Institutional counterparty files
The liquidity layer beneath every broker is full of firms we can never review the retail way — no account to open, no warning list to check. What can be done is what this section does: open a counterparty file. Licence read literally on the regulator's own terms, claims split into what a counterparty can test versus what only the venue measures, and every residual risk stated as a sourced fact. A file is evidence, not a verdict — and never a recommendation to route flow.
- files open
- 54
- residuals documented
- 1
- data centres on record
- not examined
Files
| Firm | Registered entity | Licence | Evidence |
|---|---|---|---|
| Drovix | Drovix (MU) Ltd | Financial Services Commission (Mauritius) not published · authorised · checked 2026-09 Source | 78/100 |
| Barclays FX | Barclays Bank PLC | FCA 122702 SourceSEC/FINRA (BrokerCheck, Barclays Capital Inc.) 8-41342 SourcePRA Source | 98/100 |
| BNP Paribas FX (Global Markets) | BNP Paribas SA (FX via Global Markets); UK dealing via BNP Paribas London Branch | ACPR (ECB lead supervisor) SourceFCA (BNP Paribas London Branch) SourceSEC/FINRA (BrokerCheck, BNP Paribas Securities Corp.) 8-32682 Source | 98/100 |
| Citi FX (Velocity) | Citigroup Inc. (FX via Citigroup Global Markets Limited, UK; Citigroup Global Markets Inc., US) | FCA (Citigroup Global Markets Limited) 124384 SourceSEC/FINRA (BrokerCheck, Citigroup Global Markets Inc.) 8-8177 SourceSEC (EDGAR, Citigroup Inc.) 0000831001 Source | 98/100 |
| Flow Traders | Flow Traders Ltd (Euronext Amsterdam: FLOW) | FCA 960434 SourceSEC/FINRA (BrokerCheck, Flow Traders U.S. LLC) 8-68300 SourceSEC/FINRA (BrokerCheck, Flow Traders U.S. Institutional Trading LLC) 8-69711 Source | 98/100 |
| 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) 8-129 SourceFCA (Goldman Sachs International) 142888 SourceFCA (Goldman Sachs International Bank) 124659 SourceSEC (EDGAR, The Goldman Sachs Group, Inc.) 0000886982 Source | 98/100 |
| HSBC Global FX | HSBC Bank plc | FCA 114216 SourcePRA SourceMAS (merchant bank / wholesale) SourceSEC/FINRA (BrokerCheck, HSBC Securities (USA) Inc.) 8-41562 Source | 98/100 |
| 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) 8-35008 SourceFCA (J.P. Morgan Securities plc) 155240 SourceSEC (EDGAR, JPMorgan Chase & Co.) 0000019617 Source | 98/100 |
| MUFG FX | Mitsubishi UFJ Financial Group, Inc. (FX via MUFG Bank, Ltd.; MUFG Securities EMEA plc, UK; MUFG Securities Americas Inc., US) | FCA (MUFG Securities EMEA plc) 124512 SourceSEC/FINRA (BrokerCheck, MUFG Securities Americas Inc.) 8-43026 SourceJFSA (Japan Financial Services Agency) Source | 98/100 |
| Société Générale (SG Markets FX) | Societe Generale S.A. | ACPR SourceECB (prudential supervision) SourceFCA (UK branch, Societe Generale London Branch) Source | 98/100 |
| UBS Neo (FX) | UBS AG | FINMA SourceFCA (UBS AG London Branch) 186958 SourceSEC/FINRA (BrokerCheck, UBS Securities LLC) 8-22651 SourceNYSE (UBS Group AG listed) Source | 98/100 |
| GBE Prime | GBE Global Ltd | FSA Seychelles SD176 SourceCySEC 240/14 SourceBaFin (branch registration) 10148129 Source | 97/100 |
| State Street Global Markets | State Street Corporation (trading arm State Street Global Markets; US broker-dealer State Street Global Markets, LLC) | SEC/FINRA (BrokerCheck, State Street Global Markets, LLC) 8-69862 SourceSEC (EDGAR, State Street Corporation) 000093751 Source | 95/100 |
| Deutsche Bank FX (Autobahn) | Deutsche Bank AG | BaFin + Deutsche Bundesbank SourceFCA (Deutsche Bank AG) 150018 SourceSEC/FINRA (BrokerCheck, Deutsche Bank Securities Inc.) 8-17822 Source | 92/100 |
| Nomura FX | Nomura Holdings, Inc. (FX via Nomura Securities Co., Ltd., Japan; Nomura International plc, UK; Nomura Securities International, Inc., US) | FCA (Nomura International plc) 124422 SourceSEC/FINRA (BrokerCheck, Nomura Securities International, Inc.) 8-15255 SourceJFSA (Japan Financial Services Agency) SourceSEC (EDGAR, Nomura Holdings, Inc.) 0001163653 Source | 92/100 |
