ModelIntermediate
Hybrid Model
An execution model that combines A-book and B-book approaches, routing different orders or client segments through different execution paths.
Last updated: February 1, 2026
1
The broker maintains both external LP connections (A-book) and an internal book (B-book).
2
Automated rules determine which execution path each order takes.
3
Criteria may include: client profitability history, order size, instrument, market volatility.
4
Profitable or sophisticated traders are more likely to be A-booked; less active traders may be B-booked.
5
The broker optimizes the mix to balance risk management with revenue.