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Institutional market infrastructure

The firms behind the price you see

Explore the banks, prime-of-prime firms and non-bank market makers that help shape a broker's spreads, execution and market depth.

Explore providers

6 published profiles

Explore the providers

Source-linked records for the institutional firms in our directory

Showing 6 of 6 providers

Drovix

Legal entity: Drovix (MU) Ltd

Drovix is a principal liquidity provider with its own market-making and bridge technology, offering bilateral OTC liquidity to institutional clients. Pricing, execution and connectivity are agreed separately for each counterparty.

Editorial summary based on provider information

drovix.com ↗

View full profile

Regulation

  • FSC_MU · MUAuthorised
Profile details

What they offer

Drovix provides bilateral OTC liquidity as principal and states that it is not a public exchange, MTF, OTF or ECN. It develops its own market-making and bridge technology, prices as principal and manages the resulting exposure within an agreed counterparty framework. Instruments include FX, precious metals, energies and equity indices, with coverage depending on jurisdiction and the agreed relationship. Connectivity can be scoped over FIX 4.4, REST, WebSocket or an approved MT5 bridge, and credit limits, collateral and margin are set through onboarding and an institutional services agreement. The offering is directed at eligible counterparties and professional clients; Drovix does not provide services to retail clients.

Licences

RegulatorJurisdictionLicenceStatusCheckedRegister
FSC_MUMUNone published by the registerauthorised26 Sept 2026Open register

Record updated 1 Nov 2026

Finalto

Non-bank market maker

Legal entity: Finalto Financial Services Limited

Finalto is a financial services firm providing liquidity, risk management and prime brokerage solutions to institutional and professional clients. Founded in 2008 as an institutional liquidity and clearing provider, it also offers white label solutions and an institutional trading platform.

Editorial summary based on provider information

finalto.com ↗

  • Currency pairs
  • Metals
  • Indices
  • Commodities
  • FIX API

View full profile

Regulation

  • FCA · GBAuthorised
Profile details

What they offer

Finalto supports retail brokers, hedge funds, proprietary trading firms, family offices and asset managers, and does not offer services to retail clients. Its liquidity covers FX, metals, commodities, stocks, indices and crypto through a single platform built for brokers and professional institutions. Its ClearVision system combines liquidity management, risk control and multi-asset execution, with FIX and REST API connectivity and hosting in London (LD4), New York (NY4) and Singapore (SG3). The firm states that its entities are regulated by the FCA, MAS, CySEC, ASIC, the UAE CMA and the BVI Financial Services Commission.

Provider type
Non-bank market maker
Execution model
Principal (takes the other side of trades)
Profile source
finalto.com

Licences

RegulatorJurisdictionLicenceStatusCheckedRegister
FCAGB481853authorised25 Sept 2026Open register

Asset classes

Currency pairs
Yes
Metals
Yes
Indices
Yes
Commodities
Yes
Digital assets
Yes

Source: finalto.com · checked 25 Sept 2026

Connectivity

FIX API
Yes
MetaTrader 4 bridge
Yes
MetaTrader 5 bridge
Yes
Other integrations
rest api, third party api bridge, clearvision, colocation ld4 ny4 sg3

Source: finalto.com · checked 25 Sept 2026

Onboarding

Minimum deposit
$100,000 or equivalent in another currency
Minimum volume
Not published by the provider
Collateral
Not published by the provider
Accepted clients
regulated broker, financial institution, Family offices, Hedge funds, professional trader, Prop trading firms, Asset managers

Source: finalto.com · checked 25 Sept 2026

Record updated 1 Nov 2026

LMAX Exchange

Legal entity: LMAX Limited

LMAX Exchange, part of LMAX Group, operates institutional FX exchanges including an FCA-regulated MTF and a MAS-regulated RMO. Institutions trade on a central limit order book with streaming, firm limit order liquidity from banks and non-banks.

Editorial summary based on provider information

lmax.com ↗

  • Currency pairs
  • Metals
  • Indices
  • FIX API

View full profile

Regulation

  • FCA · GBAuthorised
Profile details

What they offer

LMAX Exchange runs independent matching engines in London (LD4), New York (NY4), Tokyo (TY3) and Singapore (SG1), with strict price/time priority matching and no last look. Participants include funds, banks, proprietary trading firms, institutional brokers and asset managers, and trades are cleared bilaterally between members. Listed products include spot FX, FX NDFs and FX swaps, spot metals, and equity index contracts on the LMAX MTF. Access is via FIX 4.2/4.4 with ITCH market data and cross-connects at Equinix data centres. Credit intermediation is provided by BNP Paribas and HSBC.

