ModelBeginner
Dealing Desk
A broker model that manually or algorithmically manages client order flow, often acting as counterparty (B-book) rather than routing to external LPs.
Last updated: February 1, 2026
1
Client submits a trade order through their platform.
2
The order arrives at the broker's dealing desk (manual or algorithmic).
3
The dealing desk decides whether to internalize (B-book), hedge externally, or requote.
4
If internalized, the broker takes the opposite position to the client.
5
If hedged, the dealing desk places a matching order with an LP, but may add delay or markup.
6
The execution is returned to the client, often with less transparency about what happened internally.