diff --git a/piker/clearing/_ems.py b/piker/clearing/_ems.py
index 96782141..1bb57ae7 100644
--- a/piker/clearing/_ems.py
+++ b/piker/clearing/_ems.py
@@ -395,9 +395,10 @@ async def open_brokerd_dialog(
         if trades_endpoint:
             break
     else:
-        raise RuntimeError(
+        log.warning(
             f'No live trading EP found: {brokermod.name}?'
         )
+        exec_mode: str = 'paper'
 
     if (
         trades_endpoint is not None
@@ -408,9 +409,6 @@ async def open_brokerd_dialog(
             trades_endpoint,
         )
 
-    else:
-        exec_mode: str = 'paper'
-
     @acm
     async def maybe_open_paper_ep():
         if exec_mode == 'paper':
@@ -523,6 +521,7 @@ class Router(Struct):
     ] = defaultdict(set)
 
     # TODO: mapping of ems dialog ids to msg flow history
+    # - use the new ._util.OrderDialogs?
     # msgflows: defaultdict[
     #     str,
     #     ChainMap[dict[str, dict]],
@@ -641,6 +640,9 @@ class Router(Struct):
                 loglevel=loglevel,
             ) as feed,
         ):
+            # extract expanded fqme in case input was of a less
+            # qualified form, eg. xbteur.kraken -> xbteur.spot.kraken
+            fqme: str = list(feed.flumes.keys())[0]
             brokername, _, _, _ = unpack_fqme(fqme)
             brokermod = feed.mods[brokername]
             broker = brokermod.name
@@ -675,7 +677,7 @@ class Router(Struct):
 
                 client_ready = trio.Event()
                 task_status.started(
-                    (relay, feed, client_ready)
+                    (fqme, relay, feed, client_ready)
                 )
 
                 # sync to the client side by waiting for the stream
@@ -1468,13 +1470,13 @@ async def maybe_open_trade_relays(
         loglevel: str = 'info',
     ):
 
-        relay, feed, client_ready = await _router.nursery.start(
+        fqme, relay, feed, client_ready = await _router.nursery.start(
             _router.open_trade_relays,
             fqme,
             exec_mode,
             loglevel,
         )
-        yield relay, feed, client_ready
+        yield fqme, relay, feed, client_ready
 
     async with tractor.trionics.maybe_open_context(
         acm_func=cached_mngr,
@@ -1487,13 +1489,13 @@ async def maybe_open_trade_relays(
         key=cache_on_fqme_unless_paper,
     ) as (
         cache_hit,
-        (relay, feed, client_ready)
+        (fqme, relay, feed, client_ready)
     ):
         if cache_hit:
             log.info(f'Reusing existing trades relay for {fqme}:\n'
                      f'{relay}\n')
 
-        yield relay, feed, client_ready
+        yield fqme, relay, feed, client_ready
 
 
 @tractor.context
@@ -1576,7 +1578,7 @@ async def _emsd_main(
         fqme,
         exec_mode,
         loglevel,
-    ) as (relay, feed, client_ready):
+    ) as (fqme, relay, feed, client_ready):
 
         brokerd_stream = relay.brokerd_stream
         dark_book = _router.get_dark_book(broker)
diff --git a/piker/clearing/_paper_engine.py b/piker/clearing/_paper_engine.py
index 4220bf63..34e7ec58 100644
--- a/piker/clearing/_paper_engine.py
+++ b/piker/clearing/_paper_engine.py
@@ -574,7 +574,7 @@ async def open_trade_dialog(
         if fqme:
             bs_fqme, _, broker = fqme.rpartition('.')
             mkt, _ = await brokermod.get_mkt_info(bs_fqme)
-            mkt_by_fqme[fqme] = mkt
+            mkt_by_fqme[mkt.fqme] = mkt
 
         # for each sym in the ledger load it's `MktPair` info
         for tid, txdict in ledger.data.items():