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STUDY RECORDS · B2B COUNTERPARTIES

Institutional Liquidity Providers, as study records

Every retail broker buys its liquidity from somewhere. This category takes the somewhere — the firms brokers, funds and prop desks clear through — and turns each one into a worked record: find the contracting entity, read the licence on the regulator's own terms, and keep uncheckable claims labelled as claims. These are B2B counterparties you cannot open an account with, so nothing here is a recommendation to route flow — it is reading practice on live material.

51
records on file
4
teaching points
4
self-check questions

Providers on file

Evidence scores run 0–100: licence verification, disclosure quality and the share of claims a counterparty can actually test.

ProviderRegistered entityLicenceVenuesEvidence score
DrovixDrovix (MU) LtdFSC Mauritius GB210268134 data centres78Study it
Barclays FXBarclays Bank PLCFCA 122702SEC/FINRA (BrokerCheck, Barclays Capital Inc.) 8-41342PRA5 data centres98Study it
BNP Paribas FX (Global Markets)BNP Paribas SA (FX via Global Markets); UK dealing via BNP Paribas London BranchACPR (ECB lead supervisor)FCA (BNP Paribas London Branch)SEC/FINRA (BrokerCheck, BNP Paribas Securities Corp.) 8-326824 data centres98Study it
Citi FX (Velocity)Citigroup Inc. (FX via Citigroup Global Markets Limited, UK; Citigroup Global Markets Inc., US)FCA (Citigroup Global Markets Limited) 124384SEC/FINRA (BrokerCheck, Citigroup Global Markets Inc.) 8-8177SEC (EDGAR, Citigroup Inc.) 00008310014 data centres98Study it
Flow TradersFlow Traders Ltd (Euronext Amsterdam: FLOW)FCA 960434SEC/FINRA (BrokerCheck, Flow Traders U.S. LLC) 8-68300SEC/FINRA (BrokerCheck, Flow Traders U.S. Institutional Trading LLC) 8-697112 data centres98Study it
Goldman Sachs FX (Marquee)The Goldman Sachs Group, Inc. (FX via Goldman Sachs & Co. LLC, US; Goldman Sachs International, UK)SEC/FINRA (BrokerCheck, Goldman Sachs & Co. LLC) 8-129FCA (Goldman Sachs International) 142888FCA (Goldman Sachs International Bank) 124659SEC (EDGAR, The Goldman Sachs Group, Inc.) 00008869824 data centres98Study it
HSBC Global FXHSBC Bank plcFCA 114216PRAMAS (merchant bank / wholesale)SEC/FINRA (BrokerCheck, HSBC Securities (USA) Inc.) 8-415624 data centres98Study it
J.P. Morgan e-FX (Morgan Markets)JPMorgan Chase & Co. (FX via J.P. Morgan Securities LLC, US; J.P. Morgan Securities plc → J.P. Morgan Europe Ltd, UK)SEC/FINRA (BrokerCheck, J.P. Morgan Securities LLC) 8-35008FCA (J.P. Morgan Securities plc) 155240SEC (EDGAR, JPMorgan Chase & Co.) 00000196174 data centres98Study it
MUFG FXMitsubishi UFJ Financial Group, Inc. (FX via MUFG Bank, Ltd.; MUFG Securities EMEA plc, UK; MUFG Securities Americas Inc., US)FCA (MUFG Securities EMEA plc) 124512SEC/FINRA (BrokerCheck, MUFG Securities Americas Inc.) 8-43026JFSA (Japan Financial Services Agency)5 data centres98Study it
Société Générale (SG Markets FX)Societe Generale S.A.ACPRECB (prudential supervision)FCA (UK branch, Societe Generale London Branch)3 data centres98Study it
UBS Neo (FX)UBS AGFINMAFCA (UBS AG London Branch) 186958SEC/FINRA (BrokerCheck, UBS Securities LLC) 8-22651NYSE (UBS Group AG listed)4 data centres98Study it
GBE PrimeGBE Global LtdFSA Seychelles SD176CySEC 240/14BaFin (branch registration) 101481293 data centres97Study it
State Street Global MarketsState Street Corporation (trading arm State Street Global Markets; US broker-dealer State Street Global Markets, LLC)SEC/FINRA (BrokerCheck, State Street Global Markets, LLC) 8-69862SEC (EDGAR, State Street Corporation) 0000937514 data centres95Study it
Deutsche Bank FX (Autobahn)Deutsche Bank AGBaFin + Deutsche BundesbankFCA (Deutsche Bank AG) 150018SEC/FINRA (BrokerCheck, Deutsche Bank Securities Inc.) 8-178220 data centres92Study it
Nomura FXNomura Holdings, Inc. (FX via Nomura Securities Co., Ltd., Japan; Nomura International plc, UK; Nomura Securities International, Inc., US)FCA (Nomura International plc) 124422SEC/FINRA (BrokerCheck, Nomura Securities International, Inc.) 8-15255JFSA (Japan Financial Services Agency)SEC (EDGAR, Nomura Holdings, Inc.) 00011636530 data centres92Study it
360T (Deutsche Börse FX venue)360T AG (Frankfurt); affiliates: 360 Trading Networks UK Ltd., 360T Inc. (US SEF), 360T India PTEBaFinFCA 989320CFTCASICMAS2 data centres91Study it
FinaltoFinalto Financial Services LimitedFCA 481853CySEC 264/15ASIC 424008MASBVI FSC SIBA/L/14/10673 data centres91Study it
CMC Markets Institutional (CMC Connect / API Direct)CMC Markets UK plc (institutional services; group parent CMC Markets Group plc, LSE: CMCX)FCA 1737304 data centres90Study it
Galaxy DigitalGalaxy Digital Inc. (public company; SEC EDGAR CIK 1859392). US arms: Galaxy Digital Partners LLC (broker-dealer), Galaxy Digital Capital Management LP (investment adviser). UK: Galaxy Digital UK Limited.FCA 1007925SEC/FINRA (BrokerCheck, Galaxy Digital Partners LLC) 8-700012 data centres89Study it
IMC TradingIMC Financial Markets (group; US entity IMC FINANCIAL MARKETS per BrokerCheck, CRD 104143; UK entity IMC London Limited)SEC/FINRA (BrokerCheck, IMC Financial Markets) 8-52600FCA (IMC London Limited) 10078081 data centres89Study it
