Knowledge hub
Institutional liquidity resources
Twelve articles for brokers, prop firms and funds evaluating where to execute. No performance promises and no vagueness: criteria, metrics, and the questions worth asking before signing.
Fundamentals
What you are actually contracting for, and how it works underneath.
- 1How a broker chooses liquidity: the conversation almost nobody gets rightA practical guide for brokers evaluating where to execute: what to ask on the first call, which numbers actually mean something, and the signs that a proposal is marketing rather than infrastructure.Jun 11, 2026 · 12 min read
- 2LP, prime broker and prime of prime: what each one is and which you needThe three figures are constantly confused in LATAM and they aren't interchangeable. What each one does, what it demands of you, how much capital it asks for, and how to tell which one fits your operation.Jun 18, 2026 · 11 min read
- 3How liquidity aggregation works (and why your fill isn't the one you expected)What an aggregator actually does between the bank's price and your client's fill: book construction, routing rules, symbol normalization, and where execution quality is lost.Jun 25, 2026 · 12 min read
- 4A-book, B-book and hybrid: all three are legitimate, opacity is notWhat each execution model is, when each one makes sense, why B-book isn't a dirty word, and the single question that separates a serious operator from one that isn't.Jul 1, 2026 · 11 min read
Metrics and execution mechanics
The numbers that reveal a counterparty, and how they get dressed up.
- 1Fill ratio and rejection rate: the two numbers that reveal your counterpartyWhat they measure exactly, why a low rejection rate can be a bad sign, how both metrics are manipulated, and what to ask for so they mean something.Jul 4, 2026 · 10 min read
- 2Last look and no-last-look: the mechanism, not the villainWhat the Last-Look window exactly is, why it exists, when it's abused, what No-Last-Look really costs, and the questions that separate legitimate use from the opposite.Jul 8, 2026 · 11 min read
- 3Toxic flow and latency arbitrage: what they are and why they affect you even if you don't practice themWhat makes flow count as toxic, how latency arbitrage works, why the label is sometimes used as an excuse, and how to defend yourself against having it applied unfairly.Jul 11, 2026 · 11 min read
- 4How to evaluate a FIX API before committing your integrationWhat to check in a FIX session beyond the version: message coverage, reconnection behavior, symbol mapping, drop-copy, and the questions that reveal whether the sandbox is worth anything.Jul 15, 2026 · 12 min read
Operational
Contract, counterparty risk, launch and managing at scale.
- 1How to read a liquidity agreement: the ten clauses that decide the relationshipA guide to what to look for in an execution agreement before signing it: unilateral-modification clauses, definition of prohibited flow, termination, data ownership, and the questions to take to your lawyer.Jul 17, 2026 · 12 min read
- 2Counterparty risk: what happens if your execution provider goes underThe four risks you take on by concentrating your execution in one entity, how to assess them before signing, and why fund segregation matters more than any clause in the contract.Jul 20, 2026 · 11 min read
- 3How to launch a broker in Latin America: the right order of decisionsThe sequence that separates an orderly launch from an expensive one: jurisdiction, structure, execution, platform, payments and client acquisition. What to decide first and which mistakes cost months.Jul 22, 2026 · 13 min read
- 4Exposure management for prop firms: the problem that shows up as you scaleWhy hundreds of accounts running similar strategies concentrate risk invisibly, how to separate evaluation from funded, and what to measure before the mismatch catches up with you.Jul 23, 2026 · 12 min read
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