Agent and principal
Who is the contractual partner of the business?
Market anatomy & service providers
Market anatomy & service providers
Contracts, money, data and risk: Who does what for whom?
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Market Anatomy & Broker Models
The surface shows your trade. Contracts, prices and risk relationships explain what happens behind them.
OpenStakeholders & Responsibility
Who delivers software, who charges prices, who owes the performance – and what is actually proven?
OpenThe path of an order
From the click in the MetaTrader frontend to the customer execution – and to the separate risk hedge of the broker. A-Book, B-Book and Hybrid in comparison.
OpenHow CFD prices are formed: references, quotes and liquidity
The displayed price is only part of the execution: the reference market, the spread, the quantity conditions and the order book priority.
OpenExecution quality and trading evidence
How a job is reconstructed: matching reference, slippage, partial executions, timestamps and robust documents.
Substantive structure
Topic register.
Market Maker, STP and ECN
What statements do these model labels carry?
A-Book, B-Book and Hybrid
Who carries what market exposure?
Liquidity providers
What Does a Liquidity Provider Really Deliver?
Prime Broker and Prime-of-Prime
How is market access facilitated?
Price feeds and data providers
Who generates and transmits the reference price?
Bridges and Gateways
How do trading and third-party systems connect?
Aggregators and routing rules
How are prices and execution methods chosen?
White Labels and Licensing Chains
What are the functions of which provider?
Payment services, banks and custody
Where does the deposited money go?
VPS, hosting and infrastructure
What operational function does the service provider perform?
Intermediaries, affiliates and compensation
Who earns from customer acquisition?
Contractual, data, money and risk flows
Which relationship proves which proof?
Service provider profiles and identity verification
How do I separate brand, company and supplier?
All topics and processing statuses →
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