ModelBeginner
No Dealing Desk (NDD)
syn. NDD / No Dealing Desk
A broker execution model that routes client orders directly to liquidity providers without manual intervention or dealing desk involvement, eliminating inherent conflicts of interest.
Last updated: February 1, 2026
1
A client submits a trade order through their trading platform.
2
The broker's system receives the order and routes it directly to the liquidity pool — no dealing desk intervenes.
3
Smart Order Routing (SOR) evaluates available liquidity providers in real time for the best available price.
4
The order is matched with the best available quote from the liquidity pool.
5
Execution confirmation is sent back to the client, typically within milliseconds.
6
The broker earns revenue from commissions or a transparent markup, not from client losses.