We execute trades without a dealing desk: orders are routed to external markets with multiple liquidity providers. Quote aggregation and smart routing ensure best available price (BBO), deep order book and stability during volatility.
A-book execution: transparent positive slippage pass-through to client. Details in Execution Policy.
Four key advantages of our execution technology
Quote competition from multiple sources forms fair BBO — without manual dealer intervention.
Combined depth increases chances of full execution and reduces slippage.
Co-location in specialized data centers and low-latency gateways reduce delays.
Post-trade reports (aggregated) on slippage, time to execution and rejections.
Aggregation and execution pipeline — from sources to execution
Liquidity sources
UTC sync
Anomaly filtering
BBO/Depth
Smart routing
Order fill
Logs/Analytics
Unified price steps, time drift control
Anomaly and spike exclusion
Level aggregation across all sources
Snapshot + incremental updates
Our proprietary aggregator combines banking and non-banking flows. It forms the best price and total depth and marks sources by quality: latency, stability, last look rejections, short-term markout. This allows executing large orders through sweep/split with best aggregate VWAP.
Available order book levels
Latency stability
Rejection statistics
100-500 ms analysis
Liquidity profiles
SOR evaluates routes by a set of factors and selects the combination with the best expected outcome. The system considers not only price, but also execution probability, latency and source quality.
VWAP/TWAP slicing available on request for large orders with minimal market impact.
Execution model comparison — transparency vs conflict of interest
| Parameter | NDD (No Dealing Desk) | DD (Dealing Desk) |
|---|---|---|
| Price source | Multiple LP/ECN | Single dealer |
| Conflict of interest | None | Possible |
| Requotes | No | Possible |
| Slippage | Symmetric, positive passed to client | Policy varies |
| Depth | Combined | Limited |
Professional infrastructure for stable 24/5 operation
Placement in specialized data centers, low latency
Automatic failover and high availability
24/7 duty for critical systems
Complete logging of all operations
Indicative system performance metrics
Within co-location
In calm market
Share of total volume
Firm/last look mode
Disclaimer: Metrics depend on market and counterparties. Data is indicative and not a guarantee of results.
Transparency and regulatory compliance
We are not a counterparty to your trades. All orders are routed to external LP/ECN, eliminating conflict of interest.
We consider price, cost, speed and probability of execution/settlement when selecting routes.
Several LPs apply last look — the right to reject a trade when market deteriorates. We account for rejection statistics and delays in routing, prioritizing stable sources.
Answers to key questions about True Market Execution
Start trading with transparent execution and no conflict of interest