Broker in the same group
lmax-global

Licences

RegulatorJurisdictionLicenceStatusCheckedRegister
FCAGB509778authorised25 Sept 2026Open register

Asset classes

Currency pairs
Yes
Metals
Yes
Indices
Yes

Source: lmax.com · checked 25 Sept 2026

Connectivity

FIX API
Yes
Other integrations
itch market data, equinix cross connect ld4 ny4 ty3 sg1, drop copy, bank algo aggregators

Source: lmax.com · checked 25 Sept 2026

Onboarding

Accepted clients
fund, Banks, Prop trading firms, institutional broker, Asset managers

Source: lmax.com · checked 25 Sept 2026

Record updated 1 Nov 2026

Match-Prime

Prime-of-prime

Legal entity: MTG LIQUIDITY Ltd

Match-Prime Liquidity is a CySEC-regulated prime of prime liquidity provider for regulated FX and CFD brokers, operating since 2020. It provides multi-asset liquidity across more than 2,000 instruments through a single counterparty and serves professional clients and institutions only.

Editorial summary based on provider information

match-prime.com ↗

  • Currency pairs
  • Metals
  • Indices
  • Commodities
  • FIX API

View full profile

Regulation

  • CySEC · CYAuthorised
Profile details

What they offer

Match-Prime is operated by MTG Liquidity Ltd under CySEC licence 390/20 and offers liquidity across FX, precious metals, indices, ETFs, commodities, energies, crypto CFDs, perpetual CFDs and equity CFDs. Its technology is built and maintained in-house by Match-Trade Technologies. Brokers can connect via FIX API with 10 levels of market depth, or through an MT4/MT5 bridge offered at no additional cost. The firm states that it applies no minimum volume thresholds, and it has offices in Limassol, Nicosia and Dubai.

Provider type
Prime-of-prime
Profile source
match-prime.com

Licences

RegulatorJurisdictionLicenceStatusCheckedRegister
CySECCY390/20authorised25 Sept 2026Open register

Asset classes

Currency pairs
Yes
Metals
Yes
Indices
Yes
Commodities
Yes
Digital assets
Yes

Source: match-prime.com · checked 25 Sept 2026

Connectivity

FIX API
Yes
MetaTrader 4 bridge
Yes
MetaTrader 5 bridge
Yes
Other integrations
match trader pro, ctrader, onezero, primexm

Source: match-prime.com · checked 25 Sept 2026

Onboarding

Minimum deposit
Not published by the provider
Minimum volume
No minimum volume threshold stated by the provider
Collateral
Client funds may be held under a title transfer collateral arrangement (TTCA) unless the client advises otherwise
Accepted clients
professional client, eligible counterparty, regulated broker

Source: match-prime.com · checked 25 Sept 2026

Record updated 1 Nov 2026

X Open Hub

Non-bank market maker

Legal entity: XTB Limited

X Open Hub, now branded XTB Institutional, is part of the WSE-listed XTB Group and provides institutional liquidity and trading infrastructure to banks, brokers and fintechs. It offers access to more than 5,000 FX and CFD instruments and does not serve retail investors.

Editorial summary based on provider information

xopenhub.pro ↗

  • Currency pairs
  • Indices
  • Commodities
  • Digital assets
  • FIX API

View full profile

Regulation

  • FCA · GBAuthorised
Profile details

What they offer

XTB Institutional provides liquidity in a wholesale model for professional counterparties, including licensed institutions offering CFDs to their own clients, across FX, indices, commodities, shares, ETFs and crypto CFDs. Connectivity options include FIX protocol, API, and an MT4/MT5 bridge or gateway, with integrations for PrimeXM, oneZero, Gold-i, Tools for Brokers and Match-Trade. The XTB capital group states that it is supervised by regulators including KNF, CySEC, DFSA, FSC, FSA, SCA and BAPPEBTI.

Provider type
Non-bank market maker
Execution model
Principal (takes the other side of trades)
Profile source
institutional.xtb.com
Broker in the same group
xtb

Licences

RegulatorJurisdictionLicenceStatusCheckedRegister
FCAGB522157authorised25 Sept 2026Open register

Asset classes

Currency pairs
Yes
Indices
Yes
Commodities
Yes
Digital assets
Yes

Source: xopenhub.pro · checked 25 Sept 2026

Connectivity

FIX API
Yes
MetaTrader 4 bridge
Yes
MetaTrader 5 bridge
Yes
Other integrations
api, primexm, onezero, gold i, tools for brokers, match trade

Source: xopenhub.pro · checked 25 Sept 2026

Onboarding

Accepted clients
Banks, broker, fintech

Source: xopenhub.pro · checked 25 Sept 2026

Record updated 1 Nov 2026

iSAM Securities

Non-bank market maker

Legal entity: iSAM Securities (UK) Limited

iSAM Securities is an algorithmic trading firm and electronic market maker providing liquidity, technology and prime services to institutional clients. It offers liquidity on more than 100 currency and precious metal pairs and 31 CFDs, with GUI and FIX API access.

