Onboarding Friction for EU Small Cap Algo Flows
Anyone else finding the KYC/AML process for newer prop firms handling EU small-cap equity algorithms to be a significant bottleneck? Specifically looking at firms with direct market access to Xetra and Euronext. The onboarding timelines are extending far beyond initial estimates, and documentation requirements seem to vary wildly, often necessitating repeated submissions. This isn't just about identity verification, but getting trading mandates approved for specific strategies. Wondering if others are experiencing similar friction, or if there's a segment of the market where this is smoother. It's becoming a real drag on deployment schedules, particularly for those of us running lower-latency strategies that need to be up and running quickly after backtest validation. Is liquidity access to the smaller caps through these newer firms worth the hassle, or are we better off sticking to the established, albeit pricier, brokers?