YAL Academy
The venue and your counterparty
The flagship module. Who is in the market, where a price comes from, how liquidity is aggregated, what an execution model means for the client, what execution quality measures, and what regulation and segregation actually cover.
Trading involves risk. You could lose more than your deposit.
The arc
IntermediateModule 5 of 10
12 lessons, about 103 min
- AssumesWhat a trade actually costs
- UnlocksWhen the market moves
The lessons
What this module covers
Moves outward from the participants to the price, then inward again to the reader's own order: how it is routed, how its execution is measured, and what infrastructure sits behind it. Ends on the two structural protections a client actually has, regulation and segregation, stated without flattery and with the entity placeholders visible until compliance resolves them.
Lesson 01
Who is actually in the market
Banks, funds, corporates, market makers and retail clients, and the very different reasons each is there.
- Level
- Intermediate
- Read time
- 9 min
Lesson 02
Where a price comes from
How a two sided quote is assembled from competing sources rather than published by a single authority.
- Level
- Intermediate
- Read time
- 9 min
Lesson 03
What liquidity is
The ability to deal size without moving the price, and what happens to every cost when it disappears.
- Level
- Intermediate
- Read time
- 8 min
Lesson 04
How liquidity is aggregated
Several sources combined into one book, and what that combination does to the price a client sees.
- Level
- Intermediate
- Read time
- 8 min
Lesson 05
What depth of market shows
The size resting at each level, where a platform exposes it, and what it cannot tell you.
- Level
- Intermediate
- Read time
- 7 min
Lesson 06
How a CFD broker manages its risk
What a firm does with the other side of a client's trade, described in the industry's own neutral terms.
- Level
- Intermediate
- Read time
- 10 min
Lesson 07
What an execution model means for you
How the firm's arrangement shows up in the client's fills, costs and rejections.
- Level
- Intermediate
- Read time
- 9 min
Lesson 08
How your order is routed
The path from the ticket to a fill, and the points at which time is spent.
- Level
- Intermediate
- Read time
- 8 min
Lesson 09
What execution quality actually measures
Fill rate, speed, slippage symmetry and rejection rate, and what each number does and does not prove.
- Level
- Intermediate
- Read time
- 9 min
Lesson 10
Where the infrastructure sits
Why the physical location of a matching venue and a broker's servers changes what a client experiences.
- Level
- Intermediate
- Read time
- 8 min
Lesson 11
What regulation covers and what it does not
The obligations a licensed firm carries, and the risks that no licence removes.
- Level
- Intermediate
- Read time
- 9 min
Lesson 12
What segregated client money means
Where client funds are held, what segregation is designed to do, and what it is not designed to do.
- Level
- Intermediate
- Read time
- 9 min
Get started
Open your account in four steps.
A clear path from sign-up to your first trade, in four steps.
No depositNo documents
01/ 04step 1 of 4
Register
A few details to get started.
No deposit to open
02/ 04step 2 of 4
Verify
Confirm your identity, securely.
ID and proof of address
03/ 04step 3 of 4
Fund
Add money by bank transfer or card.
From $0
04/ 04step 4 of 4
Trade
Go live on the platform you already know.
MetaTrader 5
