and reliability across our entire client base.

 

What broker needs does oneZero’s solution address?

The oneZero Hub model supports all sizes of brokerages with differing needs. Start-up brokers need a bridge and simple functionality, while larger brokers need more advanced features to manage risk on a margin or B2B basis, and to develop automated hedging strategies on the back of an increasingly complex book of A/B Book order flow. All offerings are all built on world class infrastructure, with exceptional operations support.

Our base offering is price competitive and includes all the essential features a broker needs to be competitive. Some differentiating features not yet available by our competitors in our Standard Retail offering include Settings Scheduler, Rest API, Filtered Views (create custom email alerts based on client trading activity), Liquidity Depletion and Percentage Controlled Warehousing. As your brokerage grows, you can elect to select higher packages that offer more advanced features not available by our competitors. Some of these features include:

1. Systematic Hedge
2. Quote Filtering
3. Target Spreading
4. Volume Banding
5. Asynchronous Hedging
6. Tradable Synthetic Symbols
7. Behavioral Controls
8. Advanced Order Routing Settings

Smaller competitors don’t have Margin System

 

Asset classes covered

We support multi-asset class trading, including foreign exchange, CFDs, commodities, futures, cryptocurrency and NDFs.

 

Is the oneZero solution standalone, or bundled with the company’s other products?

oneZero’s solutions encompasses the Hub (pricing and risk management), EcoSystem (market access and partner network) and Data Source (next generation business intelligence) - three components that together provide a complete solution for trading technology, distribution and analytics.

 

We have over 250 retail and institutional brokers, banks and LPs in our EcoSystem - take advantage of it. Beyond its vastness, the EcoSystem gives us the ability to cater and finetune liquidity: we work with liquidity providers to categorize the attributes of their liquidity (sweepable, full amount, instrument, etc.) and pass that through our network so that we can guide clients on how best to reach the right liquidity not just for speed and spreads, but also helping clients conduct their business in a disaster recovery situation.

 

oneZero’s award-winning Data Source is a next generation cloud-based business intelligence toolkit that captures our clients’ quote and trade data – their Data Source “DNA” - and makes it available to clients whenever they need it. In addition, our Regulatory Reports package helps clients to fulfil compliance requirements. Data Source DNA is turned into meaningful business intelligence in our Insights products. The same underlying data may be used by our Data Analytics Partner Vendors to provide additional insights, through a seamless permissioning structure.

In addition, we offer attractive MetaTrader hosting and platform services packages, which may be purchased separately, giving clients extra peace of mind. Our hosting packages help you cut costs and get to market quicker by deploying your trading systems within our proven, globally distributed infrastructure, which are monitored by a highly experienced team. We offer different server bundles which offer huge financial benefits, with the ability to purchase additional servers and extra storage as needed.

Can brokers purchase specific risk management modules/functionality from oneZero, or does the entire platform need to be implemented?

The oneZero Hub model supports all sizes of brokerages with differing needs, and offers packages with simple configurations at low cost, with more advanced configurations available as your business grows. Start-up brokers need a bridge and simple functionality, while larger brokers need more advanced features to manage risk on a margin or B2B basis, and to develop automated hedging strategies on the back of an increasingly complex book of A/B Book order flow.

 

No matter the size of your brokerage or the package you choose, you benefit from the best technology in the market, top infrastructure, high performance and world class operations support 24/7.

Our base offering is price competitive and includes all the essential features a broker needs to be competitive. Some differentiating features not yet available by our competitors in our Standard Retail offering include Settings Scheduler, Rest API, Filtered Views (create custom email alerts based on client trading activity), Liquidity Depletion and Percentage Controlled Warehousing. As your brokerage grows, you can elect to select higher packages that offer more advanced features not available by our competitors. Some of these features include:

• Systematic Hedge
• Quote Filtering
• Target Spreading
• Volume Banding
• Asynchronous Hedging
• Tradable Synthetic Symbols
• Behavioral Controls
• Advanced Order Routing Settings
• Smaller competitors don’t have Margin System

 

How deeply is the oneZero solution (comprising the Hub, EcoSystem and Data Source) integrated into your liquidity and aggregation system (if applicable)? Can it be decoupled?

