A-book
Operating model where client flow is hedged or passed to liquidity venues rather than internalized as principal risk.
Technical glossary
Shared language for brokerage systems discussions.
B-book
Operating model where the brokerage takes the other side of client flow as principal, increasing risk management requirements.
Back office
Internal systems for account administration, permissions, operational exceptions, and control workflows.
Bridge
Connectivity layer that can route or transform order/market data between platforms and liquidity sources.
CFD
Contract for difference — a derivative product commonly offered by multi-asset brokerages.
Client onboarding
Process from application through required checks to an eligible funded trading state.
Copy trading
Capability allowing clients to mirror selected strategy providers under defined risk constraints.
Dealing desk
Operational team intervening in pricing, hedging, or trade handling according to the firm’s model.
IB (Introducing Broker)
Partner who refers clients under commercial terms tracked in partner systems.
KYC
Know Your Customer — identity verification processes often integrated via specialized providers.
AML
Anti-Money Laundering controls and screening processes adjacent to onboarding and monitoring.
Liquidity provider
Venue or counterparty supplying pricing and/or execution pathways.
MAM / PAMM
Allocated multi-account management structures with precise operational definitions required before software commitments.
STP
Straight-through processing patterns that reduce manual trade handling between client and venue.
Trader’s room
Client portal for onboarding status, funding actions, and account controls.
Turnkey
Delivery model emphasizing coordinated stack assembly toward operational readiness.
White label
Brand-led deployment on a platform with explicit customization boundaries.
CRM (Broker)
Customer lifecycle system tailored to brokerage conversion, retention, and partner context.
Risk aggregation
Consolidated view of exposures used by risk and dealing teams.
Payment orchestration
Layer coordinating deposit/withdrawal providers, statuses, and reconciliation handoffs.
Integration contract
Agreed interface, data fields, error handling, and ownership between systems.
Hypercare
Intensified support window immediately after go-live.
UAT
User acceptance testing against agreed business scenarios before production.
Cutover
Controlled switch from legacy to new systems during a migration.
Operational readiness
People, permissions, runbooks, and monitoring prepared for production use.
Acceptance criteria
Testable conditions that define whether a delivered capability is done.