About This Directory

Mission

The Liquidity & Routing Directory exists to bring clarity to one of the most opaque areas of retail and institutional FX trading: how orders are actually routed, priced, and executed.

We believe that traders deserve to understand the infrastructure behind their trades. This atlas is designed to be a neutral, educational reference — not a broker comparison site, not a promotional tool, and not financial advice.

What We Cover

• Routing Models: NDD / A-book, Dealing Desk / B-book, hybrid models, and Smart Order Routing (SOR).
• Liquidity Types: Composite liquidity, direct LP access, RFQ vs streaming, and last look mechanics.
• Venues & Feeds: ECN structure, prime brokerage / PoP models, and exchange vs OTC market structure.
• Execution Policy: Price/priority logic, latency components, slippage analysis, and rejection patterns.

Approach

Every article in this directory follows a consistent template: a clear definition, what the concept is and is not, where it sits in the execution stack, benefits and trade-offs, and what to look for in execution policies. We aim for institutional-grade accuracy in a format accessible to all market participants.

Independence

While we reference specific brokers and platforms for illustrative purposes (including public disclosure examples from NDD.broker), our content is editorially independent. We do not accept payment for coverage, rankings, or placement. See our Editorial Policy for details.