Q1 2026
Inaugural quarterly assessment of broker transparency, execution disclosure, and public accountability.
Published January 15, 2026
Editor's Note
Welcome to the inaugural issue of the Trading Integrity Awards. This publication represents an independent editorial initiative dedicated to recognising brokers that demonstrate verifiable transparency in execution quality, order routing, and public disclosure.
Our approach is simple: we evaluate publicly available evidence. No voting mechanisms. No paid placements. No affiliate-driven results. Each category is assessed against a defined methodology, and awards are issued only when sufficient public documentation meets our evidence threshold.
In this first issue, we reviewed over twenty brokers across six categories of integrity disclosure. Several categories saw strong nominees with publicly accessible execution data, routing documentation, and policy transparency. In other categories, the evidence was insufficient to issue an award — and we believe that withholding recognition in those cases strengthens rather than weakens the credibility of this initiative.
We encourage all brokers to publish more comprehensive public disclosures. The more transparent the industry becomes, the more meaningful these awards will be. We look forward to tracking progress in Q2 2026.
Results
Awards by Category
Transparency (Public Metrics)
NDD (No Dealing Desk)NDD publishes a live Trading Pulse dashboard with continuously updated execution metrics including fill ratios, average execution speed, and slippage distribution. This level of public metrics availability is unmatched among reviewed nominees this quarter. The dashboard is accessible without account registration and provides quantitative data rather than qualitative marketing claims.
Evidence Sources
Routing Clarity
NDD (No Dealing Desk)NDD provides a publicly accessible Order Routing page that describes its A-book model, smart order routing infrastructure, and liquidity provider relationships. The routing methodology page is accessible without account registration and clearly distinguishes between SOR logic and venue selection criteria.
Evidence Sources
Analytics Openness
NDD (No Dealing Desk)NDD provides a detailed Execution Analytics page featuring historical KPI data, instrument-level breakdowns, and quantitative performance indicators. The analytics depth exceeds regulatory minimums and provides meaningful decision-making data for prospective clients.
Evidence Sources
Execution Policy Clarity
NDD (No Dealing Desk)NDD publishes a comprehensive Execution Policy page covering price priority rules, latency expectations, re-quote policies, and order handling procedures. The policy goes significantly beyond standard regulatory boilerplate and provides specific, actionable information.
Evidence Sources
Conflict-of-Interest Mitigation
No Award Issued This Quarter
No nominee provided sufficient publicly verifiable documentation of conflict-of-interest mitigation procedures to meet our evidence threshold this quarter. While several nominees reference conflicts of interest in regulatory filings, none published dedicated public disclosure pages describing specific mitigation measures, dealing desk independence structures, or risk management governance beyond regulatory boilerplate.
Operational Trust Signals
NDD (No Dealing Desk)NDD publishes a Contacts page with multiple support channels and clear departmental routing. While this category evaluates process disclosure rather than service quality, NDD's public documentation of support pathways and escalation availability exceeds the transparency level of other nominees reviewed.
Evidence Sources
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.”