iSAM Securities added four features to Radar, its risk platform for retail brokers, today (Monday). One of them flags a single trader running offsetting positions through accounts at several brokers.
The other three track open exposure by symbol, reconcile positions held with liquidity providers and measure what a broker gave up by moving a client between execution books, according to iSAM.
London’s trading industry is coming home!
Hedging across firms is a way to get paid on one account while another broker absorbs the loss on the other, through negative balance protection, swap-free accounts or deposit bonuses. iSAM says Radar spots more than 1,500 such cross-broker hedged accounts each month, a count it reports itself.
A Signal No Single Broker Sees
iSAM set out those three abuse patterns in a column on FinanceMagnates.com on Thursday, arguing that one broker looking only at its own book cannot link accounts opened elsewhere.
Hedge Alerts builds on Network Alerts, a feature iSAM Securities already offered in Radar. A clustering method iSAM calls proprietary groups related accounts into one view of the underlying trader, whether those accounts sit at one broker or across several firms in the Radar Network.
“Radar’s development is being driven by the decisions brokers need to make every day,” said Dennis Weissert, chief commercial officer of Apex, the iSAM bridge business.
The size of that network decides how much the alerts can see. NAGA took Radar and the Apex bridge in August, and brokers on DXtrade and cTrader can reach the tool through their platform providers.
Other liquidity providers have built similar surveillance. Match-Prime introduced HawkEye in October 2025 and this year let it restrict abusive trading and hedge its own book before human review.
Technology vendor Centroid Solutions added DXtrade support to Centroid Risk in September 2024.
Putting a Number on the A-Book Call
Book Switch Impact logs each change to a client’s execution profile, from A-Book or B-Book routing to spreads, markups and time delays. Its core figure, which iSAM calls PnL A, estimates what the broker could have earned by keeping the client’s risk instead of hedging it externally.
LP Reconciliation recalculates open exposure when clients move between books and alerts the desk to any break between the bridge, the liquidity providers and the trading platforms. Exposure Monitor lets brokers set per-symbol limits and sends warning and breach alerts.
The tools extend the routing work iSAM began with Surge, launched in September 2025 to automate decisions between the two books.
Infrastructure Hire From LMAX
Separately, iSAM has hired Greg Davidson as head of corporate infrastructure. He spent four years at LMAX Group, most recently as head of Windows enterprise, and earlier ran core infrastructure and Microsoft systems at Cancer Research UK for 15 years.
Davidson wrote on LinkedIn that he was “excited to be starting a new role at ISAM.”
He is not the first LMAX executive to cross over. Quentin Miller left LMAX in 2024 to lead institutional sales for Asia Pacific at iSAM Securities from Hong Kong.
The hire comes as the UK arm leans on income outside trading. Revenue at iSAM Securities (UK) fell 27.7% year over year in the 12 months to June 2025, and other income that nearly doubled kept it in pre-tax profit.
This article was written by Damian Chmiel at www.financemagnates.com.Institutional FXRead More
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