Straight Through Processing - a broker that routes client orders directly to liquidity providers without dealer intervention.
STP brokers do not trade against their clients. Orders pass automatically to one or more liquidity providers, who fill them at the best available price. The broker earns revenue by adding a small markup to the spread.
STP sits between traditional market-making and pure ECN: there is no dealing desk, but execution may not be as transparent as a true ECN with displayed order book.
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