Architects of Modern FX Liquidity Reunite to Launch JT Prime

LONDON – November 10, 2026 — The institutional foreign exchange market is currently experiencing a paradoxical squeeze. While global trading volumes are surging and reliance on prime brokerage services has reached historic highs, access to top-tier credit lines is becoming increasingly restricted for all but the largest market participants. Into this structural friction steps a familiar trio of industry veterans, betting that the market is ripe for a return to relationship-driven, boutique liquidity provision.

Today marks the official launch of JT Prime, a new institutional Prime of Prime (PoP) business founded by Raj Sitlani, Jonathan Brewer, and Jeff Wilkins. For industry observers, these names carry significant weight. Sitlani and Brewer, both alumni of Goldman Sachs' senior e-FX division, previously co-founded the institutional liquidity powerhouse iS Prime (now iSAM Securities), where they were later joined by risk management specialist Wilkins.

Their return to the sector as the leadership team of JT Prime signals a direct challenge to an increasingly commoditized liquidity landscape, promising an agency-style execution model tailored specifically for retail brokers, proprietary trading firms, family offices, and hedge funds.

The Reunion: Rebuilding the Agency Model

The launch of this new venture is not merely a routine corporate debut; it represents the reunification of a team that fundamentally shaped the modern Prime of Prime sector. Following Sitlani and Brewer's departure from iSAM Securities in early 2023, and Wilkins' subsequent exit earlier this year, the trio's absence left a noticeable vacuum in the bespoke liquidity space. Financial filings indicate that in the years following the co-founders' exit, their former firm saw turnover drop by a staggering 44%, highlighting the extent to which institutional liquidity relies on the personal relationships and strategic acumen of its architects.

Now, operating as the dedicated institutional arm of the Seychelles-regulated retail brokerage JT Markets, the founders are deploying a familiar but refined playbook.

"Jonny, Jeff and I have considerable experience of building successful institutional businesses and a deep understanding of what clients need from a Prime of Prime," said Raj Sitlani, Non-Executive Chairman at the newly minted firm. "We see a clear opportunity for a boutique, best-of-breed provider that combines institutional-quality liquidity and technology with a genuinely personalised approach to client relationships."

The firm's core offering centers on providing aggregated Tier 1 multi-asset liquidity across FX, precious metals, and index CFDs. By leveraging an in-house engineered pricing engine and direct FIX API connectivity co-located in LD4, the brokerage currently aggregates pricing from 18 Tier 1 bank and non-bank providers.

Jonathan Brewer, Partner at the firm, emphasized a return to the fundamentals of the PoP model. "We're returning to the fundamentals of the Prime of Prime model: providing clients with access to a wide pool of Tier 1 liquidity through a clean, agency-style execution model that aligns our interests with theirs," Brewer stated. "We'll be selective about the clients we work with, focusing on building long-term relationships and delivering exceptional service, liquidity and execution."

Navigating the Multi-Asset Liquidity Crunch

The timing of this launch intersects with a critical juncture in global financial markets. According to the Bank for International Settlements (BIS) Triennial Survey data for 2025, the share of global FX activity executed via a prime broker jumped by 64.2% to $2.163 trillion per day. However, this boom in volume masks a growing crisis for Tier-2 and Tier-3 institutions.

Major clearing banks have significantly tightened their credit risk parameters. Uncommitted trading lines are frequently reduced without notice, and the capital requirements to maintain direct Tier-1 prime brokerage relationships have skyrocketed out of reach for many mid-sized funds and emerging brokerages. This dynamic forces smaller institutions into a complex web of secondary liquidity providers, often resulting in wider spreads, higher latency, and opaque execution practices.

Jeff Wilkins, Partner, points to this exact friction as the firm's primary target. "Our DNA is very much institutional and we understand the challenges our clients face," Wilkins noted. "Our approach is consultative and hands-on, helping clients optimise their liquidity arrangements, identify the most suitable liquidity providers and improve the performance of their businesses."

By sitting between the Tier-1 banks and the mid-tier market participants, boutique PoPs absorb the credit risk that major banks are unwilling to take on directly, while simultaneously shielding their clients from the predatory pricing practices sometimes found in lower-tier B-book brokerages.

From Offshore Roots to Onshore Ambitions

While the technological infrastructure and executive pedigree of the new venture are firmly institutional, its corporate structure presents an interesting strategic narrative. The institutional arm is currently operating under the regulatory umbrella of its parent company, JT Markets, which was established in 2024 and holds a license from the Seychelles Financial Services Authority (FSA).

In the institutional clearing world, offshore regulatory frameworks like the Seychelles FSA are often viewed with caution by stringent compliance departments at major hedge funds and family offices, primarily due to lower capital adequacy requirements and limited investor protection frameworks compared to major onshore jurisdictions.

However, the founders appear acutely aware of this hurdle. As part of their aggressive growth strategy, the company has confirmed that an application for regulatory approval is currently pending in a major Western market.

One London-based liquidity consultant noted that this "land and expand" regulatory strategy is becoming increasingly common. "Launching offshore allows a new brokerage to build its technology stack, establish initial order flow, and prove its execution model without the immediate, crushing overhead of Tier-1 regulatory capital requirements," the consultant explained. "But to capture the true institutional whale accounts, migrating to an FCA, ASIC, or CFTC framework is an absolute necessity. The pending Western application is the linchpin of their long-term viability."

Bridging Traditional Finance and Digital Assets

Beyond traditional fiat currency pairs and index CFDs, the firm is positioning itself to capture the growing institutional demand for digital assets. The brokerage currently accepts cryptocurrency payments—a crucial operational bridge for modern proprietary trading firms and retail brokers operating in jurisdictions with fragmented banking rails.

The strategic roadmap includes expanding the product range beyond traditional commodities to include full digital asset execution and clearing. This move acknowledges a profound shift in the proprietary trading and family office sectors, where digital assets are no longer viewed as a fringe speculation but as a core component of a diversified multi-asset portfolio.

Traditional prime brokers have been notoriously slow to offer comprehensive, cross-margined clearing for both fiat and crypto assets, largely due to regulatory uncertainty and legacy technology constraints. By building their infrastructure from the ground up with crypto capabilities already integrated, the returning veterans are positioning their new venture to capture a lucrative demographic of hybrid trading firms that require seamless transitions between traditional finance and the digital asset ecosystem.

As the institutional landscape continues to grapple with the dual challenges of credit consolidation and technological fragmentation, the re-emergence of proven architects in the Prime of Prime space offers a compelling alternative for firms locked out of the Tier-1 club. Whether their boutique, relationship-led approach can successfully scale while navigating the transition from offshore agility to onshore regulatory rigor will be a defining story in the liquidity markets over the coming year.