| 360T (Deutsche Börse FX venue) | 360T AG (Frankfurt); affiliates: 360 Trading Networks UK Ltd., 360T Inc. (US SEF), 360T India PTE | BaFin SourceFCA 989320 SourceCFTC SourceASIC SourceMAS Source | 91/100 |
| Finalto | Finalto Financial Services Limited | Financial Conduct Authority (UK) 481853 · authorised · checked 2026-09 Source | 91/100 |
| CMC Markets Institutional (CMC Connect / API Direct) | CMC Markets UK plc (institutional services; group parent CMC Markets Group plc, LSE: CMCX) | FCA 173730 Source | 90/100 |
| Galaxy Digital | Galaxy 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 1007925 SourceSEC/FINRA (BrokerCheck, Galaxy Digital Partners LLC) 8-70001 Source | 89/100 |
| IMC Trading | IMC Financial Markets (group; US entity IMC FINANCIAL MARKETS per BrokerCheck, CRD 104143; UK entity IMC London Limited) | SEC/FINRA (BrokerCheck, IMC Financial Markets) 8-52600 SourceFCA (IMC London Limited) 1007808 Source | 89/100 |
| XTX Markets | XTX Markets Limited | FCA 949967 SourceFCA SourceACPR (AMF-supervised) CIB 13283 SourceSEC/FINRA SEC 8-70009 (CRD 289846) SourceSEC/FINRA SEC 8-70532 (CRD 309266) SourceSEBI INZ000293058 Source | 88/100 |
| LSEG FX | London Stock Exchange Group plc (LSEG FX business; acquired Refinitiv 2021) | FCA 206017 Source | 87/100 |
| Natixis Corporate & Investment Banking FX | NATIXIS (RCS Paris 542 044 524; share capital EUR 6,339,247,192) | ACPR Source | 87/100 |
| Standard Chartered FX | Standard Chartered PLC (banking via Standard Chartered Bank) | FCA (Standard Chartered Bank) 114276 SourceSEC/FINRA (BrokerCheck, Standard Chartered Securities North America LLC) 8-66397 Source | 87/100 |
| ThinkMarkets (Institutional solutions) | TF Global Markets (Aust) Pty Ltd | FCA 629628 SourceASIC 424700 SourceFSA Seychelles SD060 Source | 86/100 |
| 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) Source | 84/100 |
| FP Markets Institutional (FP Markets Partners) | First Prudential Markets Pty Ltd | ASIC 286354 SourceCySEC 371/18 SourceFSCA 50926 SourceFSA Seychelles SD130 Source | 83/100 |
| Tickmill Prime (institutional prime-of-prime) | Tickmill UK Ltd | FCA 717270 SourceCySEC 278/15 SourceFSA Seychelles SD008 SourceFSCA 49464 Source | 83/100 |
| Global Prime | FMGP Trading Group Pty Ltd | ASIC 385620 SourceVFSC 40256 (company number) Source | 82/100 |
| 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) 746273 SourceNYDFS (virtual currency business licence, Cumberland New York) SourceBVI FSC (Securities and Investment Business Act licence, Cumberland International Trading Ltd) SourceCIMA (registration under Cayman Securities Investment Business Act, Cumberland Global Limited) Source | 81/100 |
| LMAX Global | LMAX Broker Limited | FCA 783200 Source | 81/100 |
| B2Prime | B2B Prime Services SC Ltd | CySEC 370/18 SourceFSA Seychelles SD 192 SourceFSC Mauritius C117017139 SourceDFSA F009446 SourceFSCA 54191 SourceSCB Bahamas SIA-F259 / DARE-DAB-034 Source | 80/100 |
| GCEX (GC Exchange) | GC Exchange Limited | FCA 828730 SourceDanish FSA (Finanstilsynet) Source | 80/100 |
| Exness (institutional / B2B entities Exness (UK) Ltd and Exness (Cy) Ltd) | Exness (SC) Ltd | FCA 730729 SourceCySEC 178/12 SourceFSA Seychelles SD025 SourceFSCA 51024 SourceFSC Mauritius GB20025294 Source | 79/100 |
| Interactive Brokers (institutional prime services) | Interactive Brokers LLC | SEC/FINRA CRD 36418 (SEC 8-47257) SourceFCA SourceCentral Bank of Ireland C423427 SourceASIC 453554 SourceSFC (HK) SourceMAS (Singapore) CMS100917 SourceCIRO (Canada) Source | 79/100 |
| Swissquote Bank (SQBLiquidity / institutional) | Swissquote Bank Ltd | FINMA SourceFCA SourceDFSA SourceSFC (HK) SourceMAS (Singapore) SourceCySEC Source | 79/100 |
