01
File the change, not the brochure
A venue enters this section when something moved — a launch, a new stack, a licence. We write what changed and who has a new option because of it, not what the marketing page says about itself.
MARKET INFRASTRUCTURE · VENUE FILES
Institutional liquidity venues, filed
Beneath every broker sits the liquidity layer — the firms brokers, funds and prop desks actually clear through. When something changes down there, we file it the way we file a rate decision: what changed, who has a new option, which claims are checkable, and what the desk watches next. These are B2B counterparties; coverage is not endorsement, and no file is a recommendation to route flow.
- 54venues filed
- 3watch-list items
- not examineddata centres tracked
On file
| Venue | Registered entity | Filed | Licence | Evidence | |
|---|---|---|---|---|---|
| Drovix | Drovix (MU) Ltd | 2026-09 | Financial Services Commission (Mauritius) not published · authorised · checked 2026-09 ↗ | 78/100 | Read the file |
| Barclays FX | Barclays Bank PLC | 2026-09 | FCA 122702 ↗SEC/FINRA (BrokerCheck, Barclays Capital Inc.) 8-41342 ↗PRA ↗ | 98/100 | Read the file |
| BNP Paribas FX (Global Markets) | BNP Paribas SA (FX via Global Markets); UK dealing via BNP Paribas London Branch | 2026-09 | ACPR (ECB lead supervisor) ↗FCA (BNP Paribas London Branch) ↗SEC/FINRA (BrokerCheck, BNP Paribas Securities Corp.) 8-32682 ↗ | 98/100 | Read the file |
| Citi FX (Velocity) | Citigroup Inc. (FX via Citigroup Global Markets Limited, UK; Citigroup Global Markets Inc., US) | 2026-09 | FCA (Citigroup Global Markets Limited) 124384 ↗SEC/FINRA (BrokerCheck, Citigroup Global Markets Inc.) 8-8177 ↗SEC (EDGAR, Citigroup Inc.) 0000831001 ↗ | 98/100 | Read the file |
| Flow Traders | Flow Traders Ltd (Euronext Amsterdam: FLOW) | 2026-09 | FCA 960434 ↗SEC/FINRA (BrokerCheck, Flow Traders U.S. LLC) 8-68300 ↗SEC/FINRA (BrokerCheck, Flow Traders U.S. Institutional Trading LLC) 8-69711 ↗ | 98/100 | Read the file |
| Goldman Sachs FX (Marquee) | The Goldman Sachs Group, Inc. (FX via Goldman Sachs & Co. LLC, US; Goldman Sachs International, UK) | 2026-09 | SEC/FINRA (BrokerCheck, Goldman Sachs & Co. LLC) 8-129 ↗FCA (Goldman Sachs International) 142888 ↗FCA (Goldman Sachs International Bank) 124659 ↗SEC (EDGAR, The Goldman Sachs Group, Inc.) 0000886982 ↗ | 98/100 | Read the file |
| HSBC Global FX | HSBC Bank plc | 2026-09 | FCA 114216 ↗PRA ↗MAS (merchant bank / wholesale) ↗SEC/FINRA (BrokerCheck, HSBC Securities (USA) Inc.) 8-41562 ↗ | 98/100 | Read the file |
| 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) | 2026-09 | SEC/FINRA (BrokerCheck, J.P. Morgan Securities LLC) 8-35008 ↗FCA (J.P. Morgan Securities plc) 155240 ↗SEC (EDGAR, JPMorgan Chase & Co.) 0000019617 ↗ | 98/100 | Read the file |
| MUFG FX | Mitsubishi UFJ Financial Group, Inc. (FX via MUFG Bank, Ltd.; MUFG Securities EMEA plc, UK; MUFG Securities Americas Inc., US) | 2026-09 | FCA (MUFG Securities EMEA plc) 124512 ↗SEC/FINRA (BrokerCheck, MUFG Securities Americas Inc.) 8-43026 ↗JFSA (Japan Financial Services Agency) ↗ | 98/100 | Read the file |
