Cooter, According to the NFA, they are registered as an FCM.
http://www.nfa.futures.org/basicnet/...d=0326789&rn=Y. Assuming that is correct, that would mean they can perform trading operations at a level higher than an IB. How all the back office items work, I am not sure on exactly. I understand that an IB (introducing broker) simply markets their own name and handles customers, but all the trading goes thru another company, such as an FCM. Now, how exactly Open ECry handles it all, I am not sure.
Very good question and observation, but I have heard mostly good things about Open ECry and thought their software was very nice, esp at no extra fee.