Third-party bridge providers being priced out by metaquotes?

MetaQuotes is quietly reshaping a crucial part of the trading technology stack. It stepped directly into the liquidity bridge space in 2025 when it launched Ultency, moving into a part of the trading tech stack that had long been dominated by third-party providers since the early MT4 era.

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This bridge infrastructure is what links brokers’ internal platforms with external liquidity pools, and for years MetaQuotes left that role to others. That hands-off approach has clearly changed. The company has reportedly poured millions into building a global server network to support Ultency.

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But it is Ultency’s pricing that really stands out. The service charges a flat US$1 per US$1 million traded, with progressive discounts for higher volumes, undercutting what appears to be the industry norm. By contrast, most third-party bridge Bridge The bridge or liquidity bridge is an essential component for brokers that are enabling their clients to trade at interbank rates directly via a Prime Broker or a Prime-of-Prime (PoP). While market makers do not require a bridge in order to service their clients, brokers which are sending through orders to a liquidity provider or an electronic execution venue need a bridge to connect their trading platform to the interbank market.Bridges are used extensively in forex trading, specifically for Met The bridge or liquidity bridge is an essential component for brokers that are enabling their clients to trade at interbank rates directly via a Prime Broker or a Prime-of-Prime (PoP). While market makers do not require a bridge in order to service their clients, brokers which are sending through orders to a liquidity provider or an electronic execution venue need a bridge to connect their trading platform to the interbank market.Bridges are used extensively in forex trading, specifically for Met Read this Term providers charge brokers on a volume-based model, where infrastructure costs rise as trading activity grows, making Ultency’s structure particularly attractive to high-volume brokers.

Hantec markets Q1 volume hits record high

Several brokers released their earnings this week. Hantec Markets recorded its strongest first quarter on record in 2026, driven by a sharp increase in trading volumes. The performance builds on the momentum the company established in 2025, supported by continued growth across its trading activity and product offerings.

The firm reported $1.206 trillion in trading volume for Q1 2026, up from $437.7 billion in the same period last year, marking a 176% year-on-year increase. This also exceeded its previous quarterly high of $1.013 trillion in Q4 2025, representing a further rise of about 19%.

Plus500 raises outlook as Q1 revenue climbs 18%

At the same time, Plus500 reported $242.1 million in revenue for the first quarter, marking an 18% increase compared to the same period last year. The company also said it now expects its full-year 2026 revenue and EBITDA to exceed current market forecasts.

The London-listed broker attributed the strong performance to higher client activity, a growing share of higher-value customers, and continued expansion in its US futures and prediction markets business, which helped drive a 24% increase in revenue compared to the previous quarter.

Trading 212 UK growth continues

More numbers this week came from Trading212 UK, which strengthened its position in the UK retail trading market in 2025, reporting a 72% jump in revenue to £277.6 million. Pre-tax profit rose to £123.1 million from £52.9 million a year earlier, while net profit reached £92.2 million.

The broker offers both CFD and stock trading. It generates CFD revenue from market making, spreads, and overnight financing, while its zero-commission stock trading model earns mainly from forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term conversion fees and interest on client cash.

E8 Markets warns retail traders off CFD brokers

In the prop trading space, E8 Markets, a prop trading firm that now describes itself as a “SaaS educational simulation platform for financial markets,” warned retail traders against the risks of depositing funds with FX, futures, and crypto brokers. The announcement was tied to US National Financial Literacy Month.

The company also launched a loyalty program named after one of its top-earning users, Tom Gibbs. While losses among FX and CFD traders are widely documented, E8 did not provide data on loss rates within prop firms trading in simulated markets, where industry figures also suggest unfavorable outcomes.

Axi says 46% of clients hold crypto across CFDs

Axi said 46% of its clients now hold cryptocurrencies as part of their portfolios, despite a recent three-month period of low volatility in the digital asset market.

The broker noted that adoption covers its full range of crypto products, including perpetual contracts, CFDs, and spot trading through its “Buy Crypto” feature, which allows users to buy, sell, and hold digital assets. The move reflects a broader trend of CFD brokers expanding into spot crypto services.

Russia’s forex volume hits record $68B

Meanwhile, Russia’s regulated forex market recorded a quarterly trading volume of $68.6 billion in Q1 2026, the highest on record. However, industry data suggests the growth is concentrated rather than broad-based.

