Wikilix
Contract reading

What Market Securities legally published, but does not want you to read

Every clause below is published by Market Securities itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: Kyte Broking Limited

dispute barrierdeemed acceptancedisclosure qualityhidden feeclient categorisationconflictentity confusionpricingsole discretionunilateral amendment

Kyte Broking Limited is the FCA firm behind Market Securities in London, and its contract is written for institutions. Ask to be treated as a retail client and it will not act for you. You get 24 hours to dispute a trade confirmation before it binds you, and liability is capped at the fee you paid. A committee can cancel or adjust an executed trade, and its decision is final.

Back to Market Securities

Contract risk

Harder than average
5.5/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
3
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
20
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
25
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
3

How the 20 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical3
Warning14
Notice3

section 26 of 40is where the deepest clause sits, 65% of the way into the document it is in

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

1 of these 4 figures comes from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical1 daysTime to complain. Jump to the clause this comes from.You get 24 hours to dispute a trade confirmation$20In the contract. Jump to the clause this comes from.Liquidity providers pay Kyte Broking per lot on your orders$15Fee you were not shown. Jump to the clause this comes from.A £15 charge on every confirmed trade3 working daysAccount limit. Jump to the clause this comes from.Three business days' notice for a material change

What the documents say

20 clauses worth knowing about, worst first, each quoted from Market Securities's own files

01

Kyte Broking's Membership and Rules Committee can cancel or adjust any trade it treats as an error trade, under rule 13.2. Rule 13.9 makes its decision final. Rule 13.1 lets the committee start that review on its own, with no deadline in the rulebook.

Why this matters

A profit you have already booked can be reversed after the fact, and the rulebook gives you no appeal. Rule 13.8 makes refusing the committee's instruction a breach of the rules.

Exhibit 2CriticalStandard wording

The Committee has the right to cancel or adjust any Transaction which is an Error Trade in the interest of maintaining a fair and orderly market.
Clause 13.2 in Kyte Broking Ltd Organised Trading Facility Rulebook, p.13
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK)

Trading venues the FCA authorises must be able to cancel, amend or correct an erroneous transaction, so the power itself is expected. What this rulebook adds is finality: it names no appeal, and no time limit applies to a review the committee starts itself.

Market Securities is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Within 15 minutesYou can ask Kyte Broking to review a trade, by email to its compliance address.13.3
After 15 minutesYour request is considered only where there are unusual or mitigating circumstances.13.4
InstructionYou must carry out the cancellation or adjustment the committee requires.13.8
No appealThe decision of the committee is final.13.9
  • Worse together with Exhibit 3Your window to challenge a trade closes in 24 hours while the committee's power to undo one has no closing date.
02

You have 24 hours to tell Kyte Broking you disagree with a trade confirmation. Miss it and clause 9.2 makes the confirmation binding on you. For a trade agreed by phone, clause 9.1 starts the clock at the moment of the conversation.

Why this matters

An error in a confirmation becomes your agreement after 24 hours. The clock starts on the call, so a problem you find the next morning can already be too late.

Exhibit 3CriticalHarder than usual1 days

You will notify KBL as soon as practicable, but no later than 24 hours after receipt of such notice as set out in clause 9.1, if you are not in agreement with any trade confirmation or other notification from KBL provided that if the day following the day of receipt of such notice is not a trading day, you will notify KBL on the next trading day. In the absence of such notification by you, the trade confirmation or notification will be binding on you.
Clause 9.2 in KBL Terms of Business, p.2
Read from the broker's site on Open the reference

What it costsA trade agreed on a call at 4pm on Tuesday is binding from 4pm on Wednesday unless you have objected.

Set against a regulated standard: FCA (UK)

Firms licensed by the FCA must send a client a confirmation of each trade and must handle complaints about it under the regulator's complaints rules. Clause 9.2 treats silence for 24 hours as agreement.

Market Securities is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 7You have one day to object, and the only evidence of what you said is a recording the contract calls conclusive.
  • Worse together with Exhibit 8The clause that binds you in 24 hours sits in the same contract as a complaints clause with no timetable at all.
03

Kyte Broking's liability to you is capped at the fee you paid on the trade in question, under clause 16.4. Clause 16.3 keeps liability alive for direct loss caused by its negligence or wilful default. The cap sits on top of that.