| Société Générale (SG Markets FX) | Societe Generale S.A. | 2026-09 | ACPR ↗ECB (prudential supervision) ↗FCA (UK branch, Societe Generale London Branch) ↗ | 98/100 | Read the file |
| UBS Neo (FX) | UBS AG | 2026-09 | FINMA ↗FCA (UBS AG London Branch) 186958 ↗SEC/FINRA (BrokerCheck, UBS Securities LLC) 8-22651 ↗NYSE (UBS Group AG listed) ↗ | 98/100 | Read the file |
| GBE Prime | GBE Global Ltd | 2026-09 | FSA Seychelles SD176 ↗CySEC 240/14 ↗BaFin (branch registration) 10148129 ↗ | 97/100 | Read the file |
| State Street Global Markets | State Street Corporation (trading arm State Street Global Markets; US broker-dealer State Street Global Markets, LLC) | 2026-09 | SEC/FINRA (BrokerCheck, State Street Global Markets, LLC) 8-69862 ↗SEC (EDGAR, State Street Corporation) 000093751 ↗ | 95/100 | Read the file |
| Deutsche Bank FX (Autobahn) | Deutsche Bank AG | 2026-09 | BaFin + Deutsche Bundesbank ↗FCA (Deutsche Bank AG) 150018 ↗SEC/FINRA (BrokerCheck, Deutsche Bank Securities Inc.) 8-17822 ↗ | 92/100 | Read the file |
| Nomura FX | Nomura Holdings, Inc. (FX via Nomura Securities Co., Ltd., Japan; Nomura International plc, UK; Nomura Securities International, Inc., US) | 2026-09 | FCA (Nomura International plc) 124422 ↗SEC/FINRA (BrokerCheck, Nomura Securities International, Inc.) 8-15255 ↗JFSA (Japan Financial Services Agency) ↗SEC (EDGAR, Nomura Holdings, Inc.) 0001163653 ↗ | 92/100 | Read the file |
| 360T (Deutsche Börse FX venue) | 360T AG (Frankfurt); affiliates: 360 Trading Networks UK Ltd., 360T Inc. (US SEF), 360T India PTE | 2026-09 | BaFin ↗FCA 989320 ↗CFTC ↗ASIC ↗MAS ↗ | 91/100 | Read the file |
| Finalto | Finalto Financial Services Limited | 2026-09 | Financial Conduct Authority (UK) 481853 · authorised · checked 2026-09 ↗ | 91/100 | Read the file |
| CMC Markets Institutional (CMC Connect / API Direct) | CMC Markets UK plc (institutional services; group parent CMC Markets Group plc, LSE: CMCX) | 2026-09 | FCA 173730 ↗ | 90/100 | Read the file |
| 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. | 2026-09 | FCA 1007925 ↗SEC/FINRA (BrokerCheck, Galaxy Digital Partners LLC) 8-70001 ↗ | 89/100 | Read the file |
| IMC Trading | IMC Financial Markets (group; US entity IMC FINANCIAL MARKETS per BrokerCheck, CRD 104143; UK entity IMC London Limited) | 2026-09 | SEC/FINRA (BrokerCheck, IMC Financial Markets) 8-52600 ↗FCA (IMC London Limited) 1007808 ↗ | 89/100 | Read the file |
| XTX Markets | XTX Markets Limited | 2026-09 | FCA 949967 ↗FCA ↗ACPR (AMF-supervised) CIB 13283 ↗SEC/FINRA SEC 8-70009 (CRD 289846) ↗SEC/FINRA SEC 8-70532 (CRD 309266) ↗SEBI INZ000293058 ↗ | 88/100 | Read the file |
| LSEG FX | London Stock Exchange Group plc (LSEG FX business; acquired Refinitiv 2021) | 2026-09 | FCA 206017 ↗ | 87/100 | Read the file |
| Natixis Corporate & Investment Banking FX | NATIXIS (RCS Paris 542 044 524; share capital EUR 6,339,247,192) | 2026-09 | ACPR ↗ | 87/100 | Read the file |
| Standard Chartered FX | Standard Chartered PLC (banking via Standard Chartered Bank) | 2026-09 | FCA (Standard Chartered Bank) 114276 ↗SEC/FINRA (BrokerCheck, Standard Chartered Securities North America LLC) 8-66397 ↗ | 87/100 | Read the file |
