Company
A brokerage should be legible.
Iron has done one thing since 2011: route client orders to the best available venue and charge a published price for it. Here is how the firm is built.
Position
Execution-only, and unapologetic about it.
Iron gives no investment advice, publishes no recommendations, and operates no discretionary mandates. The firm's entire job is to move an instruction to a venue at the best terms available and to account for it afterwards.
That constraint is a design choice. A broker that also advises has to decide, every day, whose interest comes first. A broker that also trades its own book has the same problem, with leverage. Iron does neither, which means the incentive question never has to be argued — it simply does not arise.
What follows from it is unglamorous: better routing, plainer pricing, longer statements. Those are the only three things the firm competes on.
- 3.4×
- Regulatory capital held
- 100%
- Client money segregated
- None
- Own-account trading
- Annual
- External audit
Multiple of the firm's minimum requirement.
Held at tier-1 custodians, reconciled daily.
Iron holds no proprietary market risk.
Independent registered audit firm.
Illustrative figures for this design concept. Replace with audited disclosures and the firm's actual regulatory permissions before launch.
Governance
Six commitments, stated once, applied always.
Each of these is a standing constraint on how Iron operates rather than a policy that can be revised for a given client or quarter.
- 01Client money
- Held in segregated accounts at tier-1 custodians, reconciled daily and never used for firm purposes.
- 02Capital
- Iron maintains regulatory capital substantially in excess of its requirement and publishes the ratio quarterly.
- 03Proprietary trading
- Iron does not trade for its own account against client orders.
- 04Order flow
- Iron accepts no payment for order flow from any venue or market maker.
- 05Audit
- Financial statements are audited annually by an independent registered firm.
- 06Continuity
- Trading and reporting infrastructure runs active-active across two geographically separate sites.
History
Fifteen years, six decisions.
2011
Iron incorporated in London as an execution-only brokerage.
2014
Direct market access extended to continental European venues.
2017
Real-time portfolio margin engine replaces overnight batch calculation.
2020
Reporting API and flex queries released to all account tiers.
2023
Active-active infrastructure completed across two data centres.
2026
Iron terminal rebuilt on the current platform architecture.
Questions about custody, capital or permissions?
Compliance answers them directly, in writing, without a sales call attached.