Why this matters

A mistake that costs you far more than the commission is still worth only the commission. Loss of profit and indirect loss are excluded outright.

Exhibit 4CriticalHarder than usual

our entire liability and/or in connection with this Agreement shall not exceed the amount of the Fees payable for the provision of the applicable transaction in question.
Clause 16.4 in KBL Terms of Business, p.4
Read from the broker's site on Open the reference

What it costsOn a trade where you paid $1,000 in fees, clause 16.4 caps the recovery at $1,000, however large the loss on that trade.

Set against a regulated standard: FCA (UK)

Firms licensed by the FCA cannot write away a duty they owe a client under the regulator's own rules, and clause 16.4 opens with that carve-out. Everything outside it is capped at the fee for the transaction.

Market Securities is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

04

Kyte Broking will not take you on if you ask to be treated as a retail client. Clause 4.1 says so, and rule 4.1 of its venue rulebook bars individuals from trading there at all. You can only be a professional client or an eligible counterparty.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Why this matters

A professional client or eligible counterparty gives up the protections a retail customer gets, including free access to the Financial Ombudsman Service. If you are an individual rather than a firm, you cannot be a client here at all.

Exhibit 1WarningStandard wording

If you request to be categorised as a Retail Client thereby requiring a higher level of regulatory protection, KBL will not be able to provide Brokerage Services to you.
Clause 4.1 in KBL Terms of Business, p.1
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK)

Firms licensed by the FCA owe retail clients extra protection on costs, suitability and complaints, and a retail customer can take a complaint to the Financial Ombudsman Service free of charge. Kyte Broking's terms say it cannot provide brokerage services on those terms.

Market Securities is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

05

Kyte Broking can be paid by the liquidity provider on the other side of your trade. Its execution policy prices those payments per lot, up to $20 a lot on crypto derivatives and £1 on fixed income derivatives. The table sits on page 26 of 26.

In plain words

Remuneration means payments it receives.

Liquidity providers are outside banks and brokers.

Why this matters

The firm arranging your trade earns more on some products than others from the counterparty you face. Nothing in the two page conflicts summary tells you this exists.

Exhibit 5WarningHarder than usual$20

In relation to our most sophisticated clients to whom this policy applies, KBL may receive payments from third parties such as liquidity providers in relation to orders we executed that were initiated by you.
Clause 12 in Kyte Broking Limited Order Execution Policy, p.12
Read from the broker's site on Open the reference

What it costsOne hundred crypto derivative lots can pay Kyte Broking $2,000 from the liquidity provider. The same hundred lots in fixed income derivatives pay up to $75.

Set against a regulated standard: FCA (UK)

Firms licensed by the FCA must tell a client about payments they receive from third parties in connection with that client's business. Kyte Broking does publish the maximums, in the last appendix of a 26 page policy.

Market Securities is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

Our readingPayments from liquidity providers are ordinary in wholesale broking. A published rate more than twenty times higher on one product class than on the others is not, and it gives Kyte Broking a larger payment on crypto derivatives than on anything else it arranges.

  • Worse together with Exhibit 9The payment is priced in one document and missing from the document written to disclose conflicts.
  • Worse together with Exhibit 10Kyte Broking is paid per lot by liquidity providers while the duty to get you the best result does not cover every client or order.
06

The membership agreement you sign to join Kyte Broking's London venue says it supplements MS France's Terms of Business. MS France is a different company, in Paris, under a different regulator. The French entity's own agreement carries the identical sentence.

Why this matters

The document that binds you to the venue points at another company's contract, so the papers you sign do not settle which terms govern your membership.

Exhibit 6WarningRarely seen

This membership agreement supplements MS France’s Terms of Business and Supplement to Terms of Business: OTF Rules (collectively the “OTF Rules”)
Quoted in Kyte Broking Limited OTF Membership Agreement (KBLM), p.1
Read from the broker's site on Open the reference

Our readingA membership agreement that incorporates another group company's terms of business is unusual. Both agreements are dated December 2025 and contain the same sentence, with only the web address changed.

  • Worse together with Exhibit 16The agreement names one company, the website belongs to a second, and the FCA permission sits with a third.

A £15 charge on every confirmed trade, and no price list for the electronic platform

Kyte Broking's OTF rate card charges £15 on every confirmed trade and £100 a month for an end of day file. Both sit on page 9 of 9. Trades under 1 million bonds carry a minimum ticket cost the card never states. The venue's electronic platform has no published price list at all.

