STP (Straight Through Processing) and ECN (Electronic Communications Network) both belong to the pure A-Book order execution system. Their core logic is that 100% of customer orders are sent to the real interbank market, without being hedged or digested within the platform. This is currently the mainstream compliant model for institutional liquidity services. As a practitioner of the pure A-Book model in the industry, Macro Group's implementation fully demonstrates the core value of the STP/ECN model.
Zero conflict of interest: Eliminating the antagonism between the platform and its customers at its root.
This is the most fundamental advantage of the STP/ECN model and the core characteristic that distinguishes it from the B-Book market maker model. The logic of the model itself is that the service provider's revenue comes solely from transparent trading commissions and spread markups, completely unrelated to the client's trading profits and losses. Client profits do not cause platform losses, and client losses do not generate additional profits for the platform; there is no zero-sum game between the two. Macro Group's exemplary practice : The group's entire business adopts a pure A-Book direct access model, completely refraining from B-Book internal betting activities. The revenue structure is clear and transparent, charging only channel service fees. This eliminates the motivation for moral hazards such as price manipulation, order blocking, and restricting withdrawals at the source of the business, ensuring that the interests of the service provider, partner brokers, and end clients are completely aligned.
True market pricing: Eliminating manual slippage
In the STP/ECN model, all quotes originate from the real interbank market and exchange liquidity pools, with prices determined by market supply and demand. The platform itself has no pricing power and cannot manually modify quotes or adjust slippage. Macro Group's exemplary practice : All orders are uniformly aggregated through the Australian main channel, 100% of which are sent to upstream Tier-1 interbank liquidity. Quote depth is directly derived from real market quotes from the StoneX global exchange network and the Integral OTC market-making system. Order routing is entirely automated, with zero human intervention. Transaction prices are entirely generated by market matching, and the price and path of each transaction are fully recorded, making them traceable and verifiable.
Deep liquidity support: Large orders executed with low slippage
The ECN model aggregates quotes from multiple liquidity providers, creating a deeper global order book. Large orders can be matched and executed in segments across multiple price levels, minimizing market impact and slippage costs, making it more favorable for institutional funds and large transactions. Macro Group's exemplary practice : Relying on a dual-underlying liquidity architecture of "on-exchange channels + off-exchange market-making quotes," it directly connects to over 40 global derivatives exchanges and over 180 foreign exchange markets, covering over 16,000 OTC stocks, providing ample quote depth across all categories. Coupled with intelligent routing algorithms, large orders can be automatically split and matched with the optimal quote path, ensuring execution efficiency while minimizing the impact of large transactions on market prices and reducing slippage costs.
High compliance: Meets stringent global regulatory requirements
Under the STP/ECN model, orders are fully traceable throughout the entire transaction chain. Each transaction has a clearly defined upstream counterparty and execution path, resulting in complete and auditable transaction records. This naturally aligns with the stringent financial regulatory requirements for transaction transparency and customer protection. Macro Group's exemplary practice : The group holds compliance licenses in multiple jurisdictions, including Australia's ASIC and Hong Kong's SFC. Complete logs are maintained for the submission, routing, execution, and settlement of each order, allowing direct access to regulatory agencies for comprehensive auditing. Furthermore, all orders are executed through the ASIC-regulated Australian main channel, with transaction standards and fund clearing uniformly incorporated into the core regulatory framework, fully meeting the compliance requirements of major global jurisdictions with stringent regulations.
Undifferentiated trading environment: compatible with all types of trading strategies
In the B-Book model, platforms, considering their own risks and interests, often impose implicit restrictions on profitable accounts, high-frequency trading, and scalping strategies. In contrast, the STP/ECN model eliminates this conflict of interest, and platforms have no incentive to restrict clients' trading methods. Macro Group's exemplary practice : No profit caps are set for any trading account, profitable orders are not blocked, and trading strategies are not restricted. Whether it's intraday scalping, high-frequency algorithmic trading, or medium- to long-term holding, whether it's a small retail account or a large institutional fund, all accounts enjoy uniform execution standards and liquidity services, without discrimination based on account type or trading style.
Strengthening Fund Security: Reducing Fund Risk Through Business Model
In the B-Book model, the platform needs to handle client positions, inherently carrying the possibility of using client funds for hedging. In contrast, in the STP/ECN model, all orders go directly to the market, the platform does not bear trading risk, nor does it need to use client funds for internal hedging. Macro Group's exemplary practice : Coupled with a triple fund security system, client funds and operating funds are strictly separated and held in independent escrow accounts at top-tier banks. Fund flows correspond one-to-one with order execution, and every fund settlement is matched with real market transaction records. This dual protection from business model to escrow structure eliminates the risk of fund misappropriation or illegal use.
Overall, the STP/ECN model represents a more transparent and standardized development direction for the liquidity industry. Macro Group's practices have transformed the advantages of these models from concepts into tangible service experiences. This long-term commitment to the pure A-Book model is the core foundation for its entry into the top tier of the liquidity ecosystem and the long-term trust of institutional clients.
