Account models
Trading firm access supports three ways of trading, depending on whose funds and risk you manage. The rails are the same across all three (KYB, HMAC and/or FIX, the CeFi venue) — what differs is how accounts and clients are structured.
You don't pick one from a menu: the model that applies follows from your firm's structure and who you trade for, and it's set up with the True Markets team during onboarding. Use the descriptions below to see which one fits.
Principal
Your firm trades its own book (prop or treasury) as a single entity. One account, no downstream clients, no allocation — you trade only your own risk. Market makers sit here.
Omnibus agency (asset management)
A manager trades on behalf of many underlying clients through one pooled (omnibus) account. True Markets performs KYB on the manager only; the block is traded as a single account and allocated to end clients post-trade from the drop-copy fills, on the manager's side.
Fully disclosed
Like agency, but each end client is individually disclosed and KYC'd to True Markets, with a client record per end client and segregated funding. Orders are booked to the specific disclosed client.