Cost disclosure2 clauses flagged

Kyte Broking charges £15 for each confirmed trade on top of the brokerage rate, plus £100 a month for an end of day file. Both sit on page 9 of 9 of the venue rate card. A bespoke data feed is priced at the time you ask for it.

Why this matters

The charge applies per confirmed trade, so it grows with how often you trade rather than how much. Onboarding and offboarding both cost nothing, which makes the ticket charge the fee to watch.

Exhibit 11WarningStandard wording$15

Ticket charge. The client will pay a fee for confirmed trades.
Clause 4 in Kyte Broking Limited OTF Pricing Structure, Voice Platform, p.9
Read from the broker's site on Open the reference

What it costsTen confirmed trades cost £150 in ticket charges, and the end of day file adds £100 for that month.

The venue rulebook says Kyte Broking's costs and charges are set out on its website, in rule 11.4. On the website, the entry for the electronic platform fee schedule says no such schedule is available.

Why this matters

Trade on the voice platform and you can read the rate card. Trade electronically and you cannot see what Kyte Broking will charge you before you deal.

Exhibit 12Warning

There is currently no electronic platform fee schedule available.
Quoted in MS Kyte Broking regulatory documents page
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK)

A trading venue the FCA authorises has to make its fee structure public, so members can see what they will pay before they trade. Kyte Broking publishes its voice rate card and states that the electronic one does not exist.

Market Securities is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

Ask for retail protection and Kyte Broking will not act for you

Clause 4.1 of Kyte Broking's Terms of Business says it cannot act for anyone who asks to be treated as a retail client. Rule 4.1 bars individuals from its trading venue outright. Material changes to the contract arrive on three business days' notice. Your next order counts as consent to a new execution policy.

Who may be a client3 clauses flagged

Kyte Broking can change its Terms of Business on three business days' written notice, under clause 1.2. Its venue rules can be changed by a market notice, with no notice period stated. Rule 2.4 makes those rules override the Terms of Business.

Why this matters

Three business days is the whole of your warning before a material change takes effect. The venue rules that prevail over your contract can move with no warning at all.

Exhibit 13WarningHarder than usual3 working days

If KBL make any material change to this Agreement, KBL will give at least three (3) business days’ written notice to you.
Clause 1.2 in KBL Terms of Business, p.1
Read from the broker's site on Open the reference
  • Worse together with Exhibit 14Short notice on one document, none on the other, and your next order counts as agreement to both.

Placing another order counts as your consent to Kyte Broking's execution policy, under clause 7.5, however that policy has changed. The policy also treats your silence as an instruction not to publish your unexecuted limit orders.

Why this matters

An unpublished limit order is hidden from the rest of the market, which can mean a slower fill. The Terms of Business say your order is published unless you say otherwise, and the policy sets the opposite default.

Exhibit 14WarningHarder than usual

KBL will consider the continued placement of orders by you to constitute your continued consent to our order execution policy.
Clause 7.5 in KBL Terms of Business, p.2
Read from the broker's site on Open the reference

Kyte Broking can sell your investments and close or rescind your open positions without telling you first. The trigger in clause 22.1 is its own belief that you may not meet your liabilities. You pay the costs of that close out.

Why this matters

A position closed early turns a paper loss into a real one, and the trigger is what Kyte Broking believes rather than a default you have made. Clause 22.2 strips out the statutory limits on selling assets it holds for you.

Exhibit 15WarningStandard wording

KBL shall be entitled (and are irrevocably authorised by you) to take all or any of the following actions without prior notice to you:
Clause 22.1 in KBL Terms of Business, p.4
Read from the broker's site on Open the reference

You have 24 hours to object, and the recording decides what you said

Clause 9.2 of Kyte Broking's Terms of Business gives you 24 hours to disagree with a trade confirmation before it binds you. Clause 15.2 makes the firm's own call recording conclusive evidence of your instructions. Clause 16.4 caps what you can recover at the fee you paid on that trade. The complaints clause sets no deadline at all.

Exit from a dispute2 clauses flagged

Kyte Broking's recording of your call is accepted as conclusive evidence of what you instructed, under clause 15.2. Clause 15.1 makes the recordings its property, kept at its discretion. Rule 11.5 of the venue rulebook does let you ask for a copy.

