A broker execution model where all client orders are passed directly to external liquidity providers or the interbank market, instead of being internalized by the broker. An A-Book broker (often called STP/ECN) acts as an intermediary, earning from commissions or markups rather than taking the opposite side of trades. This means the broker has no conflict of interest with traders – your orders are filled by outside market participants, which can result in transparent pricing and variable (market-driven) spreads.

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