An inter-dealer broking that is carried out (mainly for OTC contracts: OTC derivatives) via voice transmitting medium including telephone, instant messaging, or other means of communication. A voice broker is a match maker who brings market participants together, typically financial intermediaries, seeking to transact financial instruments. Such brokers/ agents used to carry out a transaction over phone (and hence, the voice element), rather than via an electronic trading system. The voice-brokers charge customers for quotes, publishes best bid price and best offer price, and provides indication of amounts to all its clients, while keeping the identities of those quoting these prices anonymous (pre-trade anonymity).

The voice-brokers match clients who show interest in these quotes with the parties quoting prices (name give-up). The transaction takes place between the two sides on each party’s acceptance of the terms of the other. For its services, a voice-broker earns a commission. In other words, it does not make a living on a bid-ask spread (and hence, it not a principal intermediary).

Voice broking (voice brokerage) usually involves large-volume trades or very complex financial instruments.