Case Studies

FX broker on PrimeXM - execution baseline

Situation

An FX broker running a multi-LP setup through PrimeXM had no documented baseline for execution quality, so changes in slippage and rejection behaviour could not be attributed to a specific liquidity provider or routing rule.

What we reviewed

• Bridge routing rules and symbol mapping across six liquidity providers
• Slippage, rejection and fill-ratio data per LP and per symbol

What we found

• Execution behaviour varied materially between liquidity providers on the same symbols

Action

• Documented an execution baseline per LP and symbol, and recommended routing adjustments to the broker's dealing team

Outcome

• Slippage and rejection performance was restored to the documented baseline across the six liquidity providers

Prop firm - coordinated account network identified

Situation

A prop firm suspected that funded accounts across several tiers were being operated by a connected group, but had no structured way to link the accounts before payout decisions were made.

What we reviewed

• Account registration, device and connection metadata available in the platform and CRM
• Trade timing, instrument overlap and entry behaviour across the accounts in scope

What we found

• A cluster of 32 accounts across four funded tiers shared IP and device fingerprint indicators

Action

• Delivered an evidence pack setting out the account-linkage indicators and the supporting trade and session data

Outcome

• The firm's authorised team reviewed the evidence and applied its own programme rules to the linked accounts

Hybrid broker - payout review at scale

Situation

A hybrid broker's payout checks were handled ad hoc by the risk team, so review turnaround was inconsistent and the reasoning behind each decision was not consistently recorded.

What we reviewed

• The existing payout request workflow, approval steps and record-keeping
• Trading history and rule-consistency checks applied to each request

What we found

• Review steps and the evidence retained per request differed between reviewers

Action

• Introduced a documented per-request review process with a standard evidence pack returned to the client's team

Outcome

• Payout review turnaround was brought inside the same business day, with documented evidence for each request