Who is the counterparty to my trades?

To manage risk and reduce transaction costs, we could offset or reduce market risk by acting as the direct counterparty in certain trades initiated in your Account. These trades are executed at prices provided by the Broker. This framework ensures that you receive real market execution for your trades, while also allowing us to dynamically manage risk by routing existing positions or future orders to third parties for execution, as we see fit. We believe that executing trades in simulated accounts would not provide the same level of real market execution or cost-effectiveness.

Regardless of whether we act as the counterparty to your trades, the calculation of gains or losses on your Live Account remains the same. However, there is a potential conflict of interest when we act as the counterparty, as your trades do not result in a net gain or loss for us, unlike if we were not the direct counterparty.

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