At the iFX EXPO International 2026 in Cyprus, François Nembrini, CEO of MFP Trading, met with Andrew Saks to discuss how his firm turned a single large client’s focus on silver into a broader specialisation in spot metals. What began as an infrastructure build-out to clear silver with prime brokers became a strategic advantage when volatility surged earlier in the year, allowing MFP to capture significant volumes and attract additional clients seeking depth and size.
The conversation highlights how the metals market has moved from a niche corner of FX into a mainstream instrument for both institutional and retail-facing businesses. Gold and silver are no longer side products; they are now core to many brokers’ offerings, and firms that can provide genuine spot liquidity are finding themselves in a very different competitive position.
Why this matters for brokers and liquidity providers
François explains that running a spot metals book feels more like dealing in an emerging market currency than a G10 pair. Liquidity is harder to source, relationships with prime brokers are more complex, and the market behaves differently under stress. That makes the firms that have done the groundwork in metals stand out, especially when retail aggregators report that gold is now one of their most traded instruments, often ahead of G10 FX.
For brokers and market makers, the lesson is clear: metals are no longer optional. The question is whether a firm is structured to handle spot books, prime brokerage relationships and the operational demands of a more fragmented, less standardised market.
What you will hear:
- How MFP Trading built its silver infrastructure ahead of the volatility spike
- Why a single large client can catalyse an entire new business line
- The difference between offering CFDs on metals and running a genuine spot metals book
- How prime brokerage relationships for silver and gold have evolved
- Why spot metals feel more like emerging market FX than G10
- What brokers and liquidity providers should consider before entering or expanding in metals
- How volatility in Q1 created both risk and opportunity for firms with the right setup
- The growing importance of gold and silver in the retail and institutional trading landscape
A conversation for market infrastructure
For anyone working in brokerage, liquidity, or market making, this discussion offers a candid view of how one firm turned metals into a strategic edge. It is a reminder that being early, being prepared, and understanding the plumbing of spot metals can matter more than chasing the latest narrative.
