Spotware’s cBridge Launches Markout Report Module for Real-Time Toxic Flow Detection

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Spotware’s cBridge has introduced Markout Report, a risk module that provides brokers with a continuous, account-level view of potentially toxic trading flow during an active session, the company announced this week. The tool tracks markout and pre-trade drift in real time and ranks flagged accounts by financial impact, enabling trading desks to act before losses accumulate.

cBridge noted that brokers typically only detect execution problems after a session closes and profit and loss has settled, at which point the loss is fixed and the only option is to adjust future routing. Markout Report is designed to surface the same signals earlier, while trading is still live. “We want risk management to be a core part of the liquidity bridge,” said Alexis Droussiotis, co-general manager at cBridge.

Spotware, the developer of the cTrader platform, launched cBridge as a standalone liquidity bridge priced on infrastructure rather than trading volume. Markout Report scores each account against four signals—markout, pre-trade drift, decay, and consistency—and sorts them into low, medium, high, and critical risk tiers. Markout measures the market price movement after a trade executes, a standard gauge of whether a broker’s pricing is being picked off by faster or better-informed traders. Pre-trade drift examines price movement just before the trade, signaling potential information leakage or latency arbitrage.

Interactive charts plot account-level markout across configurable time windows, allowing risk teams to monitor behavior during volatile periods without manually reconstructing individual trades. A “Top accounts” view ranks flagged accounts by financial impact, while a notional distribution view shows how trading volume is concentrated across the account base. The ranking directs attention to accounts where routing action can protect a broker’s bottom line, rather than those with only minor exposure.

Markout Report arrives as markout analysis, once primarily an institutional practice, becomes standard among retail brokers. Chariton Christou, co-founder of Boltzam Research, said that retail dealers are increasingly using tools “once reserved for institutions, such as spread decay and markouts.” Competitors such as oneZero’s Hub platform already bundle pricing, risk management, order routing, and analytics into a single system. Centroid Solutions embedded its Centroid Risk analytics inside Match-Trade Technologies’ Match-Trader platform in March 2025.

Spotware built Markout Report in-house. The launch comes roughly two weeks after cBridge partnered with Tapaas to bring third-party exposure and profit-and-loss analytics onto the bridge, and about a week after adding STARPRIME as a liquidity provider. Once an account is flagged, teams can filter by instrument or trading condition, drill down to see if unusual behavior is concentrated or spread across products, and categorize or pin accounts for structured review. Routing actions on a flagged account can be initiated within the same cBridge environment without exporting data. “As brokers grow, the operational side gets harder to manage, and that’s exactly the problem we’re trying to solve: giving them room to scale without losing control over their risk,” Droussiotis added. cBridge emphasized that every broker already generates the execution data behind these metrics; Markout Report aims to make that data usable earlier in a session, rather than only after it closes.