The brokers differ according to their type – NDD, MM, STP and etc. Therefore, every broker figures out the most appropriate internal policy as well as the business goals to adhere to which he declares in written in front of the Legal and Regulatory Compliance of the country where he operates. The above mentioned procedure authorizes the different type of brokers to be equally legal. I can only comment our business concept – NDD /No Dealing Desk/. The NDD provides automatic transmission of the clients’ orders directly to the outside market liquidity providers (LP). In depth, the client’s order go through the servers of Varchev Finance, matches with other clients’ orders, or not, if there are available at this moment; and without any delay the orders are transmitted to the LPs. The LPs are legally registered companies in New York and London that act as an “bridge” between the biggest Investment Banks (Market Making MM) – Goldman Sachs, JP Morgan, Barclays, Citibank and the brokers. The NDD broker decides by himself how many liquidity providers to utilize. In our case, Varchev Brokers works with three serious LPs on the market which I will mention later on. Every LPs works with agreements across multiple Investment Banks, the MM on their side provide the brokers with the quotes that are transmitted in milliseconds through the bridge firstly, to the broker and then to the client. Vice versa, the placed clients’ orders also reach the Investment Banks MM in milliseconds. Moreover, the different brokers use different LPs, the LPs work with different MM /that often happen to be the same/. This is the reason why there are small price differences at different brokers at the same time. Furthermore, the truth is that the diverse brokers’ quotes cannot differ significantly because of the tough competition as well as all brokers conform to the clients and the competition.