ECN / STP / Market maker
Broker execution models: ECN routes orders to a liquidity network, STP routes them to a provider, and a market maker takes the other side itself.
With ECN/STP, the broker generally earns through commission and/or a small spread markup; under the market maker model, the broker's gain can coincide with the client's loss (a conflict of interest). In practice, many brokers run a hybrid model.
No model is simply good or bad; regulation, execution quality and transparency matter more. 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 farkıBrokers
- Piyasa yapıcı davranışı ve spread dinamiğiOrder flow & market microstructure
- Piyasa katılımcıları: broker, likidite sağlayıcı, kurumsal ve bireyselGetting started with trading
- Gecikme (latency) ve emir yönlendirmeTrading systems & data
- Broker seçerken 10 kriterBrokers
- cTrader ve DXtrade karşılaştırmasıPlatforms & tools