Insights
Market structure, execution and where the costs actually sit
Notes on liquidity, execution quality and the parts of trading infrastructure that are expensive precisely because nobody measures them.
9 published
In this section
What prime-of-prime liquidity actually changes for a broker
The operational difference is not the pricing. It is how many relationships, margin pools and reconciliation processes your team maintains.
ReadShould a broker become a liquidity provider?
The technology is easy to obtain. Carrying other firms' credit risk is not, and readiness has more to do with flow, capital and permissions than software.
ReadHedging copy-trading bursts without paying the spread a thousand times
One strategy, a thousand followers, a thousand hedge tickets. Netting, thresholds and a rule-based hedging programme cover the same risk for far less.
ReadLiquidity bridge or aggregator: which one do you need?
A bridge connects a platform to a provider. An aggregator combines several into one book. Buying the wrong one is an expensive way to learn the difference.
ReadFIX connectivity without the production surprises
Most FIX incidents are mismatched assumptions found too late. Certify the failure paths, recover order state carefully and keep every message.
ReadMeasuring execution quality instead of guessing at it
Slippage and reject rates are measurable. Treating them as market conditions hides a recurring cost that compounds with volume.
ReadTradeX: what shipped this quarter
Order management refinements, market data improvements and administration changes across the multi-asset terminal.
ReadWhy latency belongs on the P&L, not the infrastructure ticket
Every millisecond of delay has a cost. At scale it stops being a technical detail and becomes a revenue line.
ReadWhere the MultiPrimeX product line is heading
How the trading, operations, connectivity and risk layers are converging, and what that means for existing deployments.
ReadEverything we publish sits in one place
These sections are filtered views of the same set of notes. The blog holds all of them, newest first.