STUDY RECORDS · B2B COUNTERPARTIES
Every retail broker buys its liquidity from somewhere. This category takes the somewhere — the firms brokers, funds and prop desks clear through — and turns each one into a worked record: find the contracting entity, read the licence on the regulator's own terms, and keep uncheckable claims labelled as claims. These are B2B counterparties you cannot open an account with, so nothing here is a recommendation to route flow — it is reading practice on live material.
Evidence scores run 0–100: licence verification, disclosure quality and the share of claims a counterparty can actually test.
| Provider | Registered entity | Licence | Venues | Evidence score | |
|---|---|---|---|---|---|
| Drovix | Drovix (MU) Ltd | FSC Mauritius GB21026813 ↗ | 4 data centres | 78 | Study it |
| Barclays FX | Barclays Bank PLC | FCA 122702 ↗SEC/FINRA (BrokerCheck, Barclays Capital Inc.) 8-41342 ↗PRA ↗ | 5 data centres | 98 | Study it |
| BNP Paribas FX (Global Markets) | BNP Paribas SA (FX via Global Markets); UK dealing via BNP Paribas London Branch | ACPR (ECB lead supervisor) ↗FCA (BNP Paribas London Branch) ↗SEC/FINRA (BrokerCheck, BNP Paribas Securities Corp.) 8-32682 ↗ | 4 data centres | 98 | Study it |
| Citi FX (Velocity) | Citigroup Inc. (FX via Citigroup Global Markets Limited, UK; Citigroup Global Markets Inc., US) | FCA (Citigroup Global Markets Limited) 124384 ↗SEC/FINRA (BrokerCheck, Citigroup Global Markets Inc.) 8-8177 ↗SEC (EDGAR, Citigroup Inc.) 0000831001 ↗ | 4 data centres | 98 | Study it |
| Flow Traders | Flow Traders Ltd (Euronext Amsterdam: FLOW) | FCA 960434 ↗SEC/FINRA (BrokerCheck, Flow Traders U.S. LLC) 8-68300 ↗SEC/FINRA (BrokerCheck, Flow Traders U.S. Institutional Trading LLC) 8-69711 ↗ | 2 data centres | 98 | Study it |
| 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 ↗FCA (Goldman Sachs International) 142888 ↗FCA (Goldman Sachs International Bank) 124659 ↗SEC (EDGAR, The Goldman Sachs Group, Inc.) 0000886982 ↗ | 4 data centres | 98 | Study it |
| HSBC Global FX | HSBC Bank plc | FCA 114216 ↗PRA ↗MAS (merchant bank / wholesale) ↗SEC/FINRA (BrokerCheck, HSBC Securities (USA) Inc.) 8-41562 ↗ | 4 data centres | 98 | Study it |
| 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 ↗FCA (J.P. Morgan Securities plc) 155240 ↗SEC (EDGAR, JPMorgan Chase & Co.) 0000019617 ↗ | 4 data centres | 98 | Study it |
| 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 ↗SEC/FINRA (BrokerCheck, MUFG Securities Americas Inc.) 8-43026 ↗JFSA (Japan Financial Services Agency) ↗ | 5 data centres | 98 | Study it |
| Société Générale (SG Markets FX) | Societe Generale S.A. | ACPR ↗ECB (prudential supervision) ↗FCA (UK branch, Societe Generale London Branch) ↗ | 3 data centres | 98 | Study it |
| UBS Neo (FX) | UBS AG | FINMA ↗FCA (UBS AG London Branch) 186958 ↗SEC/FINRA (BrokerCheck, UBS Securities LLC) 8-22651 ↗NYSE (UBS Group AG listed) ↗ | 4 data centres | 98 | Study it |
| GBE Prime | GBE Global Ltd | FSA Seychelles SD176 ↗CySEC 240/14 ↗BaFin (branch registration) 10148129 ↗ | 3 data centres | 97 | Study it |
| 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 ↗SEC (EDGAR, State Street Corporation) 000093751 ↗ | 4 data centres | 95 | Study it |