According to the market’s self-regulatory body, 90.6% of the total volume came from clients of a single firm, Alfa-Forex. Russia has three licensed forex dealers, with the other two accounting for less than 10% of total turnover.

AI RegTech trap: why tools fail unprepared firms

AI is becoming central to RegTech, with firms using it to improve surveillance, reporting, AML detection, and oversight of communications and financial promotions. However, its effectiveness under regulatory scrutiny will depend mainly on two factors: explainability and security.

While regulators and industry participants are actively discussing AI-related risks, there remains a gap between these discussions and the development of systems to manage them in practice. This disconnect leaves firms exposed from a compliance and operational standpoint.

New York targets Coinbase and Gemini over prediction markets

In the Wild West of the prediction markets, New York Attorney General Letitia James has filed a lawsuit against Coinbase and Gemini, alleging that their prediction market platforms operate as illegal gambling services. The case, filed in Manhattan, seeks to stop both exchanges from offering these products in New York unless they obtain state gaming licenses.

.@Gemini and @coinbase's so-called prediction markets are just illegal gambling operations that expose young people to addictive platforms.

Gambling by another name is still gambling. I'm suing to stop these platforms from breaking the law.https://t.co/DosDKe2un1

— NY AG James (@NewYorkStateAG) April 21, 2026

The lawsuit argues that prediction markets should be treated as unregulated wagering rather than financial instruments. James said the platforms amount to “gambling by another name” and are not exempt from state gambling laws and constitutional requirements.

The prediction market industry spent $1.84 million on federal lobbying in the first quarter of 2026, a record level and more than 60% higher than in the same period in 2025. This marks the largest quarterly lobbying outlay yet reported by firms in the sector.

The figure provides the first concrete indication of how much the industry is investing in political influence as it confronts growing legislative and regulatory scrutiny. It underscores the extent to which prediction market operators are ramping up formal engagement with policymakers in response to that pressure.

Polymarket targets $15B valuation in pre-ruling fundraise

Additionally, Polymarket is in talks to raise an additional $400 million, which would lift its current funding round to $1 billion and value the company at about $15 billion, according to The Information.

The talks come as investor interest in prediction market platforms continues to grow. The extra capital would build on a $600 million investment already committed by Intercontinental Exchange (ICE), the parent of the New York Stock Exchange. ICE has previously outlined plans to take a strategic stake of up to $2 billion in the platform.

Kalshi and Polymarket push into perpetuals

Kalshi and Polymarket are both moving into the perpetual futures market, expanding beyond event-based contracts and positioning themselves in direct competition with offshore crypto exchanges that currently dominate this segment.

We price the future.

Now you can lever it.

Perps are coming to Polymarket.

Sign up for early access 👇 pic.twitter.com/j3PRHhxv8N

— Polymarket (@Polymarket) April 21, 2026

Bloomberg reported that Kalshi plans to launch crypto perpetual futures in the coming weeks, citing a source familiar with the matter. Shortly after the report, Polymarket announced a similar offering, turning what could have been a low-profile rollout into a clear race for market share in one of the most actively traded crypto derivatives.

From insider risks to Bitcoin strategy debates

As US regulators continue to debate who has jurisdiction over prediction markets, current and potential users are being urged to consider the risks they face when placing bets on these platforms. The Wall Street Journal reported that, in late March, White House staff were warned via email not to use non-public information obtained through their work to bet on event outcomes.

Responding to the report, Trump administration spokesman Davis Ingle told the BBC that any suggestion officials were involved in such activity without evidence was “baseless and irresponsible reporting.”

Executive moves of the week: Scope Markets, BMLL, and Trading Technologies

In the executive moves of the week, former Scope MarketsRegional Head Kubra Caglar joined Tattvam Markets as Head of Commercial in the United Arab Emirates. She took up the role in April 2026 after nearly nine years with Scope Markets, where she held a senior regional position.

BMLL Technologies appointed nine new employees across partnerships, sales, revenue operations, finance, and engineering. The hires are part of the London-based market data firm’s ongoing commercial and technical expansion following its acquisition by Nordic Capital in October last year.

Lastly, Trading Technologies has reorganized its senior management team, creating a new Chief Strategy Officer role for current ChiefRevenue Officer Nick Garrow and appointing Josh Monroe as the new CRO.