# FXOpen Ledger

> FXOpen Ledger tracks global foreign exchange and CFD brokerage books, OTC currency pair dealers, prime-of-prime liquidity conduits, and cross-border margin execution venues.

- Canonical Domain: https://fxopenledger.com
- Organization: FXOpen Ledger
- Full Corpus Digest: https://fxopenledger.com/llms-full.txt

## OTC FX Microstructure

- [OTC FX Prime-of-Prime Margin Conduits: Cross-Venue Spread Compression and Credit Intermediation Audit](https://fxopenledger.com/orderbook/otc-fx-prime-of-prime-margin-conduits-bis-liquidity-audit-2026): An institutional audit of how non-bank OTC FX dealers and prime-of-prime aggregators intermediate Tier-1 credit lines across G10 and EM currency pairs.

## Dealer Execution

- [CFD Dealer Internalisation Ratios vs. STP Agency Routing: Measuring Toxic Flow and Last-Look Rejections](https://fxopenledger.com/orderbook/cfd-dealer-b-book-internalisation-vs-stp-agency-routing-metrics): Evaluating how multi-currency FX and CFD dealers dynamically switch between principal internalisation and straight-through agency hedging.

## Institutional Governance, Editorial Policy & Faculty

- [About, Editorial Policy & CFA/FRM Research Faculty](https://fxopenledger.com/about): Institutional YMYL editorial standards, primary regulatory filing verification methodology, and research faculty (Alistair Kerr, CFA; reviewed by FXOpen Ledger Institutional Fact-Checking Board (CFA / FRM)).
- [Research Topics & Thematic Pillar Hubs](https://fxopenledger.com/topics): 2 structured thematic research clusters connecting 2 published briefings and 2 knowledge-graph entities.
- [Regulated Financial Institutions & Brokers Directory](https://fxopenledger.com/dealers): 1868 supervised institutions and 10 regulatory licences (Global foreign exchange, CFD and currency-pair dealers outside regional registers).
- [Global Financial Regulators Directory](https://fxopenledger.com/supervisors): 182 primary supervisory authorities and licensing frameworks.
- [Financial Knowledge Graph & Entity Registry](https://fxopenledger.com/pairs): 2 canonical financial entities, tickers, and regulatory definitions.
- [XML Sitemap Index](https://fxopenledger.com/sitemap.xml): Complete machine-readable URL index.
- [Google News Sitemap](https://fxopenledger.com/sitemaps/news.xml): Real-time publication feed for news indexers.
- [RSS 2.0 Institutional Research Feed](https://fxopenledger.com/feed.xml): Syndicated research briefings.

## Topic Pillar Hubs (`/topics`)

- [OTC FX Microstructure Research Hub](https://fxopenledger.com/topics/otc-fx-microstructure): OTC FX Microstructure institutional intelligence, quantitative benchmarks, primary regulatory filings, and market structure analysis from FXOpen Ledger. An institutional audit of how non-bank OTC FX dealers and prime-of-prime aggregators intermediate Tier-1 credit lines across G10 and EM currency pairs. (1 articles, 1 entities)
- [Dealer Execution Research Hub](https://fxopenledger.com/topics/dealer-execution): Dealer Execution institutional intelligence, quantitative benchmarks, primary regulatory filings, and market structure analysis from FXOpen Ledger. Evaluating how multi-currency FX and CFD dealers dynamically switch between principal internalisation and straight-through agency hedging. (1 articles, 1 entities)

## Featured Regulated Institutions (`/brokers`)

- [CXM](https://fxopenledger.com/dealers/cxm): Regulated institution profile (1 tracked licences; services: Indices, Forex, Stocks, Commodities).
- [FTM Brokers](https://fxopenledger.com/dealers/ftm-brokers): Regulated institution profile (1 tracked licences; services: Precious metals, Currency pairs, Energies, Securities).
- [FxBox](https://fxopenledger.com/dealers/fxbox): Regulated institution profile (1 tracked licences; services: CFDs, Precious metals).
- [İntegral Yatırım](https://fxopenledger.com/dealers/i-ntegral-yat-r-m): Regulated institution profile (1 tracked licences; services: CFDs, Forex).
- [MEKSA](https://fxopenledger.com/dealers/meksa): Regulated institution profile (1 tracked licences; services: Forex).
- [Naqdi](https://fxopenledger.com/dealers/naqdi): Regulated institution profile (1 tracked licences; services: Indices, Forex, Stocks, Commodities).
- [OpenFX](https://fxopenledger.com/dealers/openfx): Regulated institution profile (1 tracked licences; services: Stock indices, Currency pairs, Commodities, Energies).
- [RocketX](https://fxopenledger.com/dealers/rocketx): Regulated institution profile (1 tracked licences; services: Indices, Forex, Stocks).
- [Sharenet](https://fxopenledger.com/dealers/sharenet): Regulated institution profile (1 tracked licences; services: CFDs, Precious metals, Indices, Currency pairs, Bonds).
- [Venbey Yatırım](https://fxopenledger.com/dealers/venbey-yat-r-m): Regulated institution profile (1 tracked licences; services: Forex).