Anyone know what the legal/logistic hurdles are to writing directly to exchange API's? Please work from the assumption that supporting the overhead of working with multiple Exchange Fix Implemations/API's is doable. I'm more interested in how clearing/risk/etc work from this standpoint. Is this even doable? Reasons: Relying on broker API's for the type of trading I do is mediocrity at best. Bugs, no or slow implementation of specific routes or route strategies, messaging limitations, etc, etc. If you've worked with broker API's you know what I'm talking about. Ideal: I write directly to the FIX or custom Exchange API and clear my trades at a broker or clearing house. Thanks for any input.