Watch the "Liquidity for Retail Trading Providers" panel from the latest FMLS:23.
The panel discussed retail liquidity and the evolution of trading platforms.
The annual
Finance Magnates London Summit 2023 included an expert panel discussing the
current liquidity landscape for retail trading brokers. The panel covered
topics around accessing deeper liquidity pools, innovations in liquidity
operations, competition in the prime of prime space, and whether banks
are opening up to working with retail trading firms.
Moderated
by Hormoz Faryar, the Managing Director of Institutional at ATFX, the panel
featured industry experts including Phillip Spurgeon, the UK Branch Director at
B2Prime, Andreas Kapsos the CEO of Match-Prime Liquidity, Ben Robson, the Head
of Institutional EFX at Swiss Finance Corporation, and Alexei Jiltsov, the Co-Founder
at Tradefeedr.
Impact of Geopolitical
Events
Phillip Spurgeon
The panel kicked
off with a discussion on the impact of geopolitical events, such as the
escalation between Israel and Gaza in October 2023. Phillip Spurgeon noted the
defensive pricing by market makers and widening spreads, particularly in
commodities like gold, during geopolitical tensions.
"What
we notice with any geopolitical tensions, they always lead to uncertainty in
the markets. As a company, we saw market makers pricing defensively, we noticed
spreads widening, particularly on commodities, particularly on gold as well,”
Spurgeon said.
Andreas Kapsos
This
sentiment was echoed by Andreas Kapsos, who highlighted how such events lead to
protective liquidity strategies, triggering arbitrage opportunities. "It
is very often that we have events like this during the financial year.
Obviously this one outshines the rest of it. The specific event happened on Saturday,
so that allowed the market a bit of time to react during the opening.”
Internalization with
A-book vs B-book Models
A
significant part of the discussion revolved around the A-book and B-book models
in retail trading. Spurgeon emphasized the importance of a hybrid model,
balancing risk management and selecting the right liquidity provider. Kapsos
shared his perspective on regional differences, noting the varied success of B-book strategies in different markets.
Alexei
Jiltsov pointed out that 2023's lower volatility compared to 2022 implied a
more directional market, affecting both A-book and B-book strategies. He
stressed the importance of client management in liquidity strategies.
Alexei Jiltsov
“Firstly,
the market might be more directional, with potentially less uncertainty.
Secondly, there's a chance that retail traders occasionally make accurate
predictions,” Jiltsov stated. “However, this greatly depends on the client
profile. In cases where trading is highly directional and concentrated on just
one or two assets, there's a higher risk of getting caught out, especially if
these assets have strong consensus views.”
Ben Robson
In
preferring the A-book flow, Ben Robson highlighted the influence of factors
like balance sheet strength, client base, and leverage on these models.
“B book
does have its advantages, but I agree with Phil that the balance sheet plays a
significant role. The location of the brokerage's domicile is also crucial. The
client base and the economies of scale and leverage are important factors,” Robson
added.
Evolution of Retail
Trading Platforms
The
discussion then shifted to trading platforms, with a focus on the dominance of
MT4/MT5. Andreas Kapsos noted the increasing demand for alternative platforms
and technology solutions, particularly in the wake of MetaQuotes’ decision
regarding white labels.
The
changing dynamics around trading platforms have direct implications on
liquidity and broker strategies. Kapsos observed that more startup brokers, now
exploring alternatives to MT4/MT5, are considering A-book strategies from the
outset. This is a departure from the traditional approach of initially focusing
on B-book models.
The panel
concluded with a forward-looking perspective on liquidity management,
acknowledging the complexity of factors influencing it, from geopolitical
events to technological advancements.
Participate in Our Fraud Survey: Your Opinion Matters!
We invite you to participate in our joint survey conducted
by FXStreet and Finance Magnates Group, which explores prevalent online
financial fraud types, platforms used for fraudulent activities, effectiveness
of countermeasures, and challenges faced by companies in tackling such fraud. Your
valuable insights will help inform future strategies and resource allocation in
combating financial fraud.
The annual
Finance Magnates London Summit 2023 included an expert panel discussing the
current liquidity landscape for retail trading brokers. The panel covered
topics around accessing deeper liquidity pools, innovations in liquidity
operations, competition in the prime of prime space, and whether banks
are opening up to working with retail trading firms.
Moderated
by Hormoz Faryar, the Managing Director of Institutional at ATFX, the panel
featured industry experts including Phillip Spurgeon, the UK Branch Director at
B2Prime, Andreas Kapsos the CEO of Match-Prime Liquidity, Ben Robson, the Head
of Institutional EFX at Swiss Finance Corporation, and Alexei Jiltsov, the Co-Founder
at Tradefeedr.