Why this matters

If your memory of a call differs from the recording, the contract has already decided whose version counts. The right to ask for a copy sits in the venue rulebook, not in the Terms of Business you sign.

Exhibit 7WarningHarder than usual

You agree that all telephone recordings may be used as evidence in the event of a dispute. Such recordings will be accepted by you as conclusive evidence of instructions received from you.
Clause 15.2 in KBL Terms of Business, p.4
Read from the broker's site on Open the reference

Kyte Broking's complaints clause asks for a letter to its compliance officer and promises an internal investigation. Clause 24.1 sets no deadline for an answer and names no outside body. MS France, in the same group, commits to 15 working days.

Why this matters

Nothing in the contract tells you when an answer is due or where to go if it never comes. The group's French arm publishes both, including free referral to the AMF ombudsman.

Exhibit 8WarningHarder than usual

If however such resolution is not possible and you wish to make a formal complaint, this should be made in writing on a timely basis addressed at first instance to our compliance officer. Your formal complaint will then be investigated internally.
Clause 24.1 in KBL Terms of Business, p.5
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK)

Firms licensed by the FCA must handle complaints to a published procedure with time limits, and must tell complainants who qualify that the Financial Ombudsman Service is free to use. Clause 24.1 gives neither a time limit nor an outside name.

Market Securities is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

The agreement for the London venue names the Paris company's terms

Kyte Broking's OTF membership agreement of December 2025 says it supplements MS France's Terms of Business, not its own. The website carrying all of this belongs to Market Securities LLP, an appointed representative of Kyte Broking Limited. The FCA permission, number 174863, sits with Kyte Broking.

Which company, whose courts1 clause flagged

market-securities.com belongs to Market Securities LLP, which the site's own disclaimer calls an appointed representative of Kyte Broking Limited. Kyte Broking holds the FCA permission, number 174863. That disclaimer is the only place saying so, and it has no web address of its own.

Why this matters

The company whose name is on the website is not the company that holds the licence, and your contract is Kyte Broking's. To read the disclaimer you have to open its tab on the disclosures page, because no link reaches it.

Exhibit 16WarningStandard wording

Market Securities LLP (FCA register number 519097) is an appointed representative of Kyte Broking Limited, which is authorised and regulated by the Financial Conduct Authority (FCA register number 174863).
Quoted in Disclaimer and terms of use (DISCLAIMER tab on the Disclosures page)
Read from the broker's site on Archived copyOpen the reference

Liquidity providers pay Kyte Broking per lot on your orders

Appendix 4 of Kyte Broking's order execution policy prices what liquidity providers pay the firm per lot for executing your order. It runs from £1 on fixed income derivatives to $20 on crypto derivatives. The best execution duty does not apply to eligible counterparties. Kyte Broking's two page conflicts summary names none of this.

Who pays the broker2 clauses flagged

Kyte Broking's published conflicts summary explains what a conflict of interest is and names none of its own. Clause 10.1 of the Terms of Business admits that material interests and conflicts may exist, without saying what they are.

Why this matters

The one document you would read to learn how Kyte Broking's interests differ from yours does not tell you. Its matched principal dealing, its own trading venue and its payments from liquidity providers all sit in other documents.

Exhibit 9WarningStandard wording

The Firm recognises the importance of identifying and preventing or managing conflicts of interest and maintains controls to do so.
Quoted in Kyte Broking Limited Conflicts of Interest Policy summary, p.2
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK)

Firms licensed by the FCA must keep a conflicts policy, give clients a summary of it, and name the specific conflict when their own controls are not enough to prevent harm. This two page summary describes conflicts in general terms only.

Market Securities is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

Kyte Broking's execution policy does not apply to eligible counterparties at all. It also says best execution is unlikely to apply when you ask for a quote. Clause 4.1 has Kyte Broking decide which category you are in, and tell you separately.

Why this matters

Whether the duty to get you the best result applies depends on a label Kyte Broking gives you. Clause 4.1 does let you ask for a different category.

