Spotware's cBridge Adds Markout Report as Toxic Flow Detection Moves Into the Bridge

Liquidity bridge provider cBridge, by Spotware, has introduced Markout Report, a new risk intelligence module that helps brokers detect potentially toxic flow, measure its financial impact and respond before repeated losses accumulate.

The problem it targets is a familiar one for dealing desks: catching harmful trading patterns early enough to turn them into consistent routing decisions.

Markout Report brings execution records and raw tick data together into continuous, account-level risk intelligence that updates throughout the trading day, allowing brokers to identify adverse patterns earlier in the session and act before the damage grows. The system flags the accounts that need attention and shows straight away why they were flagged, so the trading department can investigate the instruments and behaviour involved, export data if needed and apply the right routing treatment, all within the same cBridge workflow.

Catching risk as it develops

Most teams review execution quality only after the session has closed, once the P&L has already settled. By that point the loss is fixed and the only option left is to record it and adjust routing going forward.

Markout Report instead measures markout and pre-trade drift continuously while the session is still running. Risk teams can watch how accounts behave in real time, including during volatile periods, with interactive charts visualising account-level markout metrics across configurable time intervals. That earlier visibility gives trading departments more time to respond before repeated losses accumulate.

Prioritising accounts by financial impact

Some unusual accounts cause only minor losses, while others create significant leakage. Markout Report ranks accounts by both risk and notional volume so desks know where to focus. A "Top accounts" view highlights which accounts have the biggest impact, while the notional distribution shows how trading volume is concentrated across the account base, directing attention to the accounts where timely action can meaningfully protect the broker's P&L.

Account behaviour is classified at low, medium, high and critical risk levels, based on four transparent signals: markout, pre-trade drift, decay and consistency. Because every account is judged against the same framework rather than individual interpretation, decisions stay consistent across shifts and each routing action can be traced back to the specific signals that drove it.

One interface for the full workflow

Once a potentially harmful account is identified, finding what is actually driving the result is usually the most time-consuming part of the job. Markout Report keeps that process in a single interface. Teams can scope the analysis to the relevant part of the account base, apply filters to isolate specific conditions and drill down to see whether the behaviour is concentrated in one instrument or repeated across several. Accounts can be categorised to keep the investigation structured and pinned to stay visible throughout the review.

With charts, account tables, risk summaries and investigation tools in the same place, the trading team can reach a clear conclusion on a specific account without switching between systems. Once intervention is confirmed, the relevant routing action can be initiated within the cBridge environment. Keeping the full workflow together reduces response time and lowers the operational risk created by copying data between platforms and relying on informal handovers.

Alexis Droussiotis, co-General Manager, cBridge

"Markout Report reflects the broader direction of cBridge. We want risk management to be a core part of the liquidity bridge, not something brokers have to handle separately, so execution, monitoring, investigation and control all happen in one place. As brokers grow, the operational side gets harder to manage, and that's exactly the problem we're trying to solve: giving them room to scale without losing control over their risk," - Alexis Droussiotis, co-General Manager, cBridge

Markout Report arrives as markout analysis, once mostly an institutional practice, becomes a routine part of retail broker risk management. cBridge itself recently added risk analytics from Tapaas alongside STARPRIME liquidity.

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