Market Execution
Market execution is an order processing model where trades are filled at the current available market price without requotes, used by ECN and STP brokers to provide direct market access.
What it means in practice
Market execution is the order processing model where a trader's order is filled at the price available in the market at the moment of execution. Unlike instant execution, which allows the broker to reject or requote orders if the price moves, market execution guarantees the order is filled but at whatever price the liquidity provider offers. This means slippage can occur in both directions -- positive or negative.
ECN brokers and STP brokers typically use market execution because they route orders to external liquidity rather than filling them internally. Market maker brokers more commonly use instant execution, where the broker acts as the counterparty and controls the fill price. The execution model is a key differentiator that affects trading costs, speed, and the broker's conflict-of-interest profile.
For introducing brokers and affiliates promoting forex platforms, the execution model directly impacts the value proposition they present to traders. Market execution brokers typically offer tighter raw spreads but charge explicit commissions. This creates a different IB rebate structure -- often lot-based rather than spread-based -- because the broker earns from commissions rather than spread markup.
How Market Execution works across industries
See how market execution 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 integrates with broker trading platforms via MetaTrader integration and API feeds to capture trade execution data in real time. This enables accurate lot-based commission and spread-based commission calculations regardless of the broker's execution model.
Frequently Asked Questions
Common questions about market execution, how it works in affiliate programs, and where it shows up across Track360's supported verticals.
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.
Slippage
Slippage is the difference between the expected price of a trade and the actual execution price, caused by market volatility or low liquidity.
Spread
The spread is the difference between the bid (sell) and ask (buy) price of a financial instrument, serving as a primary revenue source for Forex brokers and a basis for spread-based affiliate commissions.
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.
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.
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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