At oneZero, we think it’s paramount that your risk management engine and pricing system are integrated, to provide the optimal results for brokers. A “read only” view into risk is only as valuable.

Our modular system can be decoupled, and we have many clients using a combination of our tools in unique and interesting ways. The most value for brokers comes where risk, hedging, and data/analytics capabilities can be integrated seamlessly to provide a holistic view of risk management, risk offset, client pricing and profitability to a broker.

 

A key area of oneZero’s success has also been our ability to work with other systems, and decouple aspects of our platform via APIs. We have a vast network of partners who offer risk/regulatory and other data driven capabilities through our open APIs for system management and data access.

What implementation / training services do you provide? (e.g. integration, testing, training etc)

Each client with oneZero has a dedicated Client Success Manager who works hands-on with clients to train them on the system and ensure a successful deployment.

 

Our CSMs are backed by our 20+ member QA team who work full-time on testing our new features and making sure the product delivers to the standards oneZero has been known for over the years.

 

In real time, oneZero’s 24/7 Trade Operations team is always available to clients to help triage any concerns and help with production related questions.

 

We offer our clients Production, Demo and UAT environments that can be used to test new features, get to know the platform, and execute reliably with their live customers.

What ongoing client support do oneZero offer after deployment?

You gain the experience and expertise of our dedicated global Client Success Managers and Operations Teams. We offer a true follow-the-sun support model 24/7, with support teams in Asia, Europe and the United States. Our support team are all professionals - the person who picks up the phone knows how to solve your problem, and won’t simply take a message.

 

Clients can configure and administer their system via GUI and API, but can also leverage oneZero support who use their own instance of the technology, all through one unified interface.

 

What is the commercial model / pricing options or structures for oneZero’s solution?

The oneZero Hub model starts from $1500 a month, with more advanced configurations available as your business grows. Clients can choose the package they feel is best for them and can change the package when they like. The client can balance the complexity of their solution with their usage, and only pays the higher of the two fees (solution fee or usage fee). Usage Fees for FX are $1/mio.

 

Real-time P&L on B-book: Yes

Aggregated Currency exposures: Yes

VaR: Yes

NOP: Yes

Trade Blotters: Yes

Toxic flow identification: Yes

Decay analysis for each:

Individual client: Yes

Symbol: Yes

Liquidity Provider: Yes

Multi-Asset: Yes

Multi-platform: Yes

Standalone: Yes

Modular: Yes

Industry Awards: oneZero has earned multiple industry awards over the past few years which can be viewed here

oneZero Commercial Model: Starting from $1,500 per month minimum, per million fees (FX transactions -$1/mil)

 

For further information, contact: info@onezero.com

 

 

 

 

 

Tools For Brokers

 

 

 

 

 

 

Tools for Brokers (TFB) is a technology provider of multi-platform solutions for retail brokers, liquidity providers, prop trading firms and hedge funds. Founded in 2011 and headquartered in Cyprus, TFB offers an ecosystem of products that enable the robust and secure trading process, such as Trade Processor system that combines liquidity bridging with powerful risk management and data analysis functionality, with an opportunity to extend it with a curated selection of MT4/MT5 plugins and applications for niche pains united under the TFB Toolbox interface.

 

Alexey Kutsenko , CEO, Tools for Brokers

“Brokers are not new to hectic market environments, but the last few years have shaken even the most experienced players. We see that the demand for risk management is constantly growing, and more brokerages are after fundamental measures that were often overlooked before.   With TFB’s solution, we work hard to provide well-rounded risk management that covers all aspects and workflows in the brokerage, ensuring the stability of operations. Our clients must feel protected and empowered, no matter what they do.”

 

Tools For Brokers RMS Overview

Tools for Brokers provides a whole ecosystem of risk-management solutions with Trade Processor at the heart of it. It allows brokers to monitor exposure on different levels and manage trading flows, switching between different books manually or automatically.

On the other side of TFB’s risk-management system, there is a selection of plugins and applications that allow brokers to limit potential losses for clients with trailing stop outs, control the usage of clients’ credit funds, and adjust leverage by tiers dynamically or even change it by schedule. 

