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Pricing and execution

Liquidity Providers

Keep the LPs you already deal with. VAST CRM aggregates their pricing, applies your markup and pushes the result to whichever platform your clients trade on.

  • Any LPyour own agreements, kept
  • Sixplatforms it can feed
  • A / Bor a hybrid book, per group
  • Onebridge, not one per venue
See the route Get Your Demo
EUR/USD Aggregated
  • 1.087496.2M
  • 1.087474.1M
  • 1.087452.8M
  • 1.087431.5M

1.08742top of book, seven venues

  • 1.087412.0M
  • 1.087393.6M
  • 1.087375.4M
  • 1.087358.1M

How an order travels

From the click to the venue

Four stops, two of which are ours. The other two are the ones you already have, and neither of them has to change.

  1. Step 01

    Your client clicks buy

    On MT5, cTrader, Match-Trader or whichever terminal they were given. Nothing about the platform changes, and nothing new is installed on their side.

  2. Step 02

    The rules are applied

    Group, markup, maximum size and whether this client is A-booked or B-booked are decided here, against the same client record your desk works from.

  3. Step 03

    The bridge routes it

    One bridge in front of every venue you use, choosing between them on price and fill rather than sending everything to whoever happened to be configured first.

  4. Step 04

    Your LP fills it

    Under the agreement and the rate you negotiated. The fill comes back to the platform, and to your risk screen, without a second reconciliation step behind it.

Your book, your call

A-book, B-book or both at once

The decision is set per group, per instrument and per client, and it can be changed on a Tuesday afternoon without anybody touching a platform.

  • A-book

    Everything goes out to the venue. You earn the markup and carry none of the position, which is the arrangement most regulators are happiest to read about.

    • No market exposure held
    • Revenue from spread and commission
    • Routing chosen on price and fill
    • Every fill traceable to a venue
  • Most desks

    Hybrid

    Rules decide what goes out and what stays in — by client, group, instrument or size. The profitable flow is hedged and the rest is kept, and the line between them is yours to move.

    • Rules per client and per group
    • Automatic switching on thresholds
    • Net exposure live on the desk
    • Changed without a platform release

  • B-book

    The flow is kept internally and the desk takes the other side. It earns more and it carries risk, so it wants a risk screen that is actually live rather than a report from this morning.

    • Exposure by symbol and by desk
    • Alerts on limits you set
    • Partial hedging when a limit trips
    • P&L against the same ledger

Questions about liquidity

Before you move your flow

What a dealing desk asks before it puts its pricing and its execution behind something new.

  • No. VAST CRM is the layer in front of your venues, not a venue itself. The agreements, the rates and the credit lines you have negotiated stay exactly where they are, and we connect to them — one provider or several at once. We do not take a cut of your flow and we do not sit between you and your LP commercially, which also means changing provider later is a configuration on your side rather than a conversation with us about a contract.

  • That is the usual set-up. Several feeds are combined into one book, the best bid and offer are taken across them, and orders are routed on price and fill rather than to whichever venue was configured first. A provider going quiet becomes a thinner book for a moment instead of a closed desk, and because everything runs through one bridge, adding a fourth or a fifth venue does not mean a fourth or fifth thing for your dealers to watch.

  • By rule, and as far down as you want to take it. Markup can be set per instrument, per symbol group, per account type or per client, as a fixed number of points or a share of the raw spread, with a floor so a thin market never leaves you quoting inside your own cost. Commission is configured the same way. Whatever a client was quoted is stored on the trade, so the revenue reported against a fill and the price the client actually saw are the same figure.

  • Yes, and most desks end up doing exactly that. A-book, B-book or a split of the two is decided per group, per instrument and per client, and thresholds can move a client from one to the other automatically once their size or their consistency crosses a line you set. The change takes effect from the next order rather than retroactively, and the rule that applied to any given fill is stored with it, so a review months later does not turn into an argument about what the settings were at the time.

  • Net exposure by symbol, by group and by desk, updating as positions move, with the hedged and unhedged halves shown apart rather than added together into one number that hides which is which. Limits raise alerts, and a limit that trips can hedge on its own if you would rather it did not wait for somebody to notice. It is the same data the reports are built from, so a figure a dealer acted on at eleven is the figure that appears in the report that evening.