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  "domain": "derivatives",
  "title": "FX STP and broker liquidity aggregation",
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  "frontmatter": {
    "title": "FX STP and broker liquidity aggregation",
    "aliases": [
      "fx-stp-broker-aggregation",
      "STP FX broker",
      "A-book B-book FX",
      "liquidity aggregation FX",
      "ECN FX",
      "prime broker FX",
      "LMAX Currenex Hotspot EBS",
      "Japan retail FX connectivity"
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    "created": "2026-05-25",
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    "review_by": "2027-01-29",
    "confidence": "likely",
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      "derivatives",
      "fx",
      "retail",
      "STP",
      "ECN",
      "prime-broker",
      "liquidity-aggregation"
    ],
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      "https://www.fsa.go.jp/en/",
      "https://www.ffaj.or.jp/",
      "https://www.bis.org/publ/qtrpdf/r_qt2212.htm",
      "https://www.boj.or.jp/en/statistics/bis/yoshi/index.htm"
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  "summary": "STP (straight-through processing) and market-maker (B-book) models are the two basic ways a retail FX broker can handle client orders. Under STP / A-book, the broker passes the order to an external liquidity provider and earns markup or commission; under B-book, the broker warehouses the risk intern",
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    "FX STP and broker liquidity aggregation",
    "TL;DR",
    "Wiki route",
    "STP vs market-maker model",
    "Why hybrid models persist",
    "Liquidity aggregation",
    "Smart-order-router mechanics",
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    "Japan retail FX broker connectivity"
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