am getting PMs in relation with this: http://www.elitetrader.com/vb/showthread.php?s=&postid=1017443&highlight=managed#post1017443 the concept for those not familiar is the IPB (introducing prime broker) aka second-tier prime broker, has the infrastructure to allow a manager to bulk trade via various ECNs the IPB has (dealing, clearing) agreements with, usually via a 1st-tier PB but not necessarily, and allocate to sub-accounts the manager has the appropriate PoAs and fees agreements for. as a result of going via a 1st-tier PB, there wld normally be an extra-layer of fees involved. the trade-off is, the IPB wld typically offer much higher leverage as may be required by the manager, also the 1st-tier PBs are generally ill-equiped (be it for compliance reasons or what not) to deal with 'managed accts' type set-ups, which are however easier to set up, manage, and more cost & tax-efficient for all stake-holders involved than setting up any sort of fund offshore or not. however of course, the IPB's rating wld always be lower than that of the 1st-tier prime... just thought it might be helpful to collect people's contributions / thoughts in one single thread, particularly since my experience in the field is v.limited (FX only for now). my contribution as follows - thats the set up i am currently using and i have pretty much decided against repackaging as a fund: jurisdiction: UK IPB: ODL Securities their PB: RBS (Royal Bank of Scotland) ECNs: HotspotFXi, Currenex other: ODL also deals as principal in international stock, options & futures mkts, metals etc... may provide access to other ECNs (via RBS?) but i don't know since no interest at my end i know there are quite a few others in the UK as mentioned in an other thread by Lon Eagle but too lazy to search, plse Lon Eagle sir do u mind adding to the list? many thanks! would be nice to have contributions for jurisdiction: USA thanks all!