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A-Book

A broker model where client trades are routed directly to external liquidity providers — the broker just passes through orders for commission.

A-book is the broker model where every client trade is routed directly to external liquidity providers. The broker doesn't take the other side of trades — they just pass orders through to the interbank market and collect a commission or small spread markup. Because the broker doesn't profit from losses, there's no conflict of interest. A-book is how ECN and STP brokers operate by default. Every trade goes through to LPs regardless of whether the client is winning or losing. The broker's profit comes from execution fees, not from client losses. Many hybrid brokers run A-book and B-book simultaneously. Profitable or high-volume clients are automatically routed A-book (so the broker doesn't eat their wins). Losing or small clients are kept B-book (so the broker profits from their losses). The client usually doesn't know which book they're on.

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Real trade example

Pepperstone's Razor account is a pure A-book product — every order is routed to their LPs for commission-only pricing. Their retail account is a hybrid that can run B-book on smaller trades.

Frequently asked about a-book

What is an a-book in trading?+
A broker model where client trades are routed directly to external liquidity providers — the broker just passes through orders for commission.
When will I see a-book used in real trading?+
At ECN brokers like IC Markets, Pepperstone, and FP Markets. Also at some STP brokers that fully route orders externally.
What is the most common mistake traders make with a-book?+
Assuming "ECN" automatically means "pure A-book." Some brokers claim to be ECN but still run hybrid A/B-book models. Check the regulatory disclosures.
What do experienced traders know about a-book that beginners don't?+
If you want guaranteed A-book execution, use a broker that's regulated in a strict jurisdiction AND publishes an execution-quality report. These reports show what percentage of trades are routed externally vs internalized.

Related terms

B-Book

advanced

A broker model where client trades are kept in-house (not routed to the market) — the broker takes the other side and profits from losses.

ECN Broker

intermediate

A broker that routes orders directly to a network of liquidity providers without taking the other side — no conflict of interest.

STP Broker

intermediate

A broker that routes orders straight through to liquidity providers without dealer intervention — similar to ECN but less transparent.

Market Maker Broker

intermediate

A broker that takes the other side of your trades — they profit when you lose, creating an inherent conflict of interest.

Broker

beginner

The company that gives you access to the forex market — the middleman between you and the currency you want to trade.

PAMM Account

intermediate

A managed account structure where multiple investors pool capital and a single trader manages it — profits are distributed proportionally.

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