Q4 2025
Pilot edition establishing the evaluation framework and initial nominee baseline.
Published October 1, 2025
Editor's Note
This pilot edition of the Trading Integrity Awards established our evaluation framework and conducted preliminary reviews of broker transparency practices. During this foundational quarter, we defined our six core assessment categories, established evidence requirements, and built the scoring methodology that will guide all future evaluations.
The pilot phase involved reviewing public disclosures from fifteen brokers across the retail FX and CFD space. Rather than issuing formal awards, this edition focused on calibrating our standards and ensuring that our criteria reflect meaningful, verifiable transparency rather than marketing claims.
Key findings from the pilot: very few brokers publish real-time or regularly updated execution metrics publicly. Routing disclosure remains the weakest area across the industry. Execution policy documentation varies dramatically in specificity and accessibility.
These observations shaped the final scoring weights and evidence requirements that will be applied starting with Q1 2026, our first formal awards issue.
Results
Awards by Category
Transparency (Public Metrics)
No Award Issued This Quarter
Pilot edition: formal awards were not issued. This quarter established the evaluation framework and baseline assessments. Several brokers were identified as having partial public metrics disclosure, but the evidence threshold had not yet been formally defined.
Routing Clarity
No Award Issued This Quarter
Pilot edition: formal awards were not issued. Routing disclosure was identified as the weakest area across all reviewed nominees during the baseline assessment.
Analytics Openness
No Award Issued This Quarter
Pilot edition: formal awards were not issued. Analytics availability varied significantly across nominees, with most providing only aggregated or marketing-oriented statistics.
Execution Policy Clarity
No Award Issued This Quarter
Pilot edition: formal awards were not issued. Execution policy specificity showed the widest variance among nominees, from detailed procedural documentation to generic regulatory language.
Conflict-of-Interest Mitigation
No Award Issued This Quarter
Pilot edition: formal awards were not issued. Conflict-of-interest disclosure remains the least developed area of broker transparency across the industry.
Operational Trust Signals
No Award Issued This Quarter
Pilot edition: formal awards were not issued. Operational transparency was assessed on a preliminary basis to calibrate scoring criteria for future issues.
Scoring Model
How We Evaluate
About This Issue
All results in this issue were assessed using the Trading Integrity Awards scoring methodology. Awards are issued only when publicly verifiable evidence meets our defined thresholds. Categories where no nominee meets the standard are marked as “No Award Issued.”