From B-Book to A-Book: Rethinking broker risk, revenue & valuation in the age of AI trading

Is the 100% A-book model the future of retail and institutional brokerage? Sam Low, Founder of LiquidityFinder, leads a candid discussion with four brokers who run A-book models, plus Spotware Systems, on risk, revenue, valuation and the growing impact of AI-driven trading. Panel: Youssef Booz - Operations Manager, GCC Brokers Jeremy Kinstlinger - Founder, AfterPrime Lars Holst - CEO /Founder, GCX Rob Brown - Strategic Development, MAS Markets Victor Ivanchenko, Spotware Systems Recorded live in January 2026. Read the full write-up: https://liquidityfinder.com/insight/b... Join the LiquidityFinder community: https://liquidityfinder.com/register 0:00 Why 100% A-book brokers are rare 0:58 Meet the panel 2:00 Why each broker moved to A-book 9:21 Spotware on bridging A-book and hybrid flow 12:14 A-book versus B-book explained 16:14 Alignment between broker and client 21:19 Prop firms and extreme gold leverage 25:13 Is AI-driven trading changing client flow? 34:46 Risk on both sides: gold spreads and the SNB event 41:28 Valuation: selling an A-book versus a B-book broker 46:10 Trust and client education 49:06 Relationships with liquidity providers 53:07 Audience question: IB rebates under A-book 1:00:35 Why leverage is lower in A-book 1:05:35 Broker landscape: competition or consolidation? 1:10:18 Prop trading models and demo versus live 1:13:30 Is full A-book realistic for mid-sized brokers? 1:15:33 Can a new broker start as A-book? 1:18:17 Gaming, organised flow and broker ethics 1:20:37 Wrap-up