Multi-Asset Execution
Multi-asset STP execution and direct market access (DMA).
PrimeBrokerLiquidity delivers full STP execution and direct market access across FX, metals, indices, commodities, equities and CFDs. There is no dealing desk on the other side of your flow — orders route straight through our smart-aggregated liquidity to the underlying venues, with low latency and audit-ready fills. It is institutional FX and multi-asset execution built as part of our prime brokerage services.
Key takeaways
- STP execution passes your orders straight through to liquidity — no dealing desk takes the other side and no conflict of interest.
- Direct market access (DMA) gives you visibility of depth and control over order type and price against live, aggregated liquidity.
- Smart aggregation and routing select best price and size across tier 1 bank and non-bank feeds, splitting across venues when that improves the fill.
- One engine covers multi-asset execution — institutional FX, metals, indices, commodities, equities and CFDs.
- Every fill is transparent and auditable: time-stamped execution records and P&L reporting you can reconcile against the feed.
Straight-through processing
Full STP, no dealing desk.
In a dealing-desk (B-book) model the counterparty takes the other side of your trade, and its revenue can rise when your positions lose. Full STP removes that conflict entirely: your order is passed straight to the underlying liquidity providers and venues, and we are compensated by spread or commission — never by your outcome. That alignment is why professional desks favour a genuine agency, no-dealing-desk model.
- Aligned incentivesWe earn on flow, not on your losses — no position taken against you.
- Auditable fillsEvery execution is time-stamped and reconcilable against the aggregated feed.
- Straight throughOrders reach the underlying venues directly, without desk intervention.
- Consistent behaviourThe same routing logic applies in calm and volatile markets alike.
STP vs dealing desk
| Model | Counterparty | Conflict |
|---|---|---|
| STP (agency) | Underlying venues | None |
| Dealing desk | The provider | Present |
→ PrimeBrokerLiquidity runs a full-STP, no-dealing-desk model across every asset class.
Smart aggregation & routing
Best price and size, selected order by order.
Aggregation is only half the story. The routing layer decides, in real time, where and how each order is filled across the composite book — for the best overall outcome after credit and risk.
Composite book
Multiple tier 1 bank and non-bank feeds are normalised and merged into one continuous, ranked order book.
Best-execution logic
Each order is matched to the best available price and size, splitting across venues where that produces a better fill.
Credit & risk aware
Routing respects configured credit lines, position and margin limits, and instrument-level risk parameters.
Low latency
Lean routing and colocated connectivity keep the path from order to venue short and consistent.
Slippage control
Configurable tolerance and order types help manage slippage through news, rollover and volatile sessions.
Multi-asset engine
One execution engine handles FX, metals, indices, commodities, equities and CFDs consistently.
Direct market access
Direct market access (DMA) to live, aggregated liquidity.
Direct market access lets your desk interact with the underlying order book rather than a synthetic quote. You see depth, choose your order type and price, and execute at the level genuinely available at the moment of the fill. Combined with our aggregation, DMA means you reach a deep composite of tier 1 bank and non-bank liquidity through a single connection — with the transparency institutional traders expect.
- Depth visibilitySee the aggregated book, not just a top-of-book quote.
- Order controlMarket, limit and other order types, with your own execution parameters.
- True market fillsExecute at the price and size available in the aggregated liquidity.
- One connectionDMA to many sources over a single FIX or bridge integration.
Order lifecycle
Order in
Sent via GUI, FIX API or platform bridge with your parameters.
Route & check
Best price and size selected; credit and risk limits applied.
Fill & report
Straight-through fill, time-stamped, with P&L reporting updated.
Execution you can audit
Transparent, low-latency, and provable.
Institutional execution has to stand up to scrutiny — from your own risk team, your clients and, where relevant, your regulator. Ours is built to be examined.
Time-stamped records
Every order and fill carries a precise time stamp, so execution can be reconciled against the feed and reviewed post-trade.
Reconcilable fills
Fills are traceable back to the aggregated liquidity that produced them — no synthetic re-pricing between quote and execution.
Real-time P&L
Live exposure, margin and P&L reporting give your desk and risk team a continuous, auditable view.
Low, consistent latency
A lean path from order to venue keeps latency low and predictable, which matters most for systematic flow.
Configurable controls
Slippage tolerance, order types and risk limits are set per counterparty and enforced at the point of execution.
Prime brokerage services
Execution sits alongside aggregated liquidity, credit intermediation and reporting as one prime-of-prime offering.
Common questions
STP execution & DMA, answered.
What is STP execution?
Straight-through processing (STP) execution means client orders are passed straight to underlying liquidity providers and venues without a dealing desk taking the other side. The broker or liquidity provider earns from spread or commission rather than from client losses, which removes the conflict of interest inherent in a dealing-desk (B-book) model and makes fills auditable against the aggregated feed.
What is direct market access (DMA)?
Direct market access (DMA) lets an institutional client place orders directly into the underlying order book and interact with live liquidity, rather than dealing against a quote generated by an intermediary. It gives visibility of depth, control over order type and price, and execution at the level available in the market at the moment of the fill.
How does smart aggregation and routing work?
Smart aggregation combines multiple tier 1 bank and non-bank feeds into a single composite order book. When an order arrives, the routing logic selects the best available price and size across sources, applies credit and risk parameters, and executes straight through — splitting across venues where that produces a better overall fill.
Is your FX execution suitable for institutional trading?
Yes. PrimeBrokerLiquidity provides institutional FX and multi-asset execution as part of its prime brokerage services, with low-latency routing, DMA-style access to aggregated liquidity, configurable risk controls and full audit trails. Services are offered to institutional and professional counterparties only, not to retail traders. Contact the desk to discuss connectivity.
Request liquidity
Put your flow on a clean, auditable path.
Tell us your asset classes, expected volumes and connectivity, and our institutional desk will scope STP execution and DMA tailored to your desk.