Editorial summary based on provider information

isam-securities.com ↗

  • Currency pairs
  • Metals
  • Indices
  • Commodities
  • FIX API

View full profile

Regulation

  • SFC · HKAuthorised
  • FCA · GBAuthorised
Profile details

What they offer

iSAM Securities streams pricing developed in-house on more than 100 FX and precious metal pairs, and offers 31 CFDs including Natural Gas, China A50, the US Dollar Index, Bitcoin and the US 500 Index. Its clients include brokers, hedge funds and asset managers, proprietary trading houses, family offices, banks and corporates. Brokers can use the firm's Apex bridge and Radar risk management tools, while proprietary trading houses and family offices can trade via GUI or FIX API. The firm accepts USDT and USDC on the ERC-20 blockchain as margin deposits through an FCA-registered crypto custodian.

Provider type
Non-bank market maker
Execution model
Principal (takes the other side of trades)
Profile source
isam-securities.com

Licences

RegulatorJurisdictionLicenceStatusCheckedRegister
SFCHKBOL486authorised25 Sept 2026Open register
FCAGB629586authorised25 Sept 2026Open register

Asset classes

Currency pairs
Yes
Metals
Yes
Indices
Yes
Commodities
Yes
Digital assets
Yes

Source: isam-securities.com · checked 25 Sept 2026

Connectivity

FIX API
Yes
MetaTrader 4 bridge
Yes
MetaTrader 5 bridge
Yes
Other integrations
apex bridge, proprietary gui

Source: isam-securities.com · checked 25 Sept 2026

Onboarding

Minimum deposit
Not published by the provider
Minimum volume
Not published by the provider
Collateral
USDT/USDC (ERC-20) margin via FCA-registered custodian — per LP own site
Accepted clients
Retail brokers, Hedge funds, Asset managers, Prop trading firms, Family offices, Banks, Corporates

Source: isam-securities.com · checked 25 Sept 2026

Record updated 1 Nov 2026

Guide

The five kinds of liquidity provider

Who stands behind a price decides who carries the risk of a trade, and what a broker can offer on top of it.

Tier-1 bank

The largest dealing banks quote FX and other markets from their own books. They deal with institutions that hold a credit line with them, usually through a prime broker.

Prime-of-prime

A firm that holds prime-brokerage relationships with large banks and extends that access, under its own credit, to brokers and funds too small to get it directly.

Non-bank market maker

An electronic trading firm that streams prices from its own balance sheet and takes the other side of the trades it fills.

Aggregator

Technology that combines price streams from several providers into one order book and routes each order to one of them. Check which firm is the counterparty.

Exchange / trading venue

A regulated trading venue, such as an MTF, where participants trade with each other on a central order book. The venue matches trades but does not take the other side.

What to check before you rely on one

The same six questions sit behind every profile in this directory.

  1. The licence, on the register

    Look the firm up on the regulator's own register: entity name, licence number and status. A logo on a website is not a licence.

  2. The entity you would contract with

    Groups run several companies in several countries. Check which legal entity signs the agreement, and which regulator supervises that entity.

  3. The execution model

    A principal provider takes the other side of your trades; an agency provider passes them on to others. Each changes where conflicts of interest can arise.

  4. Last look and rejections

    Ask whether the provider can reject a trade after seeing it, and for how long. The FX Global Code expects that practice to be disclosed.

  5. Connectivity

    FIX API, MetaTrader bridges or a proprietary platform: the way you connect decides your latency, the market data depth you see and the tools you can use.

  6. Onboarding terms

    Minimum deposit or volume, collateral and accepted client types show whether a firm will take on a business of your size.

Liquidity providers: common questions

What is a liquidity provider?

A firm that stands ready to buy and sell, quoting prices that brokers, funds and other institutions can trade on. Brokers usually connect to one or more of them to price their own clients' orders.

Does a retail trader deal with a liquidity provider directly?

No. A retail trader deals with a broker. The broker may hedge with or pass orders to its providers, so their prices and depth can still shape what the trader is offered.

What is a prime-of-prime provider?

A firm with prime-brokerage access to large banks that extends it to smaller brokers and funds under its own credit, so they can reach bank and non-bank liquidity through one counterparty.

What is last look?

A short window in which a provider can accept or reject a trade request at the price it quoted. The FX Global Code asks providers that use it to say so and to explain how they apply it.

Why does traderpublic not rank liquidity providers?

Which provider suits a firm depends on its size, markets and technology. traderpublic publishes checked facts with their sources, so each firm can make that choice itself.

Why these details matter

Better context for broker research

Our methodology

A retail trader deals with a broker, not its liquidity provider, but the provider and the routing behind it can still shape the prices, depth and execution on offer. Each profile shows published facts with their sources, so you can check them yourself.