 

 

What broker needs does the Tools For Brokers solution address?

First and foremost, it is a powerful gateway solution that can handle substantial trading volumes with ultra-fast execution thanks to de-centralised architecture. It allows the connection of brokerage trading platforms with liquidity providers directly, without any hubs in the middle.

 

Secondly, the Trade Processor system allows brokers to manage execution and feeding by using various execution profiles that can be activated by schedule depending on the market conditions.

 

For example, brokers can set up a separate high-risk profile for a specific time frame when they expect high volatility on the market. The profile will apply special markups or route orders to different books or LPs during that time.

 

Also, there are many prime brokers on the market facing discrepancies between their LPs caused by best price aggregation. This negative impact can be mitigated with the Volume Consolidation feature or special aggregation modes in the Trade Processor that help brokers to minimise their exposure and swap charges.

 

Asset classes covered:

• • FX
  • All types of CFD (indices, stocks, commodities, futures, etc.)
  • Crypto Spot and CFDs

 

Is the Tools For Brokers RMS standalone, or bundled with the company’s other products?

It’s a comprehensive risk-management solution with Trade Processor in the middle, surrounded by various plugins and applications to satisfy all brokerage needs from risk management to internal operations automation.

 

 

Can brokers purchase specific risk management modules/functionality or does the entire platform need to be implemented?

It’s possible for brokers to purchase separate modules or the complete package of risk management solutions. However, the most powerful functions of our risk-management ecosystem are concentrated in the Trade Processor system.

 

 

How deeply is the risk management software integrated into your liquidity and aggregation system (if applicable)? Can it be decoupled?

Some parts of our risk management, mainly related to feeding and execution, are deeply integrated into the Trade Processor system. However, some other parts are also available as standalone solutions.

 

What implementation / training services does Tools For Brokers provide? (e.g. integration, testing, training etc)

We offer individual education plans during the onboarding process, including several training calls, full technical support, and access to our knowledge base.

 

All new clients have an account manager and dedicated technical support who assist our clients during the whole onboarding process starting from demo testing to integration and going live.

 

What ongoing client support is offered by Tools For Brokers after deployment?

A 24/7 technical support team is available in real-time to all of our customers.

 

What is the commercial model / pricing options or structures for the Tools For Brokers solution?

The price depends on the content of the package and starts from 1500 USD/month. Brokers can construct their custom bundles, which will include all the modules they need.

 

Real-time P&L on B-book: Yes

Aggregated Currency exposures: Yes

VaR: Yes

NOP: Yes

Trade Blotters: Yes

Toxic flow identification: Yes

Decay analysis for each:

Individual client: Yes

Symbol: Yes

Liquidity Provider: Yes

Multi-Asset: Yes

Multi-platform: Yes

Standalone: Yes

Modular:  Yes

Industry Awards: Best Technology Provider, Global Forex Awards B2B 2022, see here

Tools For Brokers Commercial Model: Starting from $1,500 USD minimum monthly fee

 

 

For further information, contact: sales@t4b.com 

 

 

 

 

 

TraderTools PriceOn

 

 

 

 

 

Drew Niv, CEO, TraderTools,

“As interest rates change, the nature of the FX market and its flows will change. The present A Book/B Book delineation of flows will not be a sufficient way to manage a Broker business in a sustainable way.   While the B Book will always remain the dominant part of most RetailFX firms, traditional institutional market making will allow firms to weather periods of low volatility more successfully, as well as expand their ability to handle increasingly more sophisticated business.”

 

You can follow and connect Drew Niv from TraderTools on LiquidityFinder here, and John Bogue from TraderTools, here.

 

 

TraderTools RMS Overview

The PriceOn™️ from TraderTools product suite allows brokers to replicate the functionality and capability of large banks and HFT liquidity providers. PriceOn™️ will intake flow that cannot be profitably B Booked and price it accurately and aggressively, whilst monetizing it to a much larger degree than current A Book broker are able to do.  As one of its most popular features, PriceOn™️ offers the ability to offset RetailFX risk by becoming an institutional market maker on most large ECNs - showing one-way bids/offers, or skewed two-way pricing, to EARN the spread on hedging the flow instead of PAYING the SPREAD AWAY to liquidity providers.  Full algorithmic executions are programmed by drop down menus.  PriceOn™️ removes the need for coder/technical staff in a dealing room while managing to custom tailor risk management with endless algorithmic solutions.

