Market Structure Reference
Liquidity & Routing Directory
An institutional-grade atlas of FX order routing, liquidity models, execution policy, and market structure. Understand how trades are routed, priced, and executed.
Atlas Categories
Structured knowledge base covering the core pillars of trade execution infrastructure.
Routing Models
NDD / A-book, Dealing Desk / B-book, Hybrid Routing, Smart Order Routing (SOR).
Liquidity Types
Composite liquidity, direct LP access, RFQ vs streaming, last look mechanics.
Venues & Feeds
ECN overview, prime brokers & PoP models, exchanges vs OTC market structure.
Execution Policy
Price/priority logic, latency breakdown, slippage, rejects, and fill analysis.
Featured Articles
Start with these foundational concepts in order routing and liquidity.
NDD / A-Book Routing
How No Dealing Desk brokers route orders directly to liquidity providers, eliminating conflict of interest.
Smart Order Routing (SOR)
How SOR engines evaluate multiple venues in real-time to find optimal execution for each order.
Composite vs Direct LP
Understanding the structural differences between aggregated composite feeds and direct LP relationships.
Playbooks
Practical guides on evaluating brokers, comparing liquidity models, and spotting conflicts of interest.
Diagrams Library
Architecture and flow diagrams for routing models, liquidity aggregation, and execution paths.
NDD Reference
A reference implementation of public routing disclosure and execution policy transparency.
Educational Disclosure
This content is provided for educational and informational purposes only. It does not constitute financial, investment, or trading advice. References to specific brokers, platforms, or services are for illustrative purposes and do not imply endorsement. Always consult qualified professionals and review official documentation before making any trading decisions.