| Virtu Financial | Virtu Financial, Inc. (US broker-dealer: Virtu Americas LLC) | SEC/FINRA CRD 149823 (SEC 8-68193) SourceCentral Bank of Ireland SourceCentral Bank of Ireland SourceFCA 987714 SourceFCA 572389 SourceSFC (HK) AHD810 SourceMAS (Singapore) CMS 100138-1 SourceASIC 219582 SourceCIRO (Canada) Source | 79/100 |
| B2C2 | B2C2 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 810834 SourceCSSF (MiCA CASP authorisation; VASP registration from 2024) Source | 78/100 |
| FXCM Pro (Stratos Group) | Stratos Markets Limited | FCA 217689 SourceASIC 309763 Source | 78/100 |
| Wells Fargo Corporate & Investment Banking FX | Wells Fargo & Company; UK entity: Wells Fargo Securities International Limited; US arm: Wells Fargo Securities, LLC | FCA 186745 SourceSEC/FINRA (broker-dealer) 8-65876 Source | 77/100 |
| Advanced Markets (AMGFX / Advanced Markets Group) | Advanced Markets (UK) Ltd | FCA 777739 Source | 76/100 |
| Dukascopy Bank (institutional / white-label liquidity) | Dukascopy Bank SA | FINMA Source | 76/100 |
| iSAM Securities | iSAM Securities (UK) Limited | Securities and Futures Commission (Hong Kong) BOL486 · authorised · checked 2026-09 SourceFinancial Conduct Authority (UK) 629586 · authorised · checked 2026-09 Source | 76/100 |
| Vantage Capital Markets LLP (VCM) | Vantage Capital Markets LLP | FCA 416697 Source | 75/100 |
| Citadel Securities | Citadel Securities LLC | SEC/FINRA CRD 116797 (SEC 8-53574) SourceSEC/FINRA CRD 281102 (SEC 8-69663) Source | 74/100 |
| 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) 8-52989 Source | 73/100 |
| Marex (Marex Financial) | Marex Financial | FCA 442767 SourceFCA Source | 71/100 |
| Scope Prime (Scope Markets institutional / Rostro Group) | MMCD Resources Ltd | CySEC 339/17 SourceFSA Seychelles SourceFSCA SourceFSC Mauritius Source | 65/100 |
| TopFX (institutional liquidity / prime brokerage) | TopFX Ltd | CySEC 138/11 SourceFSC BVI SIBA/L/23/1161 Source | 64/100 |
| LMAX Digital | LMAX Digital Broker Limited | GFSC FSC1342B Source | 55/100 |
| BNY Markets (iFlow) | The Bank of New York Mellon Corporation ('BNY'); UK entity: BNY Mellon Investment Management EMEA Limited | FCA 119196 SourceSEC/FINRA (broker-dealer) 8-13801 Source | 81/100 |
| LMAX Exchange | LMAX Limited | Financial Conduct Authority (UK) 509778 · authorised · checked 2026-09 Source | not yet rated |
| Match-Prime | MTG LIQUIDITY Ltd | Cyprus Securities and Exchange Commission 390/20 · authorised · checked 2026-09 Source | not yet rated |
| X Open Hub | XTB Limited | Financial Conduct Authority (UK) 522157 · authorised · checked 2026-09 Source | not yet rated |
Institutional liquidity providers are not ranked against retail brokers and never appear on the register or blacklist: eligibility, protections and review method differ. Counterparty decisions belong to the institution's own due-diligence process.
How a file is opened
Open the file at the licence
The same rule as every register check on this site: the licence number is the anchor. If the number or the entity name cannot be pinned down, the file does not open.
Split the claims into two drawers
What a counterparty can test (named venues, disclosed measurement boundaries, exportable TCA) goes in one drawer. What only the venue measures (LP counts, fill ratios) stays in the other, labelled as such.
State residuals as facts, with sources
Age, tier and self-measurement are not accusations — they are facts a counterparty carries into onboarding. Each residual in a file names its source, exactly like a warning does.
End with the verification plan
A file that cannot tell a counterparty what to test in UAT is a press release. Every file here closes with the plan: sandbox, own-traffic TCA, drop-copy coverage, mark-up agreed in the ISA.
The files
Drovix —
Drovix (MU) Ltd · ·