| Deutsche Bank FX (Autobahn) | Deutsche Bank AG | BaFin + Deutsche Bundesbank ↗FCA (Deutsche Bank AG) 150018 ↗SEC/FINRA (BrokerCheck, Deutsche Bank Securities Inc.) 8-17822 ↗ | 0 data centres | 92 | Study it |
| 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 ↗SEC/FINRA (BrokerCheck, Nomura Securities International, Inc.) 8-15255 ↗JFSA (Japan Financial Services Agency) ↗SEC (EDGAR, Nomura Holdings, Inc.) 0001163653 ↗ | 0 data centres | 92 | Study it |
| 360T (Deutsche Börse FX venue) | 360T AG (Frankfurt); affiliates: 360 Trading Networks UK Ltd., 360T Inc. (US SEF), 360T India PTE | BaFin ↗FCA 989320 ↗CFTC ↗ASIC ↗MAS ↗ | 2 data centres | 91 | Study it |
| Finalto | Finalto Financial Services Limited | FCA 481853 ↗CySEC 264/15 ↗ASIC 424008 ↗MAS ↗BVI FSC SIBA/L/14/1067 ↗ | 3 data centres | 91 | Study it |
| CMC Markets Institutional (CMC Connect / API Direct) | CMC Markets UK plc (institutional services; group parent CMC Markets Group plc, LSE: CMCX) | FCA 173730 ↗ | 4 data centres | 90 | Study it |
| 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 ↗SEC/FINRA (BrokerCheck, Galaxy Digital Partners LLC) 8-70001 ↗ | 2 data centres | 89 | Study it |
| 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 ↗FCA (IMC London Limited) 1007808 ↗ | 1 data centres | 89 | Study it |
| XTX Markets | XTX Markets Limited | FCA 949967 ↗FCA ↗ACPR (AMF-supervised) CIB 13283 ↗SEC/FINRA SEC 8-70009 (CRD 289846) ↗SEC/FINRA SEC 8-70532 (CRD 309266) ↗SEBI INZ000293058 ↗ | 0 data centres | 88 | Study it |
| LSEG FX | London Stock Exchange Group plc (LSEG FX business; acquired Refinitiv 2021) | FCA 206017 ↗ | 5 data centres | 87 | Study it |
| Natixis Corporate & Investment Banking FX | NATIXIS (RCS Paris 542 044 524; share capital EUR 6,339,247,192) | ACPR ↗ | 2 data centres | 87 | Study it |
| Standard Chartered FX | Standard Chartered PLC (banking via Standard Chartered Bank) | FCA (Standard Chartered Bank) 114276 ↗SEC/FINRA (BrokerCheck, Standard Chartered Securities North America LLC) 8-66397 ↗ | 0 data centres | 87 | Study it |
| ThinkMarkets (Institutional solutions) | TF Global Markets (Aust) Pty Ltd | FCA 629628 ↗ASIC 424700 ↗FSA Seychelles SD060 ↗ | 0 data centres | 86 | Study it |
| 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) ↗ | 2 data centres | 84 | Study it |
| FP Markets Institutional (FP Markets Partners) | First Prudential Markets Pty Ltd | ASIC 286354 ↗CySEC 371/18 ↗FSCA 50926 ↗FSA Seychelles SD130 ↗ | 0 data centres | 83 | Study it |
| Tickmill Prime (institutional prime-of-prime) | Tickmill UK Ltd | FCA 717270 ↗CySEC 278/15 ↗FSA Seychelles SD008 ↗FSCA 49464 ↗ | 0 data centres | 83 | Study it |
| Global Prime | FMGP Trading Group Pty Ltd | ASIC 385620 ↗VFSC 40256 (company number) ↗ | 1 data centres | 82 | Study it |
| 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 ↗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) ↗ | 0 data centres | 81 | Study it |
| LMAX Global | LMAX Broker Limited | FCA 783200 ↗ | 4 data centres | 81 | Study it |
| B2Prime | B2B Prime Services SC Ltd | CySEC 370/18 ↗FSA Seychelles SD 192 ↗FSC Mauritius C117017139 ↗DFSA F009446 ↗FSCA 54191 ↗SCB Bahamas SIA-F259 / DARE-DAB-034 ↗ | 0 data centres | 80 | Study it |
| GCEX (GC Exchange) | GC Exchange Limited | FCA 828730 ↗Danish FSA (Finanstilsynet) ↗ | 0 data centres | 80 | Study it |