| ThinkMarkets (Institutional solutions) | TF Global Markets (Aust) Pty Ltd | 2026-09 | FCA 629628 ↗ASIC 424700 ↗FSA Seychelles SD060 ↗ | 86/100 | Read the file |
| CLS Bank (CLSSettlement / CLSNet) | CLS Bank International (Edge Act corporation; parent CLS Group Holdings AG incorporated in Switzerland) | 2026-09 | US Federal Reserve (Edge Act corporation; designated financial market utility under Dodd-Frank Title VIII) ↗ | 84/100 | Read the file |
| FP Markets Institutional (FP Markets Partners) | First Prudential Markets Pty Ltd | 2026-09 | ASIC 286354 ↗CySEC 371/18 ↗FSCA 50926 ↗FSA Seychelles SD130 ↗ | 83/100 | Read the file |
| Tickmill Prime (institutional prime-of-prime) | Tickmill UK Ltd | 2026-09 | FCA 717270 ↗CySEC 278/15 ↗FSA Seychelles SD008 ↗FSCA 49464 ↗ | 83/100 | Read the file |
| Global Prime | FMGP Trading Group Pty Ltd | 2026-09 | ASIC 385620 ↗VFSC 40256 (company number) ↗ | 82/100 | Read the file |
| 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. | 2026-09 | FCA (cryptoasset registration for UK agent DRW Global Markets Ltd) 746273 ↗NYDFS (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) ↗ | 81/100 | Read the file |
| LMAX Global | LMAX Broker Limited | 2026-09 | FCA 783200 ↗ | 81/100 | Read the file |
| B2Prime | B2B Prime Services SC Ltd | 2026-09 | CySEC 370/18 ↗FSA Seychelles SD 192 ↗FSC Mauritius C117017139 ↗DFSA F009446 ↗FSCA 54191 ↗SCB Bahamas SIA-F259 / DARE-DAB-034 ↗ | 80/100 | Read the file |
| GCEX (GC Exchange) | GC Exchange Limited | 2026-09 | FCA 828730 ↗Danish FSA (Finanstilsynet) ↗ | 80/100 | Read the file |
| Exness (institutional / B2B entities Exness (UK) Ltd and Exness (Cy) Ltd) | Exness (SC) Ltd | 2026-09 | FCA 730729 ↗CySEC 178/12 ↗FSA Seychelles SD025 ↗FSCA 51024 ↗FSC Mauritius GB20025294 ↗ | 79/100 | Read the file |
| Interactive Brokers (institutional prime services) | Interactive Brokers LLC | 2026-09 | SEC/FINRA CRD 36418 (SEC 8-47257) ↗FCA ↗Central Bank of Ireland C423427 ↗ASIC 453554 ↗SFC (HK) ↗MAS (Singapore) CMS100917 ↗CIRO (Canada) ↗ | 79/100 | Read the file |
| Swissquote Bank (SQBLiquidity / institutional) | Swissquote Bank Ltd | 2026-09 | FINMA ↗FCA ↗DFSA ↗SFC (HK) ↗MAS (Singapore) ↗CySEC ↗ | 79/100 | Read the file |
| Virtu Financial | Virtu Financial, Inc. (US broker-dealer: Virtu Americas LLC) | 2026-09 | SEC/FINRA CRD 149823 (SEC 8-68193) ↗Central Bank of Ireland ↗Central Bank of Ireland ↗FCA 987714 ↗FCA 572389 ↗SFC (HK) AHD810 ↗MAS (Singapore) CMS 100138-1 ↗ASIC 219582 ↗CIRO (Canada) ↗ | 79/100 | Read the file |
| 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. | 2026-09 | FCA 810834 ↗CSSF (MiCA CASP authorisation; VASP registration from 2024) ↗ | 78/100 | Read the file |
| FXCM Pro (Stratos Group) | Stratos Markets Limited | 2026-09 | FCA 217689 ↗ASIC 309763 ↗ | 78/100 | Read the file |
| Wells Fargo Corporate & Investment Banking FX | Wells Fargo & Company; UK entity: Wells Fargo Securities International Limited; US arm: Wells Fargo Securities, LLC | 2026-09 | FCA 186745 ↗SEC/FINRA (broker-dealer) 8-65876 ↗ | 77/100 | Read the file |
| Advanced Markets (AMGFX / Advanced Markets Group) | Advanced Markets (UK) Ltd | 2026-09 | FCA 777739 ↗ | 76/100 | Read the file |
