can someone explain to me how GFT can remain the counter-party when at the same time they state one can trade directly with others??? This doesn't seem to make sense.... what am i missing?? Software: DealBookÂ® 360: Inter-Trader Exchange (ITX) Ever wondered what it would be like if you could trade directly with another trader* through your forex broker? The ITX feature of DealBookÂ® 360 is a liquid-matching system allowing those conducting online forex trading to transact with each other inside the current, tight bid/offer spreads provided by GFT. The ITX system allows traders to trade with each other* with the possibility of obtaining an even tighter spread than may be offered by GFT at a particular moment in time. With ITX, traders can make their own markets for execution with other businesses and individuals conducting online forex trading. However, GFT remains the counterparty on all transactions. Not only are you able to transact on up to 20 million on most major currency pairs during GFT hours at 3 to 5 pip spreads, but you get the benefit of placing or hitting a deal possibly at a better price than what GFT is currently quoting. A $5 fee is charged to the "initiator" (the trader who places a bid or offer) and the "aggressor" (the trader who hits the bid or offer). If GFT is the aggressor to the initiators' bids or offers, no fees are charged to the trader. Let's use the following example: GFT is currently pricing the EUR/USD market at 1.2000 bid and 1.2003 offer. This means that GFT is willing to buy from the client at 1.2000 and sell to the client at 1.2003. ITX allows the client to place a bid for all other clients at 1.2001 and if another client wants that price they can hit the bid and sell at 1.2001 instead of 1.2000 that GFT was offering. The client who placed the 1.2001 gets to buy at 1.2001 instead of 1.2003. Client B "hits" Client A's bid and is short from 1.2001 instead of 1.2000, which is a savings of 1 pip or roughly $10 per $100,000 in volume. Client A accepts the offer and is long from 1.2001 instead of 1.2003, which is a savings of 2 pips or roughly $20 per $100,000 in volume. Thus, the spread between the bid and the offer is negated and both parties get the better price. * Note: GFT remains the counterparty on all transactions.