When the Forex broker has direct access to the pool of liquidity of large providers of Tier 1, which is ECN or interbank, such brokers are called ECN brokers. Large hedge funds, mutual funds, and investment companies also trade on the ECN network. Because these banks and funds trade large volumes on various exchanges, there can not be one accurate price of a financial instrument at a single moment. For example, on different futures exchanges, the price of the same gold can be slightly different, which is normal.
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