| Dukascopy Bank (institutional / white-label liquidity) | Dukascopy Bank SA | 2026-09 | FINMA ↗ | 76/100 | Read the file |
| iSAM Securities | iSAM Securities (UK) Limited | 2026-09 | Securities and Futures Commission (Hong Kong) BOL486 · authorised · checked 2026-09 ↗Financial Conduct Authority (UK) 629586 · authorised · checked 2026-09 ↗ | 76/100 | Read the file |
| Vantage Capital Markets LLP (VCM) | Vantage Capital Markets LLP | 2026-09 | FCA 416697 ↗ | 75/100 | Read the file |
| Citadel Securities | Citadel Securities LLC | 2026-09 | SEC/FINRA CRD 116797 (SEC 8-53574) ↗SEC/FINRA CRD 281102 (SEC 8-69663) ↗ | 74/100 | Read the file |
| Jump Trading (institutional market maker) | Jump Trading, LLC; affiliates Jump Trading Futures LLC, Jump Trading Europe B.V., Jump Trading International Ltd. | 2026-09 | SEC/FINRA (broker-dealer) 8-52989 ↗ | 73/100 | Read the file |
| Marex (Marex Financial) | Marex Financial | 2026-09 | FCA 442767 ↗FCA ↗ | 71/100 | Read the file |
| Scope Prime (Scope Markets institutional / Rostro Group) | MMCD Resources Ltd | 2026-09 | CySEC 339/17 ↗FSA Seychelles ↗FSCA ↗FSC Mauritius ↗ | 65/100 | Read the file |
| TopFX (institutional liquidity / prime brokerage) | TopFX Ltd | 2026-09 | CySEC 138/11 ↗FSC BVI SIBA/L/23/1161 ↗ | 64/100 | Read the file |
| LMAX Digital | LMAX Digital Broker Limited | 2026-09 | GFSC FSC1342B ↗ | 55/100 | Read the file |
| BNY Markets (iFlow) | The Bank of New York Mellon Corporation ('BNY'); UK entity: BNY Mellon Investment Management EMEA Limited | 2026-09 | FCA 119196 ↗SEC/FINRA (broker-dealer) 8-13801 ↗ | 81/100 | Read the file |
| LMAX Exchange | LMAX Limited | not recorded | Financial Conduct Authority (UK) 509778 · authorised · checked 2026-09 ↗ | not yet rated | Read the file |
| Match-Prime | MTG LIQUIDITY Ltd | not recorded | Cyprus Securities and Exchange Commission 390/20 · authorised · checked 2026-09 ↗ | not yet rated | Read the file |
| X Open Hub | XTB Limited | not recorded | Financial Conduct Authority (UK) 522157 · authorised · checked 2026-09 ↗ | not yet rated | Read the file |
Institutional liquidity venues are not ranked against retail brokers and never appear in the confidence desk: eligibility, protections and review method differ. Counterparty decisions belong to the institution's own due-diligence process.
How venues are filed
02
Checkable first, self-measured second
Named data centres, licence numbers and disclosed measurement boundaries go in the checkable column. LP counts, fill ratios and internalisation quality stay labelled as the venue's own measurement.
03
Keep the desk's watch-list attached
Every venue file carries a dated watch-list: the specific claims the desk will re-check, and the register line that can change the picture. Coverage without a follow-up plan is a press release.
Latest filings
2026-09
Drovix —
A new in-house execution stack entered the institutional plumbing. For brokers consolidating liquidity and prop desks shopping venue access, the option set moved — marginally, measurably, and worth filing.
Drovix (MU) Ltd · ·
Read the venue file →