Execution
Execution and liquidity: your choice, client by client
Every brokerage decides who carries the risk on its clients' trades. On Pelris you decide for each client: keep their trades in-house on your own book, called B-book, or cover them with your liquidity provider, called A-book. Most brokers run a mix of the two, and you can switch a client whenever you like. Pelris is not a liquidity provider: bring your own, or we introduce you to a regulated one.
Execution
Execution: Cover after fill. This client's trades are covered with your liquidity provider.
Trades today
- Buy0.01 XAUUSDFilledKept in-house
- Sell0.02 EURUSDFilledCovered after fill
Rows from this page, a sample client and sample market data. "Your Brand" stands for your own name and logo.
Three ways to handle your clients' trades
Whichever you choose, the client gets the same instant fill at your prices. What changes is who carries the market risk once the trade is open.
Covering works after the fill: your brokerage fills the client at once, at your price, and the matching trade is placed with your provider, so the client's fill never waits on the market. In both cases your brokerage is the counterparty to the client's trade, so your licence needs to allow dealing as principal. Our guide to A-book and B-book explains how each model earns and what it costs to run.
Read moreShow less: Three ways to handle your clients' trades
| Model | Who carries the market risk | How it works on your platform | Often used for |
|---|---|---|---|
| B-book: keep in-house | Your brokerage | Set the client to Keep in-house. Orders fill at once at the prices you set, and you keep the spread and the result of each trade. | New clients and smaller accounts |
| A-book: cover with your provider | Your liquidity provider, once the matching trade is placed | Set the client to Cover after fill. Orders still fill at once at your prices, and your desk places the matching trade with your provider. | Larger accounts and clients you choose not to hold |
| Hybrid: client by client | Shared between you and your provider | Keep some clients in-house and cover others. Switch any client at any time, and open trades stay as they are. | Most brokerages |
On your platform
How it fits the rest of the platform
One deployment on your brand, domain and database: the terminal your clients trade on, and the CRM your team runs.
Deposits
Sample market data and sample clients. "Your Brand" stands for your own name and logo.
Switch any client, any time
Execution is a setting on each client's page in the CRM, beside their spread and leverage.
Read moreShow less: Switch any client, any time
Admins and managers choose Keep in-house or Cover after fill, and new trades follow the setting from the moment it is saved. Open trades stay as they are, so a switch never moves a position mid-trade.
Every change is written to the activity log with who made it and when. Spreads can be overridden for one client or one account, and leverage for one account, so a VIP desk and a cent account sit side by side.
- Keep in-house
Your brokerage is the counterparty and keeps the result of each trade.
- Cover after fill
The client fills at once at your price, and the trade is covered with your provider.
- Your pricing, per client
Override the spread for one client or one account.
- Every change recorded
Each switch goes in the activity log with who made it and when.
Liquidity providers: bring your own, or we introduce one
Pelris is not a liquidity provider and never holds client money.
Who holds whatIllustration
- Licence
- Client relationship
- Client money
- Trading accounts
Illustration and sample market data.
Read moreShow less: Liquidity providers: bring your own, or we introduce one
If you already work with a provider, keep it. If you need one, we introduce you to regulated providers in the UK, Cyprus or Seychelles.
You open the account and sign with the provider directly: the agreement is between you and them, and we are paid for the introduction. Terms through an introduction start from $2,500 a month on either route, and the deposit, minimum volume and term are set in your agreement with the provider.
How to choose a forex liquidity provider covers what to ask any provider before you sign, and the platform price is the same whichever way your clients' trades go.
Pelris Cover: automatic hedging, in early access
Pelris Cover is in early access.
Read moreShow less: Pelris Cover: automatic hedging, in early access
It is rolling out to brokers, and you can ask for early access. Until it reaches your platform, a client set to Cover after fill is covered by your desk, which places the matching trades with your provider.
Pelris Cover places that matching trade for you, at your own provider, on the account you hold with them. It covers only the clients you set to Cover after fill, opens the provider trade within a second of the client's fill and closes it when the client closes. The worked example below follows one trade from start to finish.
| Step | On your platform | At your provider |
|---|---|---|
| 1. The trader buys | Buys 1 lot of EUR/USD, filled at once at your price | Nothing yet |
| 2. Cover opens | Nothing changes for the trader | The same 1 lot buy opens within a second |
| 3. The price rises 50 pips | The trader is $500 up | The provider trade is about $500 up |
| 4. The trader closes | You pay the trader's $500 profit | Cover closes the provider trade, about $500 to you |
- Early access
Rolling out to brokers. Ask for early access.
- Your provider, your account
It trades on the provider account you hold. We never hold the money or take the other side.
- Client by client
It covers only the clients you set to Cover after fill.
Common questions
Anything else? Our team answers 24/7.
Can I run A-book and B-book at the same time?
Yes. Execution is set per client, so you can keep some clients in-house (B-book) and cover others with your liquidity provider (A-book). That mix is the hybrid model, and you can switch a client at any time.
Does Pelris provide liquidity?
No. Pelris is not a liquidity provider and never holds client money. Bring your own provider, or we introduce you to a regulated provider in the UK, Cyprus or Seychelles, and you contract with them directly.
Does switching a client move their open trades?
No. New trades follow the new setting from the moment it is saved. Open trades stay as they are.
Can Pelris Cover hedge my clients' trades today?
Pelris Cover is in early access and rolling out to brokers, with no published price. Until it reaches your platform, a client set to Cover after fill is covered by your desk, which places the matching trades with your provider. Ask for early access when you book a demo.
What does my licence need to allow?
Your brokerage is the counterparty to each client trade, whether you keep it in-house or cover it, so your licence needs to allow dealing as principal. Your licensing adviser can confirm it for the licence you hold or are applying for.
Does the execution choice change the price of the platform?
No. The platform price is the same whichever way your clients' trades are handled.
See execution per client, and ask about Pelris Cover
Book a demo to see Keep in-house and Cover after fill on your own brand, and ask us for early access to Pelris Cover.