Overview
NDD.broker operates a dealer-free execution model where all client orders are routed directly to external liquidity providers. The broker does not act as counterparty to any client trade, eliminating the structural conflict of interest inherent in dealing desk (B-book) models.
This page documents the routing architecture, liquidity model, and execution policy as disclosed in NDD.broker's public documentation. Each section links back to the relevant Atlas concept page for deeper technical context.
Inclusion Criteria: This reference page exists because NDD.broker publicly documents its routing methodology and execution policy in sufficient detail to serve as a teaching example. Inclusion is not paid and does not constitute endorsement.
Routing Architecture
The NDD model implements straight-through processing (STP) where client orders pass through a technology bridge to the liquidity aggregation layer without human intervention or dealing desk discretion.
Order Flow Path
Key Structural Properties
- No internalization — every order reaches an external LP
- No dealing desk override — bridge-level automation, no manual intervention
- Multi-venue SOR — not single-LP dependency
- Transparent reject handling — LP rejects trigger re-route, not requote
Atlas context: NDD / A-Book Routing | NDD Order Flow Diagram
Liquidity Model
NDD.broker operates a composite liquidity model, aggregating streaming price feeds from multiple tier-1 and tier-2 liquidity providers into a unified book. The composite book is constructed algorithmically — best bid/ask from each LP is extracted, normalized for lot size, and merged into the client-visible spread.
Aggregation Characteristics
| Dimension | Implementation |
|---|---|
| Pricing model | Streaming (continuous price updates) |
| LP count | Multiple tier-1 and tier-2 providers |
| Aggregation method | Best-bid / best-ask composite with depth |
| Markup model | Fixed spread markup on composite (disclosed) |
| LP selection | SOR-driven, price/time priority |
| Last look | LP-dependent (broker does not add its own hold window) |
Atlas context: Composite Liquidity | Direct LP Access | Aggregation Diagram
Execution Policy
The execution policy governs how orders are filled once routed. NDD.broker discloses the following execution characteristics:
Slippage Policy
The stated policy applies slippage symmetrically: if market moves in the client's favor during execution, the improved price is passed through. Negative slippage (market moves against client) is equally applied. The broker does not retain positive slippage as revenue — a structural distinction from asymmetric slippage models common in B-book execution.
Rejection Handling
If the primary LP rejects an order (e.g., due to last-look), the SOR automatically re-routes to the next-best available price without returning a requote to the client. This reduces perceived rejection rates while maintaining price competition between LPs.
Atlas context: Price / Priority Logic | Slippage, Rejects & Fills | Latency Breakdown
Public Disclosure Documents
A core differentiator of NDD.broker is the public availability of execution infrastructure documentation. Most retail brokers treat routing logic as proprietary. NDD.broker publishes the following:
Order Routing Policy
How orders move from platform to LP and back
Execution Policy
Fill logic, slippage handling, and priority rules
Liquidity Providers
LP composition and selection criteria
Conflict of Interest Statement
How structural conflicts are eliminated
Why this matters: Public routing disclosure enables independent verification of execution claims. Traders can compare stated policy against actual fill data. See our playbook: Questions to Ask Your Broker
Structural Analysis
This section maps NDD.broker's disclosed model against the structural concepts documented in this directory. The purpose is educational — showing how abstract routing and liquidity concepts manifest in a real broker implementation.
| Concept | NDD.broker Implementation | Contrast |
|---|---|---|
| Routing model | Pure A-book (NDD/STP) | B-book: broker is counterparty |
| Liquidity | Composite (multi-LP aggregated) | Single-LP: one pricing source |
| Order routing | SOR with price/time priority | Static routing: fixed LP assignment |
| Conflict of interest | Structurally eliminated (agency model) | Inherent in dealing desk model |
| Slippage | Symmetric (disclosed) | Asymmetric: positive retained by broker |
| Transparency | Public documentation | Proprietary / undisclosed |
Atlas Connections
Every aspect of NDD.broker's execution model is documented in the Atlas. Use these links to understand the underlying concepts:
Routing Models
Liquidity
Execution Policy
Diagrams
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.