If you run liquidity sourcing at a regulated broker, you already know the market has changed shape in the last 24 months. Tier-1 banks are running tighter risk windows, more flow is being internalised at the largest non-bank market makers, and the gap between the published EBS/CLS spread and the spread you actually receive at the prime-of-prime layer has widened, not narrowed.
This guide is written for the buyer side. It is not a marketing pitch — it is a structured walkthrough of how Drovix prices, distributes, and supports wholesale liquidity in 2026, and a checklist of the twelve questions you should be asking every counterparty in your RFP, including us.
Who Drovix is built for
Drovix MU Ltd is a Mauritius-regulated institutional liquidity provider (FSC FSD GB21026813). The wholesale desk distributes aggregated FX, metals, index CFD and crypto liquidity to three buyer profiles:
- Regulated retail and professional brokers transitioning B-book risk into A-book wholesale hedging, or running a hybrid book.
- Proprietary trading firms and quantitative funds that need symmetric last-look execution and clean post-trade tape.
- Multi-asset family offices and hedge funds executing macro and relative-value strategies.
We do not solicit retail clients directly; the marketing pages aimed at brokers exist precisely to keep that line clean.
How the liquidity stack is built
Drovix aggregates streamed and RFQ liquidity from a curated set of tier-1 bank and non-bank counterparties, normalises message rates, and runs the resulting depth book through a fairness-weighted aggregation layer. Our published article on fair-spread architecture goes into the mechanics; for buyers the practical points are:
- All venues are disclosed under NDA, not anonymous — you can audit exactly whose flow you are consuming.
- Symmetric last-look is the default. Asymmetric venues, where present, are tagged in post-trade so you can measure them out.
- Internalisation is opt-in. You can request a pass-through stream that bypasses internal matching entirely.
Pricing model
We use a two-component model that is intentionally boring:
- Per-million commission, agreed per asset class, billed weekly against executed notional.
- Monthly platform fee, scaled to FIX message rate and number of instruments — typical range USD 1.5k–8k for a mid-sized broker.
There is no spread markup hidden inside the price unless you specifically ask for an embedded markup model (some white-label brokers prefer this for accounting reasons). When markup is enabled, the basis points are stated on every confirmation. There are no minimum-volume clawbacks, no PB rebate sharing, and no `bad-flow' surcharges.
If a counterparty quotes you a `zero commission' deal, ask them where the revenue is coming from. It is always somewhere — the question is whether it is disclosed.
Coverage and depth tiers
Drovix publishes three depth tiers and lets the buyer pick. Tier-A is the deepest book with the tightest spreads, billed at the highest per-million; Tier-B is balanced; Tier-C is a wider, more capacity-tolerant stream suitable for retail-broker A-book hedging.
You can mix tiers per instrument. A common pattern: Tier-A on EUR/USD, USD/JPY and XAU/USD where the broker's flow is competitive, Tier-C on exotics and index CFDs where spread sensitivity is lower but capacity matters.
Credit, margin, and the boring legal stuff
Drovix opens new counterparties on a pre-funded margin model by default. You wire collateral to the segregated client-money account at our tier-1 banking partner, and exposure is netted intraday. Bilateral credit lines and tri-party arrangements with our prime brokers are available after a clean trading history of three to six months.
On the legal side, we ship a standard ISDA-lite master agreement for non-ISDA counterparties and full ISDA/CSA for institutional-grade counterparties. Jurisdiction is Mauritius with optional English-law arbitration overlay — this is the same shape most prime-of-prime contracts have settled on.
Connectivity and onboarding
FIX 4.4 is the primary protocol. We support order, market data, drop-copy, and quote sessions on separate logical channels. REST is available for non-latency-sensitive flows (typically used for credit checks, position queries, statement retrieval). WebSocket streams are offered for crypto only.
A typical onboarding timeline:
- Week 1–2: KYC, AML, financials, signed term sheet.
- Week 2–3: UAT FIX certification — 14 standard test cases plus your custom ones.
- Week 3–4: Production cutover with throttled notionals (typically capped at 25% of agreed limits).
- Week 4–6: Full limits, post-trade review, and the first formal execution-quality report.
Execution quality and reporting
Every counterparty receives a monthly execution-quality pack covering effective spread, fill ratio, latency percentiles, and last-look statistics broken down by venue. The methodology is documented in our microstructure survey article and is identical for all consumers — there are no separate `client tier' reports.
If a venue's symmetric last-look statistics drift outside the agreed bounds, we route around it automatically. You can opt to receive an alert when that happens, or just see it in the next monthly pack.
12 questions to put in your RFP
Whether or not you choose Drovix, these are the questions a serious wholesale RFP should contain. We answer all of them in writing during onboarding.
- Who are your underlying liquidity sources, and which are tier-1 banks vs non-banks?
- Is last-look symmetric? Provide the last 90 days of reject statistics by venue.
- How is your spread constructed — is there any markup, and is it disclosed per fill?
- What is the per-million commission per asset class, and is it tiered by volume?
- What credit arrangements are available, and what is the timeline to a bilateral line?
- What is your post-trade reporting cadence, and can I receive raw FIX drop-copy?
- What is your FIX message-rate cap, and how do you handle micro-bursts?
- Where is the matching/aggregation engine physically located? What is the round-trip latency from my data centre?
- What regulators oversee the entity I am facing? Provide the licence number.
- How is client money segregated? Name the banking partner and the account structure.
- What happens to my open positions if you exit a venue? Describe the rollover policy.
- Can I see a sample monthly execution-quality report before signing?
Where Drovix fits and where it does not
Drovix is a strong fit for regulated brokers running USD 50m–5bn monthly notional who care about execution audit trail, want a clean two-component commercial model, and need fast onboarding without the political friction of a bulge-bracket prime.
Drovix is not the right counterparty if you need direct tier-1 prime brokerage with the largest balance-sheet limits, if you require local regulation in your jurisdiction (we cannot face UK retail until FCA grant is final), or if you need exotic OTC products like NDFs in jurisdictions we do not cover.
If any of the questions above are difficult to get a straight answer to from your incumbent, that is itself useful information. Ask us — we will put it in writing.
Analyst Desk
Drovix Research Desk
Institutional Research
Drovix Research Desk publishes institutional-grade analysis covering macro events, cross-asset correlations, and execution insights for professional market participants.