 

What broker needs does the TraderTools solution address?

PriceOn™️ from TraderTools allows Brokers to substantially increase yields on A Book flows and accommodate hard to manage in standard A/B Book set up, tougher flows. Achieved by affording the house total control over all client flows by applying tailored profiling filters by time, size, pair, client, group, and provenance, to manage the fate of the flow/trade/resulting position - constantly governed by risk parameter and market condition checks.

 

Asset classes covered:

PriceOn™️ from TraderTools is primarily focused in Spot FX (inc. Precious Metals) where the mature market structure allows for efficient distribution of the system generated skewed firm bids and offers in the traded pairs. PriceOn™️ also operates in all asset classes CFDs and can further be configured to work with any X vs Y exchanged assets.

 

Is the TraderTools RMS standalone, or bundled with the company’s other products?

PriceOn™️ from TraderTools is designed to operate as both an addition to house chosen trading technology or as included in the wider TraderTools suite of tools. The majority of PriceOn™️ installations have been as an integration into a third-party trading front end.

System rules and parameters can be customized via GUI, .xls/.csv drop, and or JSON API.

 

Can brokers purchase specific risk management modules/functionality or does the entire platform need to be implemented?

PriceOn™️ from TraderTools is in use at banks, brokers, and most recently proprietary trading firms - each with slightly differing objectives. Whilst the core components of PriceOn™️ usually work simultaneously with each other, in certain scenarios, elements of the system can be disabled to achieve bespoke aims.

 

How deeply is the risk management software integrated into your liquidity and aggregation system (if applicable)? Can it be decoupled?

PriceOn™️ from TraderTools design allows for complete customisation of its interaction with the house chosen liquidity and aggregation technology.

 

What implementation / training services does TraderTools provide? (e.g. integration, testing, training etc)

Full implementation, training and on-going support is provided by the 24/7 TraderTools team. In practice, PriceOn users work closely with TraderTools staff on early higher level use cases and then increase fine tuning and maintenance of rules and parameters to extract the most value from flow achievable. It is often not a set state.

 

What ongoing client support is offered by TraderTools after deployment?

24/7 voice and email - institutional grade coverage, including PriceOn™️ focused Quants that provide coverage from initial set up parameters, ongoing flow analysis, and algo-rules finessing.

 

What is the commercial model / pricing options or structures for the TraderTools solution?

The standard commercial model for PriceOn™️ is USD3 / USD5 per USD1mio or equivalent traded in major ccy pairs / all other pairs - with these fees offsetting monthly minimum fees of USD10k which apply only after 3 months of activity.

 

Real-time P&L on B-book: Yes - and to any required granularity

Aggregated Currency exposures: Yes

VaR: No

NOP: Yes

Trade Blotters: Yes

Toxic flow identification: Yes – via analytical services provided

Decay analysis for each:

Individual client: Yes, via automated reporting

Symbol: Yes, via automated reporting

Liquidity Provider: Yes, via automated reporting

Multi-Asset: Yes

Multi-platform: Yes

Standalone: Yes

Modular: No

TraderTools Commercial Model: Per million fees with monthly minimum after first 3 months

 

For further information, contact: sales@tradertools.com

 

 

 

 

 

Your Bourse

 

 

 

 

 

Founded in 2017, Your Bourse is a London-based company founded by the former founder and owner of Alpari Group, Andrey Vedikhin, who is now the co-CEO alongside Elina Pedersen. Your Bourse provides a Platform-as-a-Service solution for FX, CFD and crypto liquidity management, data analytics, reporting and risk management solutions to the retail brokerage and institutional marketplace.

