Routing Models
How brokers route client orders to execution: the foundational architectural decisions that determine conflict structure, execution quality, and transparency.
NDD / A-Book Routing
How No Dealing Desk brokers route orders directly to liquidity providers, eliminating conflict of interest between broker and client.
Dealing Desk / B-Book
How dealing desk brokers internalize client orders and act as the counterparty, and the structural implications for execution.
Hybrid Routing
Models that combine A-book and B-book elements, routing different order types or client segments through different paths.
Smart Order Routing (SOR)
How SOR engines evaluate multiple venues in real-time to find optimal execution: price, speed, fill probability, and cost.