Prime of Prime (PoP)

A Prime of Prime provider sits between the tier-1 banks that make up the true interbank market and smaller retail brokers, aggregating liquidity from multiple large banks and offering it (with credit intermediation) to brokers who couldn't access that liquidity directly on their own. This lets even mid-sized retail brokers offer competitive, deep pricing without needing a direct prime brokerage relationship with major banks themselves. The quality of a broker's PoP relationships is one of the less visible factors behind its spread, execution quality, and reliability during volatile markets.