The latest S-3 spells out how MAXF is a broker that matches parties wanting to make a trade. They specifically avoid taking a position of their own and make their revenues through commissions.
The worst case is an "out trade" where one party doesn't come through. This language sounds like an infrequent, minimal risk to me:
"AN INCREASE IN THE OCCURRENCE OF "OUT TRADES" COULD HAVE A MATERIAL ADVERSE EFFECT ON OUR FINANCIAL CONDITION OR RESULTS.
Our core inter-dealer brokerage business primarily involves one or more of our subsidiaries acting as an intermediary, matching the trading needs of our predominantly institutional client base by providing specialized services. Some of these transactions are executed on a name give-up basis, that is, once the specific economic terms of a proposed transaction are agreed, the names of the individual counterparties are disclosed and, subject to acceptance of the credit, the transaction is completed directly by both counterparties. Other transactions are completed with our subsidiary acting as a matched riskless principal, with the respective parties to the transaction knowing the subsidiary as the counterparty. The transactions are then settled through one of the clearing firms or organizations with which the subsidiary has a contractual relationship. In the process of executing brokerage transactions, from time to time in the fast moving markets in which our subsidiaries and brokers operate, miscommunications or other errors can arise whereby transactions are completed with only one counterparty ("out trades"), thereby creating a potential liability for our subsidiary. If the out trade is promptly discovered, thereby allowing prompt disposition of the unmatched position, the risk to our subsidiary is usually limited. If discovery is delayed, the risk is heightened by the increased possibility of intervening market movements prior to such disposition. Although out trades usually become known at the time of or later on the day of the trade, on occasion they are not discovered until later in the settlement process. When out trades occur and are discovered, our policy is to have the unmatched position disposed of promptly. The occurrence of out trades generally rises with increases in the volatility of the market and, depending on their number and amount, have the potential to have a material adverse effect on our financial condition or results of operations."