STUDY RECORD · last re-checked 2026-09
Drovix — institutional liquidity provider
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 · evidence score 78/100
Licence, read on the register
| Regulator | Licence number | Jurisdiction | Tier | Source |
|---|---|---|---|---|
| FSC Mauritius | GB21026813 | Mauritius | tier-2 | open source ↗ |
Tier classification follows the same scale as the retail register: tier-2 means real supervision and client-money segregation, without an investor compensation scheme — never misread it as tier-1 protection.
What this record teaches
Four reading skills, each anchored to something the firm actually published.
- 01 — Teaching pointA liquidity provider sits one layer beneath the broker you see: if you trade retail, this firm will never hold your account — and that is the normal shape of the market, not a trick.
- 02 — Teaching pointThe licence page separates what the firm is from what it is not (no SEC/CFTC/NFA registration, no MiFID II passport, no UK business, no investor compensation fund) — reading the negative space is a skill, and this record is unusually clean practice.
- 03 — Teaching pointPerformance claims come pre-labelled: <1ms internal execution and 99.9% uptime are published as targets, with the measurement boundary (internal only, client RTT network-dependent) stated in the same sentence.
- 04 — Teaching pointConnectivity is a list of standards (FIX 4.4, REST, WebSocket, an MT5 manager bridge) rather than a proprietary terminal — recognising standards-vs-proprietary is the fastest first-pass read of any venue.
Claims ledger
Claims specific enough to be falsified — and the ones that remain the venue's own measurement.
Testable claims
- Internal execution target <1ms on the C++/Aeron stack, with the measurement boundary disclosed (internal only; client RTT network-dependent)
- Active-active failover across four Equinix venues with redundant cross-connects
- 99.9% uptime SLA target, published as a target rather than a guarantee
- Per-fill TCA export (spread captured, slippage vs mid, fill ratio, time-to-fill) for the counterparty's own analytics
Claims we cannot verify from outside
- LP count (15+) and fill ratios are the venue's own measurement
- Internalisation quality ('zero market impact' routing) cannot be observed from outside the portal
Perimeter and coverage
| Asset classes | Venues | Connectivity | Clients accepted | Explicitly refused |
|---|---|---|---|---|
| FX spot & forwards (60+ pairs), Precious metals, Index CFDs (15+), Energy CFDs, Equity CFDs (1,500+), Additional classes by approval | Equinix NY3 (New York), Equinix LD4 (London), Equinix SG1 (Singapore), Equinix TY3 (Tokyo) | FIX 4.4, FIX drop-copy (on request), REST API, WebSocket streaming, MT5 manager bridge, UAT/sandbox at onboarding | Brokers & prime-of-prime, Hedge funds & systematic firms, Proprietary trading firms, Family offices & asset managers, Institutions & corporate treasury | Retail clients (by design), UK persons, US persons, Published restricted-jurisdiction list |
A firm that publishes its own negative space — who it refuses, where it is not licensed — is materially easier to diligence than one that doesn't. The refusal list is treated here as a disclosure, not a defect.
Self-check
Answer these before you consider the record read. If you cannot, re-read the licence and the claims ledger — the answers are all in what the firm published.
- Which legal entity would a counterparty contract with, and under which licence number?
- What does the licence permit — and which protections does it explicitly NOT provide?
- Which two performance figures on the firm's site are targets, and where is each measurement boundary drawn?
- Name one claim a counterparty can test in a sandbox and one that only the venue itself can measure.