Execution & Routing

We design and evaluate execution protocols across share-based and notional-based activity. Best execution isn't a checkbox — it requires ongoing analysis of routing decisions, venue quality, and execution outcomes. We build the frameworks that let your firm demonstrate execution quality to regulators and clients, aligned with FINRA Rule 5310 and SEC Rules 605 and 606.

Clearing & Settlement

From correspondent clearing relationships to self-clearing operations, we support the post-trade infrastructure that keeps your firm running. We optimize settlement workflows, manage the operational demands of T+1, and build exception handling processes that catch breaks before they cascade. NSCC, DTC, and OCC — we've operated inside the plumbing.

Risk Controls

We build custom pre-trade and post-trade risk controls to manage exposure across your book. Market access controls under SEC Rule 15c3-5, position limits, concentration thresholds, and real-time monitoring — designed to protect your firm without throttling your desk. Every control framework is tailored to your actual risk profile, not a vendor's default settings.

Trade Surveillance

We design surveillance systems that actually catch what they're supposed to catch — spoofing, layering, marking the close, wash trading, front-running. Alert calibration, exception workflows, and escalation protocols built around your trading patterns and volumes. Effective surveillance isn't about generating alerts — it's about generating the right ones.

Trade Reporting

We build and audit reporting infrastructure for TRACE, MSRB, ORF, TRF, and CAT. Timely, accurate trade reporting is a baseline regulatory expectation — and one of the most common sources of exam findings. We design quality controls, exception monitoring, and reconciliation processes to keep your reporting clean across every asset class and venue.

Reconciliation & P&L

We build reconciliation workflows that catch trade breaks, resolve exceptions, and deliver accurate P&L attribution. Position reconciliation, cash and margin management, and break resolution processes — designed to give your operations team and your front office a single source of truth across every account and every asset class.

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What We See Most

After years running trading desks and managing brokerage operations, these are the gaps we find most often — and the ones that carry the most risk.

⚠

Best Execution Gaps

Firms that can't demonstrate how routing decisions are made or why specific venues are selected. Without documented execution quality analysis, you're exposed in every exam and every client inquiry.

◉

Miscalibrated Surveillance

Alert systems generating thousands of false positives — or worse, missing real manipulative patterns because thresholds haven't been tuned to your actual trading volumes and strategies.

⚗

Trade Reporting Exceptions

Recurring errors in TRACE, MSRB, or CAT submissions that compound over time. Missing data quality controls and no systematic process for identifying, correcting, and preventing repeat exceptions.

❖

Weak Market Access Controls

Pre-trade risk controls using vendor defaults instead of firm-specific thresholds. SEC Rule 15c3-5 requires controls reasonably designed for your business — generic settings don't meet that standard.

Common Questions

We evaluate your order routing logic, venue selection criteria, and execution quality data across all asset classes you trade. That includes analyzing fill rates, price improvement, speed of execution, and how your firm documents routing decisions. The goal is a framework that demonstrates compliance with FINRA Rule 5310 — not just in policy, but in practice and in the data.

We start with your trading patterns — what you trade, how you trade it, and where your risk concentrations sit. From there we design surveillance logic calibrated to your actual volumes and strategies, build exception workflows with clear escalation paths, and define review procedures that examiners expect to see. We focus on reducing noise so your team can focus on genuine red flags instead of clearing thousands of false alerts.

The compression from T+2 to T+1 cut the settlement window in half, which means every post-trade function — allocations, confirmations, affirmations, exception handling — needs to happen faster with less margin for error. Firms that relied on manual intervention to resolve breaks now need automated workflows and earlier cutoff times. We help firms redesign their post-trade operations to meet T+1 demands without adding headcount.

Yes. We work across equities, options, and fixed income — including corporates and municipals. Each asset class has its own execution obligations, reporting requirements, and surveillance considerations. Equity trading involves Reg NMS and SHO compliance, options involve position limits and exercise/assignment workflows, and fixed income involves TRACE and MSRB reporting. We bring expertise across all three.

We audit your current reporting infrastructure across TRACE, MSRB, ORF, TRF, and CAT — identifying recurring exceptions, data quality gaps, and process breakdowns. From there we build controls that catch errors before submission, design reconciliation workflows to verify accuracy, and create exception monitoring that prevents the same issues from recurring. Trade reporting is one of FINRA's most frequent exam findings, so getting it right matters.

Full Trade Lifecycle Support for Capital Markets

Asset Classes

Key Regulations

Best Execution Gaps

Miscalibrated Surveillance

Trade Reporting Exceptions

Weak Market Access Controls

Ready to Optimize Your Trading Operations?