iS Prime Founders Return to Market with JT Prime Liquidity Venture

Three former iS Prime executives launched JT Prime on Tuesday, a prime-of-prime liquidity business aimed squarely at brokers, funds, family offices and prop firms. Raj Sitlani and Jonathan Brewer, who co-founded iS Prime in 2014, set up the venture with Jeff Wilkins, who ran iS Prime's risk analytics arm.

The timing is telling. Their old shop, now called iSAM Securities (UK), reported turnover of £19.56 million for the year to June 2025, against £35 million in the year to June 2022. Pre-tax profit fell to £4.5 million from £16.2 million over the same period — a 44% turnover drop, by Finance Magnates' calculation.

What exactly is JT Prime selling?

The new firm aggregates Tier 1 bank and non-bank liquidity across FX, precious metals and index CFDs, delivered over FIX API connectivity. Clients get coverage from North America, Europe and Asia. That's a standard prime-of-prime pitch: one feed, multiple counterparties, no direct prime broker relationship required.

Brewer, who spent 2024 as chief revenue officer at London FX and crypto liquidity provider GCEX, framed the execution model plainly. He said JT Prime would run "a clean, agency-style execution model that aligns our interests with theirs." He added the firm will be selective about which clients it takes on.

Sitlani, now non-executive chairman at JT Prime, said the founders see "a clear opportunity for a boutique, best-of-breed provider."

Who are these three?

Sitlani and Brewer left iS Prime in January 2023, eight years after starting it with systematic hedge fund manager iSAM. Both previously held senior electronic FX roles at Goldman Sachs.

Wilkins took a longer road. He stayed at iSAM until this year, joining JT Markets as a partner in March after nearly a decade at iSAM Securities. He was managing director of iS Risk Analytics, the broker risk business iS Prime built in 2017 from assets bought from Think Liquidity. He later served as co-head of eTrading.

The risk analytics background matters for the target audience. Desks evaluating a new prime-of-prime will ask about exposure monitoring and counterparty controls, and Wilkins spent years building exactly that tooling for brokers.

Where does the license sit?

Here's the part buy-side compliance teams will flag. JT Prime is the institutional arm of JT Markets, a retail CFD broker on MetaTrader 5 established in 2024 and licensed by the Seychelles Financial Services Authority. The company said an application in a major Western market is pending. No timeline was given.

Until that license lands, institutional clients face a Seychelles-regulated counterparty. That's a real consideration for funds and family offices with approved-counterparty lists.

What's on the roadmap?

JT Prime plans to add digital assets to its FX and commodities range. It already accepts payment in crypto. It also offers institutional clients a white-label education platform.

Meanwhile, the old firm keeps building. In October, iSAM Securities added four features to Radar, its broker risk platform, including alerts for traders hedging across several brokers. So the founder departure hasn't stopped product development at iSAM — it has just spawned a competitor down the road.

For brokers currently sourcing liquidity from the incumbents, JT Prime is one more FIX API feed to certify and benchmark. The pending Western license application, and whether the agency model holds up under real flow, will decide how far this boutique gets.