XTX MarketsXTX Markets LimitedFCA 949967FCAACPR (AMF-supervised) CIB 13283SEC/FINRA SEC 8-70009 (CRD 289846)SEC/FINRA SEC 8-70532 (CRD 309266)SEBI INZ0002930580 data centres88Study it
LSEG FXLondon Stock Exchange Group plc (LSEG FX business; acquired Refinitiv 2021)FCA 2060175 data centres87Study it
Natixis Corporate & Investment Banking FXNATIXIS (RCS Paris 542 044 524; share capital EUR 6,339,247,192)ACPR2 data centres87Study it
Standard Chartered FXStandard Chartered PLC (banking via Standard Chartered Bank)FCA (Standard Chartered Bank) 114276SEC/FINRA (BrokerCheck, Standard Chartered Securities North America LLC) 8-663970 data centres87Study it
ThinkMarkets (Institutional solutions)TF Global Markets (Aust) Pty LtdFCA 629628ASIC 424700FSA Seychelles SD0600 data centres86Study it
CLS Bank (CLSSettlement / CLSNet)CLS Bank International (Edge Act corporation; parent CLS Group Holdings AG incorporated in Switzerland)US Federal Reserve (Edge Act corporation; designated financial market utility under Dodd-Frank Title VIII)2 data centres84Study it
FP Markets Institutional (FP Markets Partners)First Prudential Markets Pty LtdASIC 286354CySEC 371/18FSCA 50926FSA Seychelles SD1300 data centres83Study it
Tickmill Prime (institutional prime-of-prime)Tickmill UK LtdFCA 717270CySEC 278/15FSA Seychelles SD008FSCA 494640 data centres83Study it
Global PrimeFMGP Trading Group Pty LtdASIC 385620VFSC 40256 (company number)1 data centres82Study it
Cumberland (DRW)Cumberland crypto business of DRW Holdings, LLC (ultimate parent per own policy page). Entities named on own page: Cumberland New York, DRW Global Markets Ltd (UK agent), Cumberland International Trading Ltd (BVI), Cumberland Global Limited (Cayman), Cumberland SG Pte. Ltd.FCA (cryptoasset registration for UK agent DRW Global Markets Ltd) 746273NYDFS (virtual currency business licence, Cumberland New York)BVI FSC (Securities and Investment Business Act licence, Cumberland International Trading Ltd)CIMA (registration under Cayman Securities Investment Business Act, Cumberland Global Limited)0 data centres81Study it
LMAX GlobalLMAX Broker LimitedFCA 7832004 data centres81Study it
B2PrimeB2B Prime Services SC LtdCySEC 370/18FSA Seychelles SD 192FSC Mauritius C117017139DFSA F009446FSCA 54191SCB Bahamas SIA-F259 / DARE-DAB-0340 data centres80Study it
GCEX (GC Exchange)GC Exchange LimitedFCA 828730Danish FSA (Finanstilsynet)0 data centres80Study it
Exness (institutional / B2B entities Exness (UK) Ltd and Exness (Cy) Ltd)Exness (SC) LtdFCA 730729CySEC 178/12FSA Seychelles SD025FSCA 51024FSC Mauritius GB200252940 data centres79Study it
Interactive Brokers (institutional prime services)Interactive Brokers LLCSEC/FINRA CRD 36418 (SEC 8-47257)FCACentral Bank of Ireland C423427ASIC 453554SFC (HK)MAS (Singapore) CMS100917CIRO (Canada)0 data centres79Study it
Swissquote Bank (SQBLiquidity / institutional)Swissquote Bank LtdFINMAFCADFSASFC (HK)MAS (Singapore)CySEC0 data centres79Study it
Virtu FinancialVirtu Financial, Inc. (US broker-dealer: Virtu Americas LLC)SEC/FINRA CRD 149823 (SEC 8-68193)Central Bank of IrelandCentral Bank of IrelandFCA 987714FCA 572389SFC (HK) AHD810MAS (Singapore) CMS 100138-1ASIC 219582CIRO (Canada)0 data centres79Study it
B2C2B2C2 OTC Ltd (UK, company 10102984); group incl. B2C2 Ltd (Cayman 1927413), B2C2 Europe S.à r.l. (Luxembourg RCS B265273), B2C2 USA Inc., B2C2 Asia Pte. Ltd.FCA 810834CSSF (MiCA CASP authorisation; VASP registration from 2024)0 data centres78Study it
FXCM Pro (Stratos Group)Stratos Markets LimitedFCA 217689ASIC 3097630 data centres78Study it
Wells Fargo Corporate & Investment Banking FXWells Fargo & Company; UK entity: Wells Fargo Securities International Limited; US arm: Wells Fargo Securities, LLCFCA 186745SEC/FINRA (broker-dealer) 8-658760 data centres77Study it
Advanced Markets (AMGFX / Advanced Markets Group)Advanced Markets (UK) LtdFCA 7777390 data centres76Study it
Dukascopy Bank (institutional / white-label liquidity)Dukascopy Bank SAFINMA0 data centres76Study it
iSAM Securities (formerly IS Prime)iSAM Securities (UK) LimitedFCA 629586SFC Hong Kong BOL486CFTC/NFA (CTA registration)CIMA (Cayman, registered person)0 data centres76Study it
Vantage Capital Markets LLP (VCM)Vantage Capital Markets LLPFCA 4166970 data centres75Study it
Citadel SecuritiesCitadel Securities LLCSEC/FINRA CRD 116797 (SEC 8-53574)SEC/FINRA CRD 281102 (SEC 8-69663)0 data centres74Study it
Jump Trading (institutional market maker)Jump Trading, LLC; affiliates Jump Trading Futures LLC, Jump Trading Europe B.V., Jump Trading International Ltd.SEC/FINRA (broker-dealer) 8-529890 data centres73Study it
Marex (Marex Financial)Marex FinancialFCA 442767FCA0 data centres71Study it
Scope Prime (Scope Markets institutional / Rostro Group)MMCD Resources LtdCySEC 339/17FSA SeychellesFSCAFSC Mauritius0 data centres65Study it
TopFX (institutional liquidity / prime brokerage)TopFX LtdCySEC 138/11FSC BVI SIBA/L/23/11610 data centres64Study it
LMAX DigitalLMAX Digital Broker LimitedGFSC FSC1342B0 data centres55Study it
BNY Markets (iFlow)The Bank of New York Mellon Corporation ('BNY'); UK entity: BNY Mellon Investment Management EMEA LimitedFCA 119196SEC/FINRA (broker-dealer) 8-138010 data centres81Study it

