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Drawing on my experience and after carefully reviewing all available details, I did not find any explicit information indicating that Shaw and Partners offers ECN or raw spread accounts, or charges commissions per lot in the conventional forex trading sense. My observations show Shaw and Partners primarily positions itself as a wealth management and investment advisory firm with services like tailored managed accounts and model portfolios, rather than as a typical forex broker with ECN or market-making account structures. The terminology found in their profiles—including "Shaw Managed Accounts," "Separately Managed Accounts," and portfolios tailored to client objectives—suggests the focus is on professional portfolio management, transparency, and goal-based investing rather than providing tight-spread, commission-per-lot forex trading. In my view, this structure generally means transaction costs and adviser fees are packaged differently from the standard ECN or raw spread plus commission model seen at specialized forex brokers. Additionally, I noticed the firm's regulatory license with ASIC is currently marked as "Exceeded." This signals potential regulatory concerns and introduces an added layer of risk. For me, maintaining safety and full compliance is essential, so a lapsed or exceeded regulatory status is a significant caution. Given these factors, I believe traders looking for traditional forex ECN or raw spread accounts with explicit per-lot commissions should seek more specialized and clearly structured brokers. I would not regard Shaw and Partners as meeting those specific needs. Always exercise due diligence and consider regulatory status and business model closely before committing funds.