“Beware Prop Trading, Beware Funded Accounts”: TRADU CEO on Liquidity and 2026 Priorities

“The data is what matters,” said Brendan Callan, CEO of TRADU, referring to how execution quality and flow analysis are reshaping broker–liquidity provider relationships.

At the Finance Magnates London Summit 2025, Callan spoke in an interview with Finance Magnates, conducted by Jonathan Fine, about the firm’s strategic priorities for 2026 and his critical view of the fast-growing funded trading segment.

Speaking after winning the summit’s first prop trading debate, Callan discussed the distinction between traditional proprietary trading and challenge-based funded models, the evolving role of data in liquidity relationships, and TRADU's plans to expand its global listed products offering.

TRADU is a multi-asset broker and trading platform offering CFDs and real-stock investing in one ecosystem. It is backed by the Stratos Group and Jefferies Financial Group and regulated in several jurisdictions including an EU and UK.

Funded Trading Models Under Scrutiny

Calllan drew a clear distinction between established proprietary trading firms and what is commonly referred to as the funded trading or “challenge” industry. “There’s prop trading and then there’s the challenge in the funded industry,” Callan said, adding that he does not consider challenge-based funded accounts equivalent to traditional proprietary trading.

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He stressed that his criticism is not aimed at professional proprietary traders, but at business models built around repeated evaluations rather than long-term trading performance. “I don’t like the name, of course — not the actual proprietary traders, the master geniuses — the funded accounts,” he said. TRADU, Callan confirmed, does not plan to enter the funded trading space.

Expanding Global Market Access in 2026

Looking ahead, Callan highlighted a major expansion of TRADU's listed products business as a core focus for 2026. “We have a big upgrade coming in the new year for our listed products offering,” he said.

Currently offering US equities, TRADU plans to broaden its coverage in the first half of next year to include Canada, Japan, the UK, Europe, and Australia. The expansion will also extend beyond equities to include options, ETFs, and bonds.

“We’ll be offering the equities as well as options, ETFs, and bonds,” Callan said, describing the rollout as the firm’s next major milestone.

Liquidity Relationships in a Data-Driven Environment

Operating under the FXCM Pro brand, TRADU provides execution and clearing services across FX, CFDs, and listed markets, working with hedge funds, brokers, and institutional clients. Callan addressed ongoing industry discussions around automation, execution analytics, and the role of human relationships in liquidity provision.

“The data is what matters,” he said. While emphasising the continued importance of relationships with liquidity providers, Callan noted that LPs are ultimately focused on flow quality and execution metrics.

“At the end of the day, their concern — rightfully so — is going to be the type of flow that we’re externalising,” he said, pointing to the importance of attribution, markouts, and execution analysis. According to Callan, successful liquidity management increasingly depends on combining strong partnerships with rigorous data-driven oversight.

A Cautious Message for the Industry

Concluding the discussion, Callan returned to the message that defined his position during the prop trading debate. “Beware prop trading, beware funded accounts,” he said. He added that the industry should remain critical of models that prioritise marketing narratives over sustainable trading outcomes.

“Let’s not try to perpetuate this nonsense,” Callan said, referring to practices he believes do not meaningfully support traders or the broader market. Despite his scepticism, Callan praised the broader industry dialogue at FMLS and highlighted the value of debate in addressing structural issues.

“I think that’s a format that you should stick with,” he said of the debate, calling it engaging and beneficial for industry discussion.