You know when you go into a store and the clerk inquires, “Can I help you?", but you just want to browse casually, so you respond with a terse, "No, I got it." That’s basically the process behind a no dealing desk, but with forex trading.
If you're a small player in the forex game (the word "forex" stands for "foreign exchange," as in currency trading), you'll do most of your deals through a broker. You give them the order and they'll take care of the processing.
However, if you're ready for the next level, you can move to the no dealing desk stage. This situation plugs you right into the interbank market. No need for the intermediary of a broker. You can trade directly. By acting directly in the market, you get faster execution (and therefore, often more efficient pricing). You will likely also save on fees. However, you have to deal with the technical complexity and added paperwork of going it on your own.
Related or Semi-related Video
Finance: What is a Floor Broker v. Floor...13 Views
Finance allah shmoop What is ah floor broker versus a
floor trader All right Well here's a floor fixer and
here's a floor broker but okay Shocking a floor broker
Brokers stocks on the floor of a stock exchange Right
Well here's the new york stock exchange here's its floor
These guys down here they're floor brokers That is they're
trading stocks and other securities on behalf of their clients
Basically this is the scene from trading places with eddie
murphy Great old film Old rich white guys in a
building up here Call down to their guys on the
floor who execute their bidding All right well it's a
bunch of brokers all trading their clients stocks right here
and here And here and here and here all over
the world within among each other So that money is
well pushed around thoroughly like that Cato's in grandma's hash
browns recipe Note that a floor broker is different from
a floor trader Who although he or she works on
the floor of an exchange also makes trades as a
principal for his or her own account So yeah that's
floor broker No jackhammer required Thank you very much Go
Up Next
What is a Broker-Dealer? A broker-dealer trades for both its own account and for the accounts of its clients. It acts as a broker when it buys and...
What is a Full-Service Broker? A full-service broker is an institution that operates as a broker-dealer. They are licensed to do just about anythin...