Exhibit 10WarningHarder than usual

This Policy is not directed at, or intended for, retail clients and should not be considered for such persons.
Clause 2 in Kyte Broking Limited Order Execution Policy, p.2
Read from the broker's site on Open the reference
Our own capture of market-securities.com, taken on Oct 10, 2026The claim, on Capabilities block on the Market Securities home pageThis capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.Visit this page on the broker's siteDownload the full size image file

Kyte Broking holds no client money, and the US site answers to a placeholder name

Rule 8.8 says Kyte Broking will not hold any cash or investments under the FCA's client asset rules, so that protection never arises. In New York, the Market Securities site is titled New Jetpack Site. Its own disclaimer names that site as the emergency channel for clients. The link it gives for its order routing report points to a host that no longer exists.

Custody and upkeep2 clauses flagged

market-securities.us.com is titled New Jetpack Site, the default name of an unconfigured site. Market Securities LLC's own disclaimer names that website as how it will reach you in a serious disruption. The December 2022 version of the page carried the firm's name.

Why this matters

The channel the firm promises to use in an emergency still advertises itself as unconfigured. Its page of order routing reports offers one link to a host that no longer exists and one forwarded out of an internal email.

Exhibit 18WarningNew

in the event of a significant disruption we plan to notify you through our website, www.Market-securities.us.com.
Quoted in Disclaimer
Read from the broker's site on Open the reference

Kyte Broking does not hold your cash or investments under the FCA's client asset rules, and rule 8.8 says so. Money moves directly between you and the other client, or through the bank or custody account named.

Why this matters

The rules that would keep your cash separate from Kyte Broking's own never apply, because it never holds the cash. Clause 1.3 has you consent to Societe Generale opening settlement accounts in your name.

Exhibit 17NoticeStandard wording

Cash or OTF instruments will only be transferred to KBL that are due and payable and KBL will not hold any cash or investments in accordance with the FCA’s client assets or custody rules.
Clause 8.8 in Kyte Broking Ltd Organised Trading Facility Rulebook, p.10
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK)

Firms licensed by the FCA that hold client money must keep it separate from their own and report on it. Kyte Broking states that it holds none, so that protection does not arise.

Market Securities is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

Identity documents on demand, and data shared to protect the firm

Market Securities can restrict trading or close your account if it cannot verify your identity, which is the ordinary rule for a US broker-dealer. Clause 6.c of its privacy policy lets Market Securities disclose your personal data to take precautions against liability. That policy has not been revised since April 2021.

Your documents, your data2 clauses flagged

Market Securities reserves the right to disclose your personal data to take precautions against liability, in clause 6.c of its privacy policy. The same policy names Market Securities as the data controller, without saying which company that is.

Why this matters

A disclosure ground this wide is not limited to a legal demand. The policy has not changed since April 2021 and sets no retention period for your data.

Exhibit 19NoticeHarder than usual

We reserve the right to disclose personal data in order to take precautions against liability, or protect ourselves or others from fraudulent or unlawful uses or activity.
Clause 6.c in Disclaimer and terms of use (DISCLAIMER tab on the Disclosures page)
Read from the broker's site on Archived copyOpen the reference

Buried at section 26 of 40 in the Disclaimer and terms of use (DISCLAIMER tab on the Disclosures page), 65% of the way through.

Market Securities can restrict trading or close your account if you do not supply the documents it asks for. The same applies if it cannot verify your identity, and the Dubai arm's page says the same.

Why this matters

No deadline and no list of documents appears, so a request can arrive at any time. US law requires the identity check itself, and this is the usual wording for it.

Exhibit 20NoticeStandard wording

If we have opened an account for you, we may have to restrict trading or close it if you do not supply the necessary information or documents or if we are unable to verify your identity.
Quoted in Disclaimer
Read from the broker's site on Open the reference

Where it sits: section 5 of 47 in the Disclaimer, near the start.

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The home page promises best pricing, and the execution policy says the duty to get you the best result is unlikely to apply when you ask for a quote.

Said in public, in English

Best pricing through strong relationships and broad connectivity with leading bank and non-bank counterparties.

Capabilities block on the Market Securities home page

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of market-securities.com

In the contract · clause 5(c)

Best execution obligations are unlikely to apply where you have asked us for a quote (“RFQ”), as we generally take the view that in the context of the European Commission’s four considerations there is no legitimate reliance being placed on us to meet the relevant best execution requirements.

02

The rulebook sends members to the website for the venue's costs, and the website says the electronic platform's fee schedule does not exist.

Said in public, in English

There is currently no electronic platform fee schedule available.

OTF section of the MS Kyte Broking page, under Fee Schedule Electronics Platform

In the contract · clause 11.4

The costs and charges for using the KBL OTF are as set out on the KBL website.

