RTX5 Liquidity & Routing
A bridge/gateway is a versioned adapter, not a synonym for an LP or bank.
Specified for RTX5 broker deployments. Not evidence that a named production build has passed acceptance tests.
Main capabilities
Liquidity sources
Contracted LPs, venues or platforms.
Routing
A-book, internalized and hybrid with limits.
Included FIX/bridge scope
Standard and Enterprise included connectivity is the agreed adapter scope.
How it works
- 01
Authenticate
A principal acts inside a tenant and account scope.
- 02
Validate
Pre-trade risk and instrument rules run first.
- 03
Record
A durable journal feeds positions, ledger and audit.
- 04
Operate
Managers and APIs use the same permission-enforced path.
Technical details
Server authority
The client is a user interface. Entitlement, order and risk decisions remain on the server.
No inferred venues
Listing a category does not establish venue, data or regulatory access.
Security and controls
Authorization
Tenant, object and function checks are enforced server-side.
Frequently asked questions
Is this live today?
Specified for RTX5 broker deployments. Not evidence that a named production build has passed acceptance tests.
Can I get a quote?
Yes. Use Request a Quote on the contacts page.
Match the integration category to its agreements
The supplied review separates five kinds of connection. A software licence, a trading relationship and permission to use market data each have their own scope.
Swipe horizontally to view all columns.
| Category | What it supplies | Separate agreements to confirm |
|---|---|---|
| Bridge / aggregation | Normalization, pricing and routing software | LP access, credit, data rights, platform adapter and hosting |
| Liquidity counterparty | Executable bank, broker or market-maker prices | Eligibility, credit, collateral, legal entity and permitted flow |
| Venue / network | Execution or multibank connectivity environment | Participant rules, clearing/credit, market data and certification |
| Platform / API target | Trading, account or gateway APIs | Valid platform licence, vendor API access and versioned adapter |
| Futures connectivity | Exchange market-data and order connectivity | FCM/broker relationship, exchange permissions and conformance |
Swipe horizontally to view all columns.
| Purpose | Required scope | Boundary |
|---|---|---|
| Market data | Instrument identifiers, precision, snapshot/incremental recovery, depth, stale-quote rules and redistribution rights. | A quote subscription alone does not grant execution or account administration. |
| Order entry | Maker/taker role, permitted instruments, order types, time-in-force, account mapping and risk/credit model. | An order acknowledgement is distinct from a fill and from a reconciled ledger event. |
| Drop copy | Execution/report coverage, identifiers, replay, sequencing and reconciliation owner. | A report stream does not confer permission to place or amend orders. |
| Account administration | Provisioning, balances, margin, group changes, permitted reads/writes and audit trail. | Use the separately entitled broker, Manager or account API; FIX trading support does not establish these operations. |
Define order behavior before enabling a route
These are proposed acceptance requirements for each adapter and deployment. Route selection, recovery and accounting must be demonstrated against the provider's actual rules.
- 01
Approve a versioned route
Identify legal entity, account, group, symbol map, quote source, destination and approved markup policy. Separate permitted flow and credit from the bridge licence; record who can change the route and its effective configuration version.
- 02
Validate precise order semantics
Test quantity and price precision, partial/multiple fills, rejects, expiry, cancel/replace races, corrections and supported IOC/FOK/GTC behavior. Reject unsupported instructions explicitly; an IOC order must never silently stand in for persistent GTC.
- 03
Recover uncertain outcomes
Stop new execution on stale or incomplete quotes. Recover sequence gaps and reconnect state, then reconcile uncertain acknowledgements with the provider before any retry. Duplicate messages must not create duplicate economic orders or ledger entries.
- 04
Prove failover and reconcile
Test disconnects, session resets and destination outages with a named adapter build. Prevent two active owners from routing the same order during failover. Reconcile orders, positions, cash and drop copy before resuming normal operation.
Swipe horizontally to view all columns.
| Control | Decision and evidence required |
|---|---|
| Pre-trade credit and risk | Per-account and legal-entity limits, concurrent-order exposure, margin model, order/notional caps and tested kill-switch behavior. |
| Client pricing | Versioned spreads, markups and rounding rules with approvals, audit records and a client execution policy that explains material pricing behavior. |
| Failover ownership | Session leadership, duplicate suppression, pending-order reconciliation, recovery objectives and the operator responsible for resumption. |
| Release acceptance | Named protocol/dictionary, adapter build, sandbox/UAT environment, reviewer, test results, outstanding limitations and counterparty certification where applicable. |