 

 

 

Elina Pedersen, Co-CEO and CRO at Your Bourse

“Your Bourse has been actively and successfully engaged in the industry for over three years, offering cutting-edge solutions that have rapidly earned us a significant market share. Our achievements are recognized by the numerous awards we have received, proving the effectiveness and value of our solutions.   Our team's expertise in brokerage is a crucial aspect of our success. With each executive having a background in brokerage, we have decades of collective experience in the field.    Our extensive industry knowledge allows us to understand our clients' needs and challenges.   At Your Bourse, we consistently follow our Vision - to be the strategic partner for brokers looking for innovative solutions that increase their profitability and make them stand out in the industry. We are devoted to driving positive change and creating exceptional value for our clients while consistently pushing the boundaries of technological excellence.   Our dedication to helping our clients succeed is at the heart of what we do. We deliver tailored solutions that boost their profits, increase their competitive advantage, and allow our clients to provide superior services to their customers.   Furthermore, we are committed to improving and revolutionising the industry. We aim to enable our clients to prosper ethically, driving conscientious market growth. We are motivated to foster positive change and contribute to the industry's continuous advancement."

 

 

Your Bourse RMS Overview

In the challenging brokerage landscape, managing risks effectively is crucial to success.

 

Unfortunately, it became very common to view the inherent risk of brokers very simplistically by just looking at an A/B-book risk management dashboard ignoring the wide range of risk profiles (market, concentration, counterparty etc…) that also need to be taken into consideration in day to day risk management.

 

For example with market risk, even exposure from healthy random retail flow can be lethal for a broker when the total unhedged exposure is excessive and a small market movement diminishes all the capital resources. Another risk is when the system can be abused due to its inefficient architecture and the system becomes slow and toxic traders take advantage of network or system latency.

 

There are a lot of other scenarios that could easily affect brokers profitability in just milliseconds that a human eye will not catch in time from a dashboard. That is why, in order to run a successful brokerage, a broker should incorporate a comprehensive, all-encompassing risk management approach.

 

At Your Bourse we take a holistic view when we look at our clients and we equip the brokers with everything they need to run their brokerage successfully and not just a risk dashboard.

 

Your Bourse offers a comprehensive set of components designed for a broker to holistically manage their business.

 

To setup an advanced risk management solution a broker will most likely choose the use the following functionality of Your Bourse:

 

Matching Engine with pricing engine and matching and liquidity management functionality;

Key features: 

 

• 2 - microsecond order processing time
• 500’000 orders per second on 1 CPU
• Unlimited market depth without degradation 
• Advanced A/B book order routing, spreads, mark-up, and execution profiles
• Spike filters and protection against off-market quotes
• Settings automation 
• Advanced order types: Limit, Market, Stop Limit, Stop Loss and OCO (One-Cancels-the-Other), FOK (Fill or Kill), IOC (Immediate or Cancel), GTC (Good Till Canceled), GTD (Good Till Date) and Valid For Milliseconds order expiry types.

 

Data Warehouse (that provides access to raw and pre calculated KPI trade data), including but not limited to: 

 

• PnL, Exposures & Risk Monitoring 
• LP performance monitoring, rejections, execution time, volumes & margin monitoring 
• Automated trade conditions and settings adjustment based on triggers
• Custom business intelligence reports
• Auto hedging/bucketing
• Client trade behaviour alerts and triggers

 

As well as numerous plug-ins for MT4/MT5 brokers that help adjust trading conditions based on the real-time trade flow. 

MT4/MT5 Plugins: 

 

• Dynamic Leverage
• Dynamic Commission
• Corporate Actions with user friendly scheduler
• Coverage Accounts
• Swap Loader
• Bucketing and auto hedging for MT4/MT5

 

Your Bourse offers Open APIs to configure the above components as well as to access data and reports in real time. A client can also request access to our DB replicas.

 

All the above greatly simplifies integration with in-house risk management solutions and reports in addition to the risk management tools and reports available via our Cloud Portal.

 

The above-listed components empower brokers to boost profitability across their entire flow. With Your Bourse, brokers can take charge of their risk management, making dynamic, ‘on-the-fly’ adjustments in both client flow management and their own trading to seize opportunities and navigate challenges effectively.