Impact of Geopolitical
Events
Phillip Spurgeon
The panel kicked
off with a discussion on the impact of geopolitical events, such as the
escalation between Israel and Gaza in October 2023. Phillip Spurgeon noted the
defensive pricing by market makers and widening spreads, particularly in
commodities like gold, during geopolitical tensions.
"What
we notice with any geopolitical tensions, they always lead to uncertainty in
the markets. As a company, we saw market makers pricing defensively, we noticed
spreads widening, particularly on commodities, particularly on gold as well,”
Spurgeon said.
Andreas Kapsos
This
sentiment was echoed by Andreas Kapsos, who highlighted how such events lead to
protective liquidity strategies, triggering arbitrage opportunities. "It
is very often that we have events like this during the financial year.
Obviously this one outshines the rest of it. The specific event happened on Saturday,
so that allowed the market a bit of time to react during the opening.”
Internalization with
A-book vs B-book Models
A
significant part of the discussion revolved around the A-book and B-book models
in retail trading. Spurgeon emphasized the importance of a hybrid model,
balancing risk management and selecting the right liquidity provider. Kapsos
shared his perspective on regional differences, noting the varied success of B-book strategies in different markets.
Alexei
Jiltsov pointed out that 2023's lower volatility compared to 2022 implied a
more directional market, affecting both A-book and B-book strategies. He
stressed the importance of client management in liquidity strategies.
Alexei Jiltsov
“Firstly,
the market might be more directional, with potentially less uncertainty.
Secondly, there's a chance that retail traders occasionally make accurate
predictions,” Jiltsov stated. “However, this greatly depends on the client
profile. In cases where trading is highly directional and concentrated on just
one or two assets, there's a higher risk of getting caught out, especially if
these assets have strong consensus views.”
Ben Robson
In
preferring the A-book flow, Ben Robson highlighted the influence of factors
like balance sheet strength, client base, and leverage on these models.
“B book
does have its advantages, but I agree with Phil that the balance sheet plays a
significant role. The location of the brokerage's domicile is also crucial. The
client base and the economies of scale and leverage are important factors,” Robson
added.
Evolution of Retail
Trading Platforms
The
discussion then shifted to trading platforms, with a focus on the dominance of
MT4/MT5. Andreas Kapsos noted the increasing demand for alternative platforms
and technology solutions, particularly in the wake of MetaQuotes’ decision
regarding white labels.
The
changing dynamics around trading platforms have direct implications on
liquidity and broker strategies. Kapsos observed that more startup brokers, now
exploring alternatives to MT4/MT5, are considering A-book strategies from the
outset. This is a departure from the traditional approach of initially focusing
on B-book models.
The panel
concluded with a forward-looking perspective on liquidity management,
acknowledging the complexity of factors influencing it, from geopolitical
events to technological advancements.
Participate in Our Fraud Survey: Your Opinion Matters!
We invite you to participate in our joint survey conducted
by FXStreet and Finance Magnates Group, which explores prevalent online
financial fraud types, platforms used for fraudulent activities, effectiveness
of countermeasures, and challenges faced by companies in tackling such fraud. Your
valuable insights will help inform future strategies and resource allocation in
combating financial fraud.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
CFD Broker RA Prime Joins Financial Commission for Dispute Resolution Support
Marketing in 2026 Audiences, Costs, and Smarter AI
Marketing in 2026 Audiences, Costs, and Smarter AI
As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Much like their traders in the market, brokers must diversify to manage risk and stay resilient. But that can get costly, clunky, and lengthy.
This candid panel brings together builders across the trading infrastructure space to uncover the shifting dynamics behind tools, interfaces, and full-stack ambitions.
Attendees will hear:
-Why platform dependency has become one of the most overlooked risks in the trading business?
-Buy vs. build: What do hybrid models look like, and why are industry graveyards filled with failed ‘killer apps’?
-How AI is already changing execution, risk, and reporting—and what’s next?
-Which features, assets, and tools gain the most traction, and where brokers should look for tech-driven retention?
Speakers:
-Stephen Miles, Chief Revenue Officer at FYNXT
-John Morris, Co-Founder at FXBlue
-Matthew Smith, Group Chair & CEO at EC Markets
-Tom Higgins, Founder & CEO at Gold-i
-Gil Ben Hur, Founder at 5% Group
#fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Much like their traders in the market, brokers must diversify to manage risk and stay resilient. But that can get costly, clunky, and lengthy.
This candid panel brings together builders across the trading infrastructure space to uncover the shifting dynamics behind tools, interfaces, and full-stack ambitions.
Attendees will hear:
-Why platform dependency has become one of the most overlooked risks in the trading business?
-Buy vs. build: What do hybrid models look like, and why are industry graveyards filled with failed ‘killer apps’?
-How AI is already changing execution, risk, and reporting—and what’s next?
-Which features, assets, and tools gain the most traction, and where brokers should look for tech-driven retention?
