NDD (No Dealing Desk)
NDD is an umbrella term for brokers that do not take the other side of trades, covering STP and ECN models.
NDD (no dealing desk) covers STP and ECN brokers that do not take the other side of your trade. The model aligns incentives, but verify the actual pricing and routing.
No Dealing Desk (NDD) describes brokers that do not internalize client orders against their own book. The category covers STP brokers, which route orders to liquidity providers, and ECN brokers, which match orders in an electronic network. The structural advantage is alignment: the broker earns from fees or markups, not from client losses. The term is marketing shorthand, so verify the actual execution model and pricing.
How It Works
- Orders go to external liquidity rather than an internal book
- Includes both STP and ECN execution
- Broker profit comes from markups or commissions, not client losses
Trading Tips
NDD reduces conflict of interest but does not eliminate costs
Compare the NDD account's spread and commission against the dealing-desk account
NDD (No Dealing Desk) Example
Say two brokers quote EUR/USD: one shows a fixed 1.5 pips all day, the other shows 0.2 pips that flickers with liquidity plus $3 commission. The second is NDD routing to real pools. The first is priced on a desk. Same pair, different plumbing.
How Traders Use NDD (No Dealing Desk)
Prefer NDD, STP or ECN when fills decide your edge: scalping, news, size. Verify by watching news fills, not marketing pages. Instant market fills confirm it. Requotes deny it.
Related Terms
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