Devexperts’ Head of Trading Operations, Borislav Alendarov, joined the iFX EXPO panel “Calculated Exposure – Rethinking Risk in High-Volatility Markets.” We’ve put together the key insights Borislav shared, including building a balanced risk book, benchmarking flow, tackling arbitrage, and what’s next for brokers and prop trading.

How do you classify clients and define an ideal risk book?

Start with tighter, more focused segmentation. Look at what clients actually do, not just broad categories. The type of book matters too. Be ready to switch between A-book and B-book if needed, but try to stay in one environment so you can see the full picture and keep exposure under control. Reporting can also play an important role. 

If you asked me to describe the ideal book in one word, it’s balance. Balance across client types and even geographies. Know who your clients are and how they trade. Set limits and monitor them tightly.

If you segment clients effectively, how do you benchmark retail flow vs. sharper flow for profitability?

In my opinion, there isn’t a single perfect benchmark. One way is to look at revenue per million, but it’s tricky. There are “standards,” yet every broker has a different setup and risk appetite. Benchmarks should be tailored specifically to your firm, based on your own analysis.

What arbitrage patterns do you see, and how does Devexperts help brokers guard against them?

First, make trading conditions very clear and monitor them. Keep an eye on IBs and affiliates. Latency abuse is one pattern, but not the only one. Swaps matter. Bonuses matter. Traders are creative and getting smarter, so we need to evolve too.

On our side at Devexperts with DXtrade, we’re building more tools for this. We already have core reporting and a dedicated risk-exposure monitor that gives you a single-view overview and lets you act inside the platform. We’re now developing features so the dashboard can analyze execution speed and alert you of suspicious behavior faster.

Where are we headed next?

Brokers are doubling down on technology and risk-analysis tools. Prop trading is moving into a new phase. It began with FX and CFDs. Now there’s growing demand for futures. Retail interest in stocks keeps rising. Options for retail are also becoming a big theme. Regulation should come, and it will be good for the prop space. It will settle the market and validate the solid firms.

Connect or keep in touch

For the latest updates and company news, visit our News section. You can also connect with Borislav Alendarov directly on LinkedIn.