ECN / STP / Market maker(ECN / STP / Market maker)
Broker execution models: ECN routes orders to a liquidity network, STP passes them on to a provider, and a market maker takes the other side itself.
Also written as: ECN · STP · market maker · piyasa yapıcı
With ECN/STP the broker typically earns from commission and/or a small share of the spread; in the market maker model the broker's revenue can overlap with the client's losses (conflict of interest). In practice, many brokers operate a hybrid setup.
The model alone doesn't make a broker good or bad; regulation, execution quality and transparency are more decisive. Our broker guide lists each firm's model.
Related terms
Where it appears in the guides
Guides whose text uses this term; most frequent first.
- ECN, STP ve market maker farkıBrokers27×
- Piyasa yapıcı davranışı ve spread dinamiğiOrder Flow & Market Microstructure13×
- Piyasa katılımcıları: broker, likidite sağlayıcı, kurumsal ve bireyselGetting Started5×
- Gecikme (latency) ve emir yönlendirmeTrading Systems & Data4×
- Broker seçerken 10 kriterBrokers3×
- cTrader ve DXtrade karşılaştırmasıPlatforms & Tools3×