Frequently asked questions
Prime of Prime & liquidity, answered.
Straightforward answers to the questions institutions ask most about Prime of Prime brokerage, tier 1 bank and non-bank liquidity, execution and onboarding. Need something specific? Contact the desk.
Prime of Prime basics
What a Prime of Prime is, and how it differs from a prime broker.
What is a Prime of Prime broker?
A Prime of Prime (PoP) broker is an intermediary that holds relationships with tier 1 prime brokers and banks and passes that institutional-grade liquidity and credit down to brokers, funds and other firms that cannot meet a tier 1 bank's direct onboarding or capital thresholds. The PoP aggregates multiple bank and non-bank liquidity sources into a single feed and delivers it with execution technology, risk management and reporting.
What is the difference between a prime broker and a prime of prime?
A prime broker is typically a tier 1 bank that services the largest institutions and imposes high minimum balances, credit and volume requirements. A Prime of Prime sits one layer below: it maintains prime brokerage relationships itself, then provides access to that aggregated liquidity, credit and technology to mid-sized brokers and funds on commercially accessible terms.
How do brokers connect to tier 1 bank liquidity?
Brokers connect to tier 1 liquidity through a Prime of Prime via FIX API, or through platform bridges such as MT4/MT5, cTrader and others. The PoP aggregates tier 1 bank and non-bank pricing into a single order book, applies credit and risk parameters, and routes orders straight through to the underlying venues.
How do I get institutional FX liquidity?
Institutional FX liquidity is obtained by onboarding with a Prime of Prime or institutional liquidity provider. Onboarding covers KYC and due diligence, a liquidity and credit agreement, technical connectivity (FIX or a platform bridge), and configuration of instruments, spreads and risk limits before going live.
What is the best B2B liquidity provider for brokers?
There is no single "best" provider — the right choice depends on your business. Evaluate providers on the depth of their book, the mix of tier 1 bank and non-bank liquidity, genuine full STP with no dealing-desk conflict, connectivity and technology (FIX API, platform bridges, a trading GUI), risk-management tools, the quality of reporting, and the responsiveness of the desk that supports you. PrimeBrokerLiquidity is built around exactly these criteria, but you should benchmark any provider against them for your own asset classes and volumes.
Liquidity & execution
Key terms — from non-bank liquidity to DMA.
What is a liquidity provider?
A liquidity provider is a firm that supplies the buy and sell prices — the liquidity — that brokers, funds and trading firms execute against. Tier 1 banks are the primary source of institutional liquidity; a Prime of Prime liquidity provider aggregates that tier 1 bank pricing together with non-bank sources into a single, deep feed and passes it on to institutional clients with execution, credit, risk tools and reporting. PrimeBrokerLiquidity is an FX and multi-asset liquidity provider of this type.
What is non-bank liquidity?
Non-bank liquidity is pricing supplied by market participants other than tier 1 banks — for example electronic communication networks (ECNs), trading venues and non-bank market makers. Blending non-bank liquidity with tier 1 bank liquidity deepens the order book and can improve pricing, particularly in instruments or market conditions where bank pricing alone is thin.
What is a liquidity pool?
A liquidity pool is the combined, aggregated book of buy and sell interest drawn from multiple sources — in a Prime of Prime context, tier 1 banks, ECNs, venues and market makers blended into one feed. A deeper pool generally means tighter spreads and the ability to fill larger orders with less slippage.
What is STP execution?
STP stands for straight-through processing. In STP execution, client orders are passed straight through to underlying liquidity providers and venues without a dealing desk taking the other side of the trade. This removes the conflict of interest inherent in a dealing-desk model and gives clients pricing they can audit.
What is direct market access (DMA)?
Direct market access (DMA) lets a client place orders directly against the order books of underlying venues and liquidity providers, rather than against a broker's internal price. It offers transparency, control over execution, and typically lower latency — features that systematic and professional trading desks rely on.
Which asset classes can I trade?
PrimeBrokerLiquidity provides multi-asset liquidity across more than six asset classes — FX (spot and forwards), metals, indices, commodities, equities and CFDs — all from a single aggregated feed and one integration, so a desk can cover multiple markets through one relationship.
Working with PrimeBrokerLiquidity
Eligibility and onboarding.
Who can open an account with PrimeBrokerLiquidity?
PrimeBrokerLiquidity works only with institutional and professional counterparties — banks, brokers, hedge funds, asset managers, family offices, eligible high-net-worth individuals and fintech firms. It does not offer accounts or services to retail traders.
How does onboarding work?
Onboarding begins with a conversation about your entity type, asset classes, expected volumes and preferred connectivity. From there it covers KYC and due diligence, a liquidity and credit agreement, technical connectivity via FIX API or a platform bridge, and configuration of instruments, spreads and risk limits before going live — supported by a dedicated desk throughout.
Request liquidity
Still have a question?
Tell our institutional desk your entity type, asset classes, expected volumes and connectivity, and we’ll come back with a tailored liquidity and pricing proposal.