Spotware Systems has named Sergei Grigoriev general manager of cFinancial, the institutional liquidity provider the cTrader developer recently registered, FinanceMagnates.com has lerarned. It will quote brokers a starting commission of $4 per $1 million traded, the company said today (Wednesday).
Brokers running cTrader can now take the front end, the routing layer and the liquidity itself from one supplier. Spotware said the $4 rate applies from a client's first trade rather than after a monthly volume threshold, which is how institutional tiers are normally earned.
FinanceMagnates.com reported on Monday that Spotware had registered cFinancial in Seychelles as a licensed securities dealer covering FX, metals, commodities, indices, equities, crypto and synthetics over a single FIX 4.4 connection.
A Manager From the Broker Side
Sergei Grigoriev has spent his career inside brokerages, not at trading venues or banks. He was head of brokerage and executive director at Admirals from June 2024 until February 2026, according to his LinkedIn profile.
Before that he spent six years at Eurotrader in Cyprus, first as head of risk management from 2017 and then as executive director until 2023. Earlier roles were at Hello Markets, Tadawul FX and BCS Global Markets, where he ran dealing on own account from 2008.
Sergei Grigoriev said exclusively to FinanceMagnates.com that cFinancial was designed around the operational needs of brokers, and that its objective is to "remove unnecessary complexity and cost from the liquidity setup."
Four Dollars per Million, From the First Trade
At launch, $4 per $1 million traded will be the standard starting commission for every institutional client. What is being sold is timing, not the number itself: clients reach that rate immediately instead of building volume toward it. Spotware said the full commercial setup may vary by instrument, flow profile and execution requirements.
The company ties those terms to cBridge, the connectivity layer it launched in March with fixed infrastructure fees in place of charges that scale with volume. Because the technology cost does not rise with every million traded, it said, that efficiency can be pushed into the commission.
Chief Executive Ilia Iarovitcyn argued in June that billing brokers extra for bridge access was unfair and that flat pricing keeps costs predictable as they grow. cFinancial applies the same argument one layer up, to the liquidity itself.
- cTrader Developer Spotware Adds an Institutional Liquidity Business
- Spotware’s cBridge Adds Finmatek Compliance Solution for Multi-Platform Brokers
- Spotware Partners With Intivion on cTrader CRM and cBridge Package
Platform Vendors Are Selling Liquidity Too
Spotware is not the first platform vendor to put a liquidity arm next to the software. Match-Prime began liquidity services in December 2020 under a Cyprus Investment Firm license and runs on Match-Trade Technologies' infrastructure, while both firms describe themselves as separate ventures.
MetaQuotes priced the connectivity instead, dropping monthly fees for its Ultency bridge in December in favor of $1 per $1 million traded. The two figures are not comparable: Ultency charges for routing, while cFinancial's commission buys the price itself.
Match-Trade Chief Executive Michał Karczewski warned in April that flat bridge fees risk becoming "a race to zero", and that vendors would survive only by diversifying into liquidity provision, platform licensing and data. Spotware now sells all three.
Where the Prices Come From and Who Sees the Flow
cFinancial draws on a mix of bank, non-bank and electronic sources rather than one underlying venue, the company said, and it declined to tie individual orders to a single ultimate source. It named none of the providers.
Routing runs through cBridge. Brokers decide what reaches cFinancial, and Sergei Grigoriev said cFinancial "does not gain visibility of flow routed to other providers through cBridge."
cFinancial holds a Seychelles securities dealer license, SD169, and is closed to US counterparties and retail investors. Spotware's software is used by more than 300 brokers and prop firms and about 11 million traders, and cFinancial is due to open in the week of September 21.
