Stock Market

Building a New Institutional Trading Algorithm: Aggressive Liquidity Seeker

Implicit Commissions

In the institutional trading world, folks generally think about trading costs in two terms: explicit costs and implicit…

Building a Broker-Dealer: Vendors

We use a lot of vendors, but also not that many!

As part of our series on what it takes to build an institutional equities broker-dealer from scratch, here we present a list of all the vendors and partners we…

Obtaining a broker-dealer license

On July 10th, 2020, our subsidiary Proof Services LLC received formal notice that its application for FINRA membership was approved. This was the culmination of a cumbersome almost-year-long process. While there are official guides from the regulators, we thought it…

An insider’s guide to the US stock market

I keep dreading that moment when someone I’ve just met innocently asks me: “so what do you do?” It’s hard to have a good elevator pitch for an “unconflicted, modern, and nimble US equities broker-dealer for institutional customers.” I start to stumble…