Federated smart order router with best execution across 16 providers — crypto, equities, FX, and precious metals.

Broker — Federated Smart Order Router

brokerd is an institutional-grade federated broker that aggregates 16 providers behind a unified API. It routes orders for best execution across crypto exchanges, equity brokers, institutional FX venues, custody platforms, and market data providers.

Providers (16)

Provider	Asset Classes	Type
Alpaca	Equities, Crypto	Broker-dealer
Interactive Brokers	Equities, Options, Futures, FX	Prime broker
Tradier	Equities, Options	Broker-dealer
Coinbase	Crypto	Exchange (Advanced Trade)
Binance	Crypto	Exchange
Kraken	Crypto	Exchange
Gemini	Crypto	Exchange
SFOX	Crypto	Prime dealer / SOR
FalconX	Crypto	Institutional RFQ
Fireblocks	Crypto	Custody + OTC
BitGo	Crypto	Custody + Prime
Circle	USDC / Stablecoins	Stablecoin infrastructure
CurrencyCloud (Visa)	FX (35 pairs)	Institutional FX
LMAX Digital	FX, Crypto, Metals	Institutional CLOB
Polygon.io	Equities, FX, Crypto	Market data aggregator
Finix	Payments	Payment processing

Smart Routing Logic

1. Client submits order
2. Broker queries all capable venues in parallel
3. Compute net price: raw price + maker/taker fees per venue
4. Rank by effective cost, depth, and latency
5. If order fits single venue: route to best
6. If order exceeds venue depth: split across venues (VWAP)
7. Execute and report fills

Split Orders

For orders larger than single-venue depth, the broker splits across venues:

Order: Buy 100 BTC
  - Coinbase depth: 40 BTC at $45,000 (8 bps taker)
  - Kraken depth: 30 BTC at $45,010 (6 bps taker)
  - LMAX quote: 50 BTC at $45,020 (3 bps taker)
  -> Split: 40 Coinbase + 30 Kraken + 30 LMAX
  -> VWAP: $45,008.57 (net of fees)

Fee-Aware Net-Price Routing

Each provider has a configured fee schedule (maker/taker bps). The router computes net effective price including fees before ranking venues, ensuring true best execution.

Best Execution Policy

The broker implements regulatory best-execution requirements:

Price: Net effective cost after fees (primary factor)
Speed: Latency-adjusted pricing
Likelihood of fill: Venue reliability and depth
Cost: Trading fees, spread, and slippage
Size: Available depth at quoted price

All routing decisions are logged for regulatory audit (MiFID II best-execution reports, FINRA Rule 5310).

Configuration

Env Var	Description
`BROKER_LISTEN`	Listen address (default `:8090`)
`ALPACA_API_KEY` / `ALPACA_API_SECRET`	Alpaca (equities + crypto)
`IBKR_ACCESS_TOKEN` / `IBKR_ACCOUNT_ID`	Interactive Brokers
`COINBASE_API_KEY` / `COINBASE_API_SECRET`	Coinbase Advanced Trade
`BINANCE_API_KEY` / `BINANCE_API_SECRET`	Binance
`KRAKEN_API_KEY` / `KRAKEN_API_SECRET`	Kraken
`GEMINI_API_KEY` / `GEMINI_API_SECRET`	Gemini
`SFOX_API_KEY`	SFOX Prime
`FALCON_API_KEY` / `FALCON_API_SECRET`	FalconX
`FIREBLOCKS_API_KEY` / `FIREBLOCKS_PRIVATE_KEY`	Fireblocks
`BITGO_ACCESS_TOKEN` / `BITGO_ENTERPRISE`	BitGo
`CIRCLE_API_KEY`	Circle
`TRADIER_ACCESS_TOKEN` / `TRADIER_ACCOUNT_ID`	Tradier
`POLYGON_API_KEY`	Polygon.io
`CURRENCYCLOUD_LOGIN_ID` / `CURRENCYCLOUD_API_KEY`	CurrencyCloud
`LMAX_API_KEY` / `LMAX_USERNAME` / `LMAX_PASSWORD`	LMAX Digital
`FINIX_USERNAME` / `FINIX_PASSWORD`	Finix

Source

Repository: luxfi/broker
Language: Go
Key packages: pkg/provider, pkg/router, pkg/api

Broker (brokerd)