Neobroker

Most retail brokers run a single pre-trade check: "do you have buying power?" That single check has historically allowed retail customers to execute trades that would have been refused under any rigorous suitability framework. The Coreal Neobroker runs ten pre-trade checks in sequence: (1) suitability — does this instrument match the user's risk profile per MiFID II appropriateness; (2) buying power — funded balance plus eligible margin; (3) position concentration — single-name limits; (4) leverage — combined account leverage including derivatives; (5) volatility regime — instrument flagged for elevated risk in current regime; (6) market hours — instrument tradeable now; (7) market-abuse surveillance — pattern flagged for review; (8) sanctions — counterparty screening; (9) instrument restrictions — geo, age, certification; (10) execution venue availability — venue accepting orders. Any failure surfaces a clear reason; the check itself is journaled.

Fractional shares require an internal accounting model that keeps "0.137 shares of NVDA" on the customer's book while the broker holds whole shares in inventory. Coreal does not use a single omnibus broker account with rounded internal allocations — that creates rounding drift over time. Instead, Coreal's ledger holds exact fractional positions (down to €0.01 notional) per customer, and the firm holds a basket of whole shares at the broker. When customer buys/sells aggregate to a whole-share boundary, the firm rebalances the broker holding; intermediate positions are firm-internal. The customer's fractional balance is always exact; the firm carries the rounding inventory.

Retail order routing is supposed to find the best execution price across available venues. In practice, many brokers route to whichever venue pays the highest payment-for-order-flow rebate. Coreal's router optimises for net-of-fee execution price for the customer, not rebate income for the firm. The router considers: quoted spread, depth at touch, expected slippage at order size, fee schedule, settlement reliability. The chosen venue and the alternatives considered are stored in the trade journal. MiFID II best-execution reports are generated directly from this journal, not from a separate compliance system.

Recurring DCA (dollar-cost averaging) is the simplest retail investing pattern, but most implementations break down when portfolios drift. Coreal's auto-invest combines a target allocation (e.g., 60% global equity, 30% bonds, 10% gold) with a configured rebalance threshold. Each scheduled deposit is allocated to the most underweight asset rather than spread mechanically across all assets. When drift exceeds threshold, the next deposit (or an explicit rebalance) sells the most overweight asset. This produces a portfolio that stays close to target without generating gratuitous taxable events.

The US moved to T+1 settlement in 2024; the EU is on track for 2027. Coreal's ledger and reconciliation pipeline are already T+1-capable: trade-date journals carry a settlement-date prediction, the settlement file from the broker is matched on the predicted date, and any breaks are escalated to operations within the same business day. When the EU migrates, the platform requires a configuration change, not a code rewrite. The reconciliation runbook has been tested against simulated T+0 settlement for the 2030+ horizon.