Institutional liquidity providers are not ranked against retail brokers and never appear in broker comparisons: eligibility, protections and review method differ. Counterparty decisions belong to the institution's own due-diligence process.

How to read a provider record

  1. 01Find the contracting entityAn LP record starts where every study record on this site starts: which legal entity signs, and which licence number stands behind it. Everything else in the file hangs off that anchor.
  2. 02Read the licence on the regulator's own termsA licence tier is a scope statement, not a quality score. We record what the authorisation permits, which regime supervises it, and which protections it does not provide — in the regulator's own language.
  3. 03Label every number by who measured itLatency, uptime and fill-quality claims are engineering targets until a counterparty measures them in a sandbox. Records keep those claims in their own list, verbatim, so you can tell a commitment from a boast.
  4. 04Study the negative spaceWho a firm refuses to serve, and where it is not licensed, is the fastest honesty test available. A venue that publishes its own refusals is materially easier to assess than one that does not.

The records

DrovixInstitutional principal counterparty — aggregated bilateral OTC liquidity

A young but unusually well-documented venue, and a strong first specimen for this category: the licence is stated without inflation, the engineering claims are specific enough to be falsified, and the negative space is written down plainly. As a study record it trains exactly the reading habits this school exists for.

Drovix (MU) Ltd · Ebene, Mauritius · FIX 4.4, FIX drop-copy (on request), REST API

Teaching point 1Teaching point 2Teaching point 3Teaching point 4Open the study record