Reference Example

NDD Broker as a Reference Model

This page examines how ndd.broker implements the NDD principles described throughout this knowledge base. It serves as a concrete reference for what transparent NDD execution looks like in practice -- not as an endorsement, but as an illustration of the concepts.

Disclosure: This knowledge base is published by the NDD.broker team. This page describes our own infrastructure and practices. We encourage readers to verify all claims independently using the guide on how to verify public metrics.

Six Pillars of NDD Transparency

Pillar 1

Multi-LP Aggregation

NDD connects to multiple Tier-1 bank and non-bank liquidity providers via FIX protocol, creating a competitive composite liquidity pool. The aggregation engine normalizes quotes in real time and constructs a unified order book where clients always see the best available bid/offer across all sources.

Pillar 2

Smart Order Routing (SOR)

Orders are routed through a SOR engine that evaluates all connected LPs simultaneously, not sequentially. The router considers price, depth, historical fill quality, and latency to select the optimal venue. This parallel evaluation distinguishes true SOR from simpler waterfall routing.

Pillar 3

Public Execution Analytics

Execution quality metrics are published publicly and updated regularly. These include average execution speed, slippage distribution (positive and negative), fill ratios, rejection rates, and spread data across instruments. The dashboard is a live data feed, not a static image.

Pillar 4

Transparent Revenue Model

Revenue comes from explicit commission and/or disclosed markup on raw LP spreads. The broker does not take the opposite side of client trades. This structural alignment means the broker profits when clients trade more, not when clients lose.

Pillar 5

Infrastructure: TwinCross FX & Chicago Leap

Institutional-grade connectivity infrastructure including TwinCross FX for cross-venue liquidity access and Chicago Leap for co-located low-latency execution near CME/CBOE matching engines. Physical proximity reduces the one component of latency that no algorithm can eliminate.

Pillar 6

FusionGate API Gateway

A single API gateway that provides institutional clients direct access to aggregated liquidity via FIX 4.4/5.0 or REST. FusionGate handles quote normalization, routing, and execution reporting, enabling brokers and funds to integrate without building their own aggregation technology.

How It All Connects

These six pillars are not independent features -- they form an integrated system. Multi-LP aggregation feeds the SOR, which routes through FusionGate infrastructure to TwinCross/Chicago Leap venues. Every order generates data that feeds the public analytics dashboard. The transparent revenue model ensures no structural incentive to degrade execution quality. Remove any pillar and the system is incomplete.

This page describes the infrastructure and practices of ndd.broker as a reference example of NDD execution. It is not investment advice. Always verify broker claims independently before making trading decisions.