A broker who doesn’t route orders of retail traders to an electronic communication network (ECN). This type of broker executes orders in a synthetically created market. By operating as a dealing desk, non-ECN brokers don’t only facilitate trading, but also take part in it by dealing trades to retail traders and taking the other side of the transaction. For example, when a client goes long a currency pair, the broker goes short, and vice versa. The trading environment created by dealing desks replicates actual FOREX markets. In this sense, non-ECN brokers are FOREX market makers.

The non-ECN broker is also referred to as a dealing desk broker.