Tag

#Prime of Prime

18articles

From Best Price to Best Outcome: FIX-Powered Smart Order Routing Rules Brokers Actually Use

See how brokers use FIX to implement smart order routing with practical rule examples for spread, slippage, toxic flow, and LP quota management—without over-engineering execution.

April 19, 20266 min518

David Kovač

Are Your LPs Really Performing? 8 FIX Execution Quality Metrics Every Broker Should Watch

Execution quality isn’t a feeling—it’s measurable. Here are 8 FIX metrics brokers can track to spot LP issues, reduce rejects, and tighten slippage control.

April 19, 20266 min522

Noman Chaudhary

Chasing Microseconds? FIX Speed Won’t Save You From Bad Fills

Faster FIX sessions don’t fix slow fills. Here’s why routing logic, last look, and server geography decide execution quality—and what brokers should measure instead.

April 19, 20267 min517

Priya Desai

Your Execution Stack Explained: Where FIX, Bridges, and PoPs Actually Sit (and What They Add to Latency & Cost)

Confused about FIX gateways, liquidity bridges, and Prime of Prime providers? Here’s how each component fits in the execution chain—and how fees and latency compound.

April 19, 20267 min519

Priya Desai

FIX Reject Storms: 12 Production 35=3 Errors and the 60‑Second Triage Playbook

A practical list of the most common FIX Session Reject (35=3) reasons brokers see in production—plus the fastest triage steps to isolate config, sequence, or counterparty issues.

April 19, 20267 min494

Priya Desai

Your LP Agreement Isn’t ‘Standard’: 4 Clauses That Quietly Reprice Your Execution

Liquidity terms can silently shift risk and costs onto brokers. Here are four overlooked clauses—indemnities, data usage, A-book proof, and emergency spread rights—and how to negotiate them.

April 19, 20267 min493

Priya Desai

Why Your Crypto CFD Spreads Don’t Match Spot: The Liquidity Plumbing Brokers Must Design For

Crypto CFDs and spot crypto run on different liquidity rails. Learn how market structure impacts spreads, slippage, and hedging—and what to build into your broker or prop execution stack.

April 19, 20266 min753

David Kovač

The LP Contract Red Flags That Quietly Kill Your Execution (and How to Negotiate Them)

A broker-friendly checklist for negotiating liquidity agreements: credit limits, margining, last look, and termination clauses—so your execution stays stable as volume grows.

April 19, 20266 min494

Noman Chaudhary

Last Look Without the Guesswork: How to Audit FX Hold Times, Reject Codes, and LP Behavior

Last look can protect LPs—but it can also quietly drain broker execution quality. Learn how hold times and reject codes work, what to measure, and how to monitor LP behavior in production.

April 19, 20267 min498

Priya Desai

The LP Due Diligence Playbook: 25 Questions That Prevent Pricing & Execution Surprises

A practical due diligence checklist for assessing liquidity providers—pricing, last look, reject logic, credit terms, and support—before you sign.

April 18, 202613 min524

Thomas Mueller

Bank LP, Non-Bank Market Maker, or ECN? The Execution-Venue Choice That Quietly Drives Client Disputes

Execution venue decisions shape slippage, rejects, and trade amendments—often triggering disputes. Learn how venue models change evidencing, controls, and complaint exposure.

April 18, 202615 min516

Aisha Rahman

Multi-Asset Liquidity Bridging Without Surprises: Session Calendars, Corporate Actions, and Price Source Design

Learn how to run a resilient multi-asset liquidity bridge across FX, indices, and commodities—covering session times, corporate actions, and pricing source strategy.

March 21, 202614 min1,808

Thomas Mueller