Account models

Your account model sets how your accounts and clients are structured on the exchange. The model you need depends on whose funds you trade: your firm's own, or your clients'.

We set up your model with you during onboarding, based on your firm's structure and who you trade for. Every model uses the same KYB, the same credentials and the same exchange.

Model	Who you trade for	Verification	Allocation
Principal	Your firm's own book, as one client	KYB on your firm	None
Omnibus agency	Many clients, through one pooled account	KYB on your firm only	On your side, after the trade, from drop copy fills
Fully disclosed	Clients you disclose to us one by one	KYC on each client	Each order is booked to one client

Principal

Your firm trades its own book, such as a proprietary or treasury book, as a single entity. You have one client, your firm, and nothing to allocate. Market makers use this model.

Omnibus agency

You trade for many clients through one pooled account, often called an omnibus account. We run KYB on your firm only. Each trade books to the pooled account, and you allocate the fills to your clients on your side afterwards.

Drop copy is a read-only FIX feed of every execution on your account. It's the record you allocate from. See Drop copy.

Fully disclosed

You disclose each client to us, and each one goes through KYC. Every client has its own client record and its own funding, and you book each order to a specific client.

Next: Manage clients