STUDY RECORD · last re-checked 2026-09
Drovix — institutional liquidity provider
Drovix (MU) Ltd · not examined · evidence score 78/100
Licence, read on the register
| Regulator | Licence number | Jurisdiction | Tier | Source |
|---|---|---|---|---|
| Financial Services Commission (Mauritius) | not published · authorised · checked 2026-09 | MU | tier-3 | 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
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 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.
- 03 — 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 |
|---|---|---|---|---|
| not examined | not examined | not examined | not examined | not examined |
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 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.