 

The Risk Management Technology from Your Bourse also alerts on toxic/profitable clients and A-book or B-book classification of clients and then automatically adjusts the settings within the trade execution engine. But the core strength of Your Bourse's Risk Management Technology lies in its sophisticated Matching Engine that allows brokers to use resting orders for intelligent hedging as well as the exposure bucketing and auto hedging functionality based on triggers. This allows the broker to improve risk management, its product, and, most importantly, to increase profitability.

 

 

What broker needs does the Your Bourse solution address?

As a Risk Management and trade execution technology provider, Your Bourse aims to preserve the broker's profitability curve so that the broker's USD per million remains stable regardless of the situation and volatility on the market. 

 

Your Bourse enables brokers to operate with predictable profitability using the tools included in our technology solution. With its help, brokers can evaluate and promptly react to the current situation and trading flow. Thus, Risk Management technology from Your Bourse ensures the stability of a broker's income regardless of the market situation. 

 

Your Bourse provides brokers with advanced tools in risk management, processing, etc., which creates a win-win situation in which the broker's client gets excellent trading conditions, and the broker can continue retaining its profitability without having to sacrifice its USD per million. 

 

One of the unique features of Your Bourse's Risk Management System is the ability to work with resting orders through our proprietary Matching Engine. Unlike other providers, Your Bourse Matching Engine includes an actual central order book, allowing brokers to rest orders indefinitely (until it’s triggered or cancelled) and automatically place the order when needed based on specific settings and market conditions or match client orders if the full capabilities of the matching engine are used.

Your Bourse Matching Engine supports all order types, including: limit, market, stop, stop limit, OCO, if-done, if-done OCO, iceberg, and hidden orders and allows conversion from one order type to another when needed.

 

 

Asset classes covered:

Your Bourse has a very flexible architecture. We embrace the diversity of asset classes available on the financial markets and beyond the conventional options like Forex, Precious Metals, Stocks, Futures, Commodities, Gold, and Crypto, Spot Crypto, we readily accommodate even the most infrequently sought-after asset classes in the retail space like Options - but with these asset classes, the integrations must be done on client by client basis. 

 

 

Is the Your Bourse RMS standalone, or bundled with the company’s other products?

The philosophy of Your Bourse lies in giving all customers who come to us all the technology our system includes, e.g., matching engine, risk management, bridge, gateway, FIX API connectivity, MT4/MT5 plugins, data warehouse, etc., as part of the offering. We don't create artificial packages and don't separate the products.

 

Technically though the customers don’t have to use all the components, Your Bourse understands that some of their customers might have solutions built in-house or by other providers that are working well. In these situations, our customers can use just one particular component of Your Bourse, as all of the solutions we offer have an Open API and can easily be integrated with other systems. 

 

Our core mission and goal in this industry is to help the broker succeed and help the broker to provide best trading conditions to its clients without sacrificing their risk management, allowing them to continue earning high USD per million on all flow. Therefore we will help create the best set of tools for the broker, no matter if it's one of Your Bourse components or all of them.

 

 

Can brokers purchase specific risk management modules/functionality or does the entire platform need to be implemented?

The Your Bourse solution is very customizable.

 

We cater precisely to each client's unique business objectives. With our finely crafted architecture, we effortlessly deliver single or multiple components based on the specific requirements of the case at hand.

 

Our tailor-made approach incorporates Open APIs, empowering the client to seamlessly connect to any component and configure it to their liking. The client can choose the entire system, a set of multiple or individual components that can be smoothly integrated into their existing brokers' proprietary ecosystem and risk management systems using our Open APIs. Your Bourse has the ability to tailor API specifications to align with the existing specifications in use, thereby reducing the demand for integration resources on the client's end.

 

 

How deeply is the risk management software integrated into your liquidity and aggregation system (if applicable)? Can it be decoupled?

Yes, it can be decoupled – see above (we have an open API).