| Exness (institutional / B2B entities Exness (UK) Ltd and Exness (Cy) Ltd) | Exness (SC) Ltd | FCA 730729 ↗CySEC 178/12 ↗FSA Seychelles SD025 ↗FSCA 51024 ↗FSC Mauritius GB20025294 ↗ | 0 data centres | 79 | Study it |
| Interactive Brokers (institutional prime services) | Interactive Brokers LLC | SEC/FINRA CRD 36418 (SEC 8-47257) ↗FCA ↗Central Bank of Ireland C423427 ↗ASIC 453554 ↗SFC (HK) ↗MAS (Singapore) CMS100917 ↗CIRO (Canada) ↗ | 0 data centres | 79 | Study it |
| Swissquote Bank (SQBLiquidity / institutional) | Swissquote Bank Ltd | FINMA ↗FCA ↗DFSA ↗SFC (HK) ↗MAS (Singapore) ↗CySEC ↗ | 0 data centres | 79 | Study it |
| Virtu Financial | Virtu Financial, Inc. (US broker-dealer: Virtu Americas LLC) | 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) ↗ | 0 data centres | 79 | Study it |
| 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 ↗CSSF (MiCA CASP authorisation; VASP registration from 2024) ↗ | 0 data centres | 78 | Study it |
| FXCM Pro (Stratos Group) | Stratos Markets Limited | FCA 217689 ↗ASIC 309763 ↗ | 0 data centres | 78 | Study it |
| Wells Fargo Corporate & Investment Banking FX | Wells Fargo & Company; UK entity: Wells Fargo Securities International Limited; US arm: Wells Fargo Securities, LLC | FCA 186745 ↗SEC/FINRA (broker-dealer) 8-65876 ↗ | 0 data centres | 77 | Study it |
| Advanced Markets (AMGFX / Advanced Markets Group) | Advanced Markets (UK) Ltd | FCA 777739 ↗ | 0 data centres | 76 | Study it |
| Dukascopy Bank (institutional / white-label liquidity) | Dukascopy Bank SA | FINMA ↗ | 0 data centres | 76 | Study it |
| iSAM Securities (formerly IS Prime) | iSAM Securities (UK) Limited | FCA 629586 ↗SFC Hong Kong BOL486 ↗CFTC/NFA (CTA registration) ↗CIMA (Cayman, registered person) ↗ | 0 data centres | 76 | Study it |
| Vantage Capital Markets LLP (VCM) | Vantage Capital Markets LLP | FCA 416697 ↗ | 0 data centres | 75 | Study it |
| Citadel Securities | Citadel Securities LLC | SEC/FINRA CRD 116797 (SEC 8-53574) ↗SEC/FINRA CRD 281102 (SEC 8-69663) ↗ | 0 data centres | 74 | Study it |
| 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 ↗ | 0 data centres | 73 | Study it |
| Marex (Marex Financial) | Marex Financial | FCA 442767 ↗FCA ↗ | 0 data centres | 71 | Study it |
| Scope Prime (Scope Markets institutional / Rostro Group) | MMCD Resources Ltd | CySEC 339/17 ↗FSA Seychelles ↗FSCA ↗FSC Mauritius ↗ | 0 data centres | 65 | Study it |
| TopFX (institutional liquidity / prime brokerage) | TopFX Ltd | CySEC 138/11 ↗FSC BVI SIBA/L/23/1161 ↗ | 0 data centres | 64 | Study it |
| LMAX Digital | LMAX Digital Broker Limited | GFSC FSC1342B ↗ | 0 data centres | 55 | Study it |
| BNY Markets (iFlow) | The Bank of New York Mellon Corporation ('BNY'); UK entity: BNY Mellon Investment Management EMEA Limited | FCA 119196 ↗SEC/FINRA (broker-dealer) 8-13801 ↗ | 0 data centres | 81 | Study it |
Institutional liquidity providers are not ranked against retail brokers and never appear in broker comparisons: eligibility, protections and review method differ. Counterparty decisions belong to the institution's own due-diligence process.
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 · FIX 4.4, FIX drop-copy (on request), REST API