03

The Kyte Broking page says the venue runs on its own rulebook and terms of business, and the agreement a member signs incorporates MS France's instead.

Said in public, in English

Key to the governance is the OTF Rulebook as supplemented by the Terms of Business and relevant policies and procedures.

Governance section of the MS Kyte Broking regulatory documents page

In the contract

This membership agreement supplements MS France’s Terms of Business and Supplement to Terms of Business: OTF Rules (collectively the “OTF Rules”)

What changed quietly

First review of Market Securities, so no earlier review exists for comparison.

  • REWRITTENClause

    The name of the US site became an unconfigured placeholder between the December 2022 copy and today.

    New Jetpack Site

  • REWRITTENClause

    Market Securities replaced a postal address for privacy questions with an email address and a phone number, which is easier for a client to use.

    Should you require any additional information, Please contact our Chief Compliance Officers Erin.Baskett@market-securities.us.com & at +1-636-675-3746

  • REWRITTENClause

    The address for written complaints to the US firm moved from 85 Broad Street to 75 Broad Street.

    75 Broad Street

The documents this reading is based on

25 files, all published by Market Securities. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording Market Securities publishes.

How this reading was done

Every clause above was read out of a document Market Securities publishes itself

This reading was published on .

Documents
15 of 25downloaded from the broker's site, and 15 read in full
Pages opened
47pages walked to find those documents, footer links included
Older copies
1earlier versions downloaded
Marketing pages
7public pages set against what the contract says
Position measured
2clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

Kyte Broking Limited

Kyte Broking Limited (company 02781314, FCA 174863, 55 Baker Street, London) is the authorised firm behind Market Securities in London, and its Terms of Business and OTF Rulebook are what a client signs up to. Market Securities LLP (OC325844, FCA 519097), whose name is on market-securities.com, is an appointed representative of Kyte Broking under the site's own disclaimer. The group also contracts through Market Securities (France) SA in Paris, which has a Madrid branch, through Market Securities (Dubai) Limited for professional clients and market counterparties only, and through Market Securities, LLC in New York, which clears through RBC Clearing & Custody and is a FINRA and SIPC member. Kyte Broking's execution policy calls the French, Dubai and US companies affiliates of one another. The Geneva, Hong Kong and Monaco offices on the contact page publish no terms, and Kyte Broking Limited is not named on that page at all.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

Kyte Broking publishes more than most brokers its size: a 7 page Terms of Business, a 21 page venue rulebook, a 26 page order execution policy naming its execution venues, a conflicts summary, its MIFIDPRU 8 capital disclosure and a 9 page rate card priced by asset class. Onboarding and offboarding both cost nothing. Appendix 4 of the execution policy publishes the maximum a liquidity provider can pay the firm per lot, a number few firms disclose at all. Rule 11.5 lets a client ask for a copy of a call recording for up to five years. Schedule 1 sets out the risks product by product. The French arm goes further: its complaints policy covers retail, professional and eligible counterparty clients alike, promises an acknowledgment in 10 business days and a final answer in 2 months, and points clients to the AMF ombudsman free of charge. In New York, Market Securities LLC names its clearing firm and its SIPC membership, and says it neither pays nor receives payment for directing order flow.

This review covers Kyte Broking's Terms of Business, its OTF rulebook, its order execution policy, its conflicts summary, the venue rate card and both membership agreements in full. It covers part of the MIFIDPRU 8 capital disclosure, part of MS France's Terms of Business and part of the French complaints policy. It does not cover Kyte Broking's modern slavery statement, MS France's OTF rulebook, its February 2025 execution policy, its conflicts summary, its 2022 RTS 28 report or its 2022 market notice, or the 24 market notices that amend the Kyte rulebook. On market-securities.com the privacy policy, the cookies policy and the website disclaimer share one address and only the privacy policy opens by default, so the other two open through their tabs on that page, and every quotation from them comes from there. No earlier version of the UK or French documents is available, so the only version comparison is between the US disclaimer and its December 2022 copy. The Geneva, Hong Kong and Monaco offices publish no terms of their own.

How to check any of this yourself

Every quote above links to the Market Securities file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document Market Securities publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge Market Securities on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Oct 10, 2026.

If you represent Market Securities and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on Market Securities. Whether its licence is real and current is a separate check on the broker profile.

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