1. NOP discipline you can see, not just claims of it - ask how they manage net open position, not whether they "manage risk”.
2. Real depth, not headline depth - 10 levels of market depth means nothing if it collapses in the first second of an NFP report.
3. Coverage that matches how clients actually trade now - weekend access on gold, oil and US indices is quickly becoming of prime importance, not a nice-to-have feature.
4. A named execution model, not a black box - MM, STP, or hybrid - and the willingness to explain which parts of your flow get internalized.
5. Different flow, different treatment - a serious LP should segregate arbitrage-prone or high-risk flow from your clean directional flow, not price everyone off the same book.
