Dealing Desk
A dealing desk is a broker execution model where the broker acts as counterparty to client trades, filling orders internally rather than routing them to external liquidity.
What it means in practice
A dealing desk (DD) is a broker execution model where the broker fills client orders internally, acting as the counterparty to each trade. Instead of routing orders to external liquidity providers, the dealing desk sets its own bid and ask prices and profits from the spread markup between them. This model is also referred to as B-book execution in the A-book vs B-book framework.
For introducing brokers and forex affiliates, the dealing desk model has specific implications. DD brokers typically offer lower minimum deposits, fixed spreads, and simpler onboarding — all of which can increase registration conversion rates. However, the inherent conflict of interest (the broker profits when clients lose) can affect long-term trader retention and programme reputation. IB commission structures at DD brokers often favour CPA or spread-based commissions rather than pure lot-based models.
In practice, many brokers labelled as dealing desk operate hybrid models. They may internalise smaller retail orders while hedging larger positions externally. The distinction matters for affiliate programme economics: DD brokers can offer higher CPA rates because they retain more revenue per client, but the long-term LTV of referred traders may differ from what ECN brokers or STP brokers produce.
How Dealing Desk works across industries
See how dealing desk is applied in the verticals Track360 supports, from qualification logic and payout structure to the operational context behind each model.
How Track360 handles this
Track360 supports IB programme structures for both dealing desk and non-dealing-desk brokers. Operators can configure spread-based, lot-based, or CPA commission models with per-partner rates, regardless of the underlying execution model.
Frequently Asked Questions
Common questions about dealing desk, how it works in affiliate programs, and where it shows up across Track360's supported verticals.
A dealing desk broker fills client orders internally rather than routing them to external liquidity providers. The broker acts as the counterparty to each trade and profits from the spread between bid and ask prices. This is also known as the B-book model.
Related Terms
ECN Broker
An ECN broker routes client orders directly to liquidity providers via an electronic communication network, offering variable spreads and transparent pricing.
STP Broker (Straight Through Processing)
An STP broker routes client orders directly to liquidity providers without a dealing desk, earning revenue through spread markups or commissions.
Market Maker Broker
A market maker broker acts as the counterparty to client trades, setting its own bid/ask prices rather than routing orders directly to the interbank market.
A-Book vs B-Book Broker
A-Book brokers pass client orders to external liquidity providers, while B-Book brokers take the other side of client trades internally. The model affects spreads, execution, and IB economics.
Spread-Based Commission
A commission model in Forex IB programs where the introducing broker earns a portion of the spread (the difference between bid and ask price) on every trade their referred clients execute.
Lot-Based Commission
Lot-based commission is a broker affiliate or IB payout model where partners earn a fixed amount for each traded lot generated by their referred clients.
Liquidity Provider
A liquidity provider is a financial institution or entity that supplies buy and sell quotes to brokers, enabling trade execution at competitive spreads.
ECN Broker vs Market Maker
ECN brokers route orders to external liquidity providers for execution, while market makers fill orders internally against their own book.
Continue Learning
Free structured courses that cover this topic and more.
Forex IB Program Management
Lot-based and symbol-based commission structures, multi-level IB hierarchies, MT4/MT5 integration, and per-partner deal terms built for brokerages. From onboarding to payout.
Scaling Forex IB Networks
Regional IB hierarchies, multi-currency payouts, advanced deal logic, and operational strategies for brokers scaling from 10 IBs to 500+.
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