 

At Your Bourse, we ensure seamless data flow by directing all information passing through our components to the Data Warehouse - our proprietary component. Each client of Your Bourse has its own instance of the Data Warehouse. The client can also request a real-time replica of their database. This enables clients to access their data in real time. Both raw and pre-calculated data are readily available through APIs, facilitating quick and easy retrieval and, if needed, by using the configuration API’s of components such as the Matching Engine. Our clients can create an approach where configurations are changed ‘on the fly’ based on the data retrieved from the Data Warehouse.

 

By integrating with Your Bourse through Open APIs, the broker's system gains access to all data and reports available on our portal and data warehouse, making it a comprehensive and efficient technology solution.

 

For those who don’t wish to use the database directly, the Your Bourse portal displays the same data from various components, and this information is automatically streamed in real time to various risk management and business intelligence reports. This way, brokers stay updated with the latest data at all times. 

 

Furthermore, Your Bourse offers a high level of customisation. Brokers can tailor specific reports and retrieve data based on their preferred parameters and formulas, aligning with their management operating model.

 

The power of Your Bourse lies in its numerous Building Blocks, enabling clients to obtain any required information promptly and in real time.

 

 

What implementation / training services does Your Bourse provide? (e.g. integration, testing, training etc)

At Your Bourse, we prioritise our clients' onboarding process and provide extensive support in configuring the system, ensuring they can swiftly harness its full potential for increased profitability. We take great care in guiding our clients through the setup, enabling them to access the system's features quickly and effectively, aligning with their unique business needs and trading flow.

 

Our commitment to client success means offering as many training sessions as necessary, ensuring they gain confidence in utilising all the capabilities of Your Bourse. To facilitate smooth operations, we furnish our clients with comprehensive user guides, addressing all aspects of system operation and configuration, right down to individual components. 

 

Our dedicated support team stands ready 24/7 at Your Bourse, always available to offer prompt assistance. Whether it's an impromptu training session or scheduling an online call or meeting, we go the extra mile to cater to our customers' needs whenever they require our expertise.

 

 

What ongoing client support is offered after deployment?

Upon deployment of the system, our clients benefit from round-the-clock support to address any issues that may arise. We offer multiple channels for assistance, including instant messaging support, a ticketing system, and an emergency line staffed by Your Bourse specialists who are dedicated to providing prompt help, support, and training as needed.

 

At Your Bourse, we prioritise continuous training for our clients, ensuring they stay well-equipped with the knowledge and skills to make the most of our platform. Our commitment to ongoing training underscores our dedication to client success and satisfaction.

 

 

What is the commercial model / pricing options or structures for the TraderTools solution?

At Your Bourse, we provide a flexible pricing model. Our approach revolves around thoroughly analysing the client's business case, specific needs, and overall business model. By understanding the precise requirements and objectives, we can identify the products and components from our system that align perfectly with their business goals.

 

Working collaboratively with the client, we craft a tailored and optimal pricing structure that fits their unique business needs. We aim to ensure a constructive and well-suited pricing arrangement that maximises the value our platform brings to their business.

 

Real-time P&L on B-book: Yes

Aggregated Currency exposures: Yes

VaR: Yes

NOP: No

Trade Blotters: Yes

Toxic flow identification: Yes

Decay analysis for each:

Individual client: Yes

Symbol: Yes

Liquidity Provider: Yes

Multi-Asset: Yes

Multi-platform: Yes

Standalone: Yes

Modular: Yes 

Industry Awards: Finance Feeds 2023: Exceptional Matching Engine, Outstanding Bridge Solutions, Outstanding Fintech Service Provider. UF Awards 2023: Best technology provider (MEA). UF Awards 2022: Best technology provider (Global). Forex Rating Awards 2022: Most Reliable Connectivity Provider, Exceptional Risk Management Tools, Most Innovative B2B Service Provider - Matching Engine

Your Bourse Commercial Model: Bespoke per client 

 

For further information, contact: info@yourbourse.com

 

 

Comparison Table

 

If you have any experience (positive or negative) using any of the above systems that you would like to share, or have any questions regarding the above, please leave a comment below. 

 

 

Author

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Sam Low is the Founder of LiquidityFinder. With over 18 years in working with FX trading technology, Sam has deep experience in the FX (forex0 trading industry, working with brokers, liquidity providers and end traders themselves.  You can message Sam directly here