Speakers:
-Stephen Miles, Chief Revenue Officer at FYNXT
-John Morris, Co-Founder at FXBlue
-Matthew Smith, Group Chair & CEO at EC Markets
-Tom Higgins, Founder & CEO at Gold-i
-Gil Ben Hur, Founder at 5% Group
#fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Educators, IBs, And Other Regional Growth Drivers
Educators, IBs, And Other Regional Growth Drivers
When acquisition costs rise and AI generated reviews are exactly as useful as they sound, performing and fair partners can make or break brokers.
This session looks at how these players are shaping access, trust and user engagement, and what the most effective partnership models look like in 2025.
Key Themes:
- Building trader communities through education and local expertise
- Aligning broker incentives with long-term regional strategies
- Regional regulation and the realities of compliant acquisition
- What’s next for performance-driven partnerships in online trading
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Zander Van Der Merwe, Key Individual & Head of Sales at TD Markets
-Brunno Huertas, Regional Manager – Latin America at Tickmill
-Paul Chalmers, CEO at UK Trading Academy
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #BrokerGrowth #FintechPartnerships #RegionalMarkets
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
When acquisition costs rise and AI generated reviews are exactly as useful as they sound, performing and fair partners can make or break brokers.
This session looks at how these players are shaping access, trust and user engagement, and what the most effective partnership models look like in 2025.
Key Themes:
- Building trader communities through education and local expertise
- Aligning broker incentives with long-term regional strategies
- Regional regulation and the realities of compliant acquisition
- What’s next for performance-driven partnerships in online trading
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Zander Van Der Merwe, Key Individual & Head of Sales at TD Markets
-Brunno Huertas, Regional Manager – Latin America at Tickmill
-Paul Chalmers, CEO at UK Trading Academy
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #BrokerGrowth #FintechPartnerships #RegionalMarkets
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
The Leap to Everything App: Are Brokers There Yet?
The Leap to Everything App: Are Brokers There Yet?
As the arms race to bundle investing, personal finance, and wallets under super apps grows fiercer, brokers are caught between a rock and a hard place.
This session explores unexpected ways for industry players to collaborate as consumer habits evolve, competitors eye the traffic, and regulation becomes more nuanced.
Speakers:
-Laura McCracken,CEO | Advisory Board Member at Blackheath Advisors | The Payments Association
-Slobodan Manojlović,Vice President | Lead Software Engineer at JP Morgan Chase & Co.
-Jordan Sinclair, President at Robinhood UK
-Simon Pelletier, Head of Product at Yuh
Gerald Perez, CEO at Interactive Brokers UK
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As the arms race to bundle investing, personal finance, and wallets under super apps grows fiercer, brokers are caught between a rock and a hard place.
This session explores unexpected ways for industry players to collaborate as consumer habits evolve, competitors eye the traffic, and regulation becomes more nuanced.
Speakers:
-Laura McCracken,CEO | Advisory Board Member at Blackheath Advisors | The Payments Association
-Slobodan Manojlović,Vice President | Lead Software Engineer at JP Morgan Chase & Co.
-Jordan Sinclair, President at Robinhood UK
-Simon Pelletier, Head of Product at Yuh
Gerald Perez, CEO at Interactive Brokers UK
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Mind The Gap: Can Retail Investors Save the UK Stock Market?
Mind The Gap: Can Retail Investors Save the UK Stock Market?
As the dire state of listing and investment in the UK goes from a financial services problem to a national challenge, the retail investing industry is taken to task.
Join a host of executives and experts for a candid conversation about the future of millions of Brits, as seen from a financial services standpoint:
-Are they happy with the Leeds Reform, in principle and in practice?
-Is it the government’s job to affect the ‘saver’ mentality? Is it doing well?
-What can brokers and fintechs do to spur UK investment?
-How can the FCA balance greater flexibility with consumer protection?
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Nicola Higgs, Partner at Latham & Watkins
-Dan Lane, Investment Content Lead at Robinhood UK
-Jack Crone, PR & Public Affairs Lead at IG
-David Belle, Founder at Fink Money
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #RetailInvesting #UKFinance
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As the dire state of listing and investment in the UK goes from a financial services problem to a national challenge, the retail investing industry is taken to task.
Join a host of executives and experts for a candid conversation about the future of millions of Brits, as seen from a financial services standpoint:
-Are they happy with the Leeds Reform, in principle and in practice?
-Is it the government’s job to affect the ‘saver’ mentality? Is it doing well?
-What can brokers and fintechs do to spur UK investment?
-How can the FCA balance greater flexibility with consumer protection?
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Nicola Higgs, Partner at Latham & Watkins
-Dan Lane, Investment Content Lead at Robinhood UK
-Jack Crone, PR & Public Affairs Lead at IG
-David Belle, Founder at Fink Money
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #RetailInvesting #UKFinance
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official