No Dealing Desk (NDD) execution
A comprehensive reference on what NDD execution means, how it works, how it differs from dealing desk models, and -- most importantly -- how to verify whether your broker genuinely operates without a dealing desk. This page links to every metric, tool, and benchmark on NoDealingDesk.com.
The five pillars of NDD verification
These five metrics form the foundation for objectively evaluating whether a broker provides genuine no dealing desk execution. Each links to a dedicated metric page with formulas, benchmarks, and methodology.
True NDD brokers route orders directly to liquidity providers. Fill ratios above 97% with minimal requotes indicate genuine straight-through processing.
Without a dealing desk intervening, orders should be processed in under 50ms median RTT. Higher latency may indicate last-look or manual review queues.
Genuine NDD execution produces roughly equal positive and negative slippage. Asymmetric slippage favoring the broker is a red flag for dealing desk intervention.
NDD brokers should have very low reject rates. Excessive rejections during volatile conditions suggest artificial liquidity or last-look practices.
True NDD accounts separate raw spread from commission charges. Spread-only models obscure the true cost and make broker comparison difficult.
Execution model comparison
Orders matched against a pool of liquidity providers in an anonymous marketplace. The broker acts as a neutral intermediary, charging commission only. Spreads reflect true interbank pricing.
Best for: Active traders, scalpers, and those who prioritize transparency and tight spreads.
Orders routed directly to one or more liquidity providers without dealing desk intervention. The broker may add a markup to the spread or charge commission. Faster than ECN for simple routing.
Best for: General traders who want NDD execution without requiring full ECN depth-of-market.
Marketing term used by brokers combining STP routing with a no-dealing-desk policy. Functionally identical to STP but explicitly commits to no manual intervention or order manipulation.
Best for: Traders who want explicit NDD commitment alongside STP execution.
The broker acts as counterparty to client trades. Orders are not routed to external liquidity. The broker profits when clients lose. Potential conflict of interest.
Best for: Included for comparison only. Not recommended for execution quality assessment.
Red flags: signs of dealing desk intervention
- Asymmetric slippage (>65% negative)
- Fill ratio below 95% on major pairs
- Requotes during normal volatility
- Latency spikes to >200ms without network cause
- Reject rate >3% during standard sessions
- Inability to provide execution quality statistics
- No information about liquidity providers
- Spread-only pricing with no raw spread option
How to verify your broker's NDD claims
Request execution statistics
Ask your broker for fill ratio, average execution time, and slippage distribution reports. Genuine NDD brokers publish these or provide them on request.
Analyze your own trades
Use our MT5 Log Analyzer to parse your trade history. Check slippage symmetry, fill rates, and latency patterns in your actual trading data.
Test during volatility
NDD execution quality degrades gracefully under stress. Watch for sudden reject spikes, artificial spread widening, or execution freezes during news events.
Compare against benchmarks
Cross-reference your results with our published benchmark reports. Significant deviations from industry averages warrant further investigation.
Check regulatory disclosures
FCA and ASIC-regulated brokers must disclose order execution policies. Review the RTS 28 execution quality reports that EU-regulated brokers publish annually.