The retail trading industry has experienced several periods of extreme market volatility over the past year, forcing brokers and liquidity providers to prove the strength of their infrastructure under pressure.
Speaking with Finance Magnates Editor-in-Chief Yam Yehoshua at iFX EXPO International, Andreas Kapsos, CEO of Match-Prime Liquidity, discussed how recent market events prompted the company to share execution data, what brokers can learn from the results, and why maintaining a local presence in Dubai continues to be a strategic advantage.
The Industry Is Still Evolving
Having attended iFX EXPO for more than a decade, Kapsos believes the industry continues to change despite ongoing market challenges.
According to him, new participants entering the market are a positive sign.
"We see some new players. We see some new faces, which is nice. That means the business is evolving."
He added that despite the challenges facing the CFD industry in recent years, innovation continues across the sector.
"The business is evolving, transforming, improving."
Why Match-Prime Benchmarked Its Live Execution
Following several major market events since October 2025, Match-Prime reviewed its own liquidity performance through a detailed stress-testing process .
The figures come from live trading. Match-Prime measured its recorded spreads, fill rates and execution quality during those events, then benchmarked them against anonymised competing liquidity providers under the same conditions.
The exercise followed improvements to Match-Prime's internal risk management framework after several months of unusually concentrated trading activity.
"We tested our liquidity in comparison with others, we managed to be in almost all categories in the top range of the charts."
According to Kapsos, the objective wasn't simply internal validation. The results give brokers a measurable basis for choosing liquidity partners that hold up when markets become volatile.
Why Execution Data Matters for Brokers
Periods of market disruption often separate the strongest providers from the rest of the market.
Kapsos believes transparent performance data gives brokers a much clearer understanding of the quality of service they receive during difficult trading conditions.
"Usually when you have tough times is when you filter out the best service."
He encouraged more liquidity providers to publish similar assessments, allowing brokers to compare providers using measurable performance rather than marketing claims.
Gold's Historic Rally Became the Ultimate Liquidity Test
One of the biggest topics discussed during the interview was the extraordinary volatility in the gold market earlier this year.
As trading activity became heavily concentrated in gold, many brokers dramatically increased their hedge exposure, creating exceptional pressure throughout the liquidity chain.
According to Kapsos, liquidity providers had to remain highly focused while continuing to deliver stable execution despite unprecedented order flow.
He also praised competitors across the industry for working together during the period.
Rather than creating conflict, the crisis strengthened relationships between several liquidity providers.
"It brought us together. We created very good relationships with competitors, we managed to collaborate in order to accommodate the clients."
New Liquidity Providers Faced Difficult Conditions
The CEO also pointed to another trend that emerged during the gold rally.
Several new liquidity providers entered the market during one of its most volatile periods.
While competition is healthy, Kapsos believes the timing exposed firms that lacked sufficient infrastructure and risk management.
Some providers were forced to internalize large amounts of risk and suffered significant financial exposure as gold prices continued rising.
For established providers with mature liquidity systems, the period reinforced the importance of preparation before extreme market events occur.
Dubai Remains a Strategic Growth Market
Match-Prime has now operated in Dubai for approximately three years.
Although regional uncertainty temporarily affected business development activity, Kapsos said trading volumes from the region remained resilient.
Looking ahead, the company plans further expansion across the Middle East.
He believes having a physical office continues to make a significant difference.
Unlike many regions where business is increasingly conducted online, personal meetings remain highly valued.
"The culture wants to see your presence in the area," he explained, adding that face-to-face meetings continue to strengthen long-term business relationships.
Dubai also serves as an important gateway for clients across Asia, India and other fast-growing regions.
Why Face-to-Face Meetings Still Matter
While technology powers today's trading infrastructure, Kapsos believes industry events continue to play an important role.
Meeting clients personally allows his team to better understand their growth plans, challenges and future needs.
Rather than focusing only on selling services, Match-Prime aims to help brokers succeed over the long term.
As Kapsos noted, the success of liquidity providers and brokers remains closely connected.
Watch the Full Interview
This article highlights only part of the discussion with Andreas Kapsos.
Watch the full interview to hear:
How Match-Prime designed and benchmarked Stress-tested Liquidity.
What really happened behind the scenes during the gold market volatility.
Why Dubai remains central to the company's long-term expansion strategy.
▶ Watch the full Finance Magnates interview for the complete discussion.
