{"id":351,"date":"2026-04-24T12:49:14","date_gmt":"2026-04-24T04:49:14","guid":{"rendered":"https:\/\/copi-tools.com\/zh-hant\/?p=351"},"modified":"2026-04-28T15:59:14","modified_gmt":"2026-04-28T07:59:14","slug":"liquidity-provider","status":"publish","type":"post","link":"https:\/\/copi-tools.com\/zh-hant\/liquidity-provider\/","title":{"rendered":"\u5916\u532f\u6d41\u52d5\u6027\u63d0\u4f9b\u5546\uff08LP\uff09\u662f\u4ec0\u9ebc\uff1f\u7a2e\u985e\u3001\u8207\u7d93\u7d00\u5546\u7684\u95dc\u4fc2\u53ca\u57f7\u884c\u6a21\u5f0f\u5b8c\u6574\u89e3\u6790"},"content":{"rendered":"\n<p>\u5728\u7814\u7a76\u5916\u532f\u7d93\u7d00\u5546\u6642\uff0c\u4f60\u53ef\u80fd\u7d93\u5e38\u770b\u5230<strong>\u6d41\u52d5\u6027\u63d0\u4f9b\u5546\uff08Liquidity Provider\uff0c\u7c21\u7a31 LP\uff09<\/strong>\u9019\u500b\u8a5e\u3002LP \u5230\u5e95\u662f\u4ec0\u9ebc\uff1f\u70ba\u4ec0\u9ebc\u5b83\u6703\u5f71\u97ff\u4f60\u7684\u4ea4\u6613\u9ad4\u9a57\uff1f\u96d6\u7136\u4e0d\u4e86\u89e3 LP \u4e5f\u80fd\u4e0b\u55ae\u4ea4\u6613\uff0c\u4f46<span class=\"swl-marker mark_yellow\"><strong>\u7406\u89e3 LP \u7684\u904b\u4f5c\u65b9\u5f0f\uff0c\u80fd\u5e6b\u52a9\u4f60\u9078\u51fa\u9ede\u5dee\u66f4\u4f4e\u3001\u57f7\u884c\u66f4\u5feb\u3001\u5831\u50f9\u66f4\u900f\u660e\u7684\u7d93\u7d00\u5546<\/strong><\/span>\u3002<\/p>\n\n\n\n<p>\u672c\u6587\u5c07\u5b8c\u6574\u89e3\u6790\u6d41\u52d5\u6027\u63d0\u4f9b\u5546\u7684\u7a2e\u985e\u3001\u904b\u4f5c\u6a5f\u5236\uff0c\u4ee5\u53ca\u5b83\u5011\u5982\u4f55\u8207\u5916\u532f\u7d93\u7d00\u5546\u5408\u4f5c\u2014\u2014\u8b93\u4f60\u5728\u958b\u6236\u524d\u505a\u51fa\u66f4\u660e\u667a\u7684\u5224\u65b7\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-is-lp\">\u4ec0\u9ebc\u662f\u5916\u532f\u6d41\u52d5\u6027\u63d0\u4f9b\u5546\uff08LP\uff09\uff1f<\/h2>\n\n\n\n<p><strong>\u6d41\u52d5\u6027\u63d0\u4f9b\u5546\uff08LP\uff09<\/strong>\u662f\u6307<span class=\"swl-marker mark_yellow\"><strong>\u6301\u7e8c\u5411\u5916\u532f\u5e02\u5834\u63d0\u4f9b\u8cb7\u8ce3\u5831\u50f9\u7684\u91d1\u878d\u6a5f\u69cb\u6216\u4f01\u696d\uff0c\u78ba\u4fdd\u4ea4\u6613\u80fd\u5feb\u901f\u3001\u4ee5\u5177\u7af6\u722d\u529b\u7684\u50f9\u683c\u6210\u4ea4<\/strong><\/span>\u3002LP \u901a\u5e38\u662f\u5927\u578b\u9280\u884c\u3001\u5c08\u696d\u4ea4\u6613\u516c\u53f8\u6216\u79d1\u6280\u9a45\u52d5\u578b\u91d1\u878d\u6a5f\u69cb\u3002<\/p>\n\n\n\n<p>\u6c92\u6709 LP\uff0c\u4ea4\u6613\u5c31\u7121\u6cd5\u4fdd\u8b49\u6709\u5c0d\u624b\u65b9\u2014\u2014\u9019\u6703\u5c0e\u81f4\u9ede\u5dee\u64f4\u5927\u3001\u6ed1\u9ede\u56b4\u91cd\u3001\u50f9\u683c\u5287\u70c8\u6ce2\u52d5\uff0c\u4f7f\u9ad8\u6548\u4ea4\u6613\u8b8a\u5f97\u4e0d\u53ef\u80fd\u3002<\/p>\n\n\n\n<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 844 320\" width=\"100%\">\n  <defs>\n    <marker id=\"arr-flow-zh\" viewBox=\"0 0 10 10\" refX=\"9\" refY=\"5\" markerWidth=\"6\" markerHeight=\"6\" orient=\"auto-start-reverse\"><path d=\"M0 0L10 5L0 10z\" style=\"fill:#3b82f6;\"\/><\/marker>\n    <marker id=\"arr-flow2-zh\" viewBox=\"0 0 10 10\" refX=\"9\" refY=\"5\" markerWidth=\"6\" markerHeight=\"6\" orient=\"auto-start-reverse\"><path d=\"M0 0L10 5L0 10z\" style=\"fill:#fcd34d;\"\/><\/marker>\n  <\/defs>\n  <rect width=\"844\" height=\"260\" rx=\"16\" style=\"fill:#0f172a;\"\/>\n  <text x=\"422\" y=\"40\" text-anchor=\"middle\" style=\"font-size:24px;font-weight:700;fill:#f8fafc;\">\u6d41\u52d5\u6027\u63d0\u4f9b\u5546\u5982\u4f55\u9023\u63a5\u5e02\u5834<\/text>\n\n  <!-- Retail Trader -->\n  <rect x=\"50\" y=\"110\" width=\"140\" height=\"80\" rx=\"8\" style=\"fill:#1e293b;\"\/>\n  <text x=\"120\" y=\"145\" text-anchor=\"middle\" style=\"font-size:16px;font-weight:700;fill:#fff;\">\u6563\u6236\u4ea4\u6613\u8005<\/text>\n  <text x=\"120\" y=\"165\" text-anchor=\"middle\" style=\"font-size:12px;fill:#94a3b8;\">\u4f60<\/text>\n\n  <!-- Forex Broker -->\n  <rect x=\"250\" y=\"100\" width=\"140\" height=\"100\" rx=\"8\" style=\"fill:#1e3a8a;stroke:#3b82f6;stroke-width:2;\"\/>\n  <text x=\"320\" y=\"145\" text-anchor=\"middle\" style=\"font-size:18px;font-weight:700;fill:#fff;\">\u5916\u532f\u7d93\u7d00\u5546<\/text>\n  <text x=\"320\" y=\"165\" text-anchor=\"middle\" style=\"font-size:12px;fill:#93c5fd;\">\u805a\u5408\u5831\u50f9<\/text>\n\n  <!-- Liquidity Providers -->\n  <rect x=\"450\" y=\"70\" width=\"160\" height=\"160\" rx=\"12\" style=\"fill:#064e3b;stroke:#22c55e;stroke-width:2;\"\/>\n  <text x=\"530\" y=\"95\" text-anchor=\"middle\" style=\"font-size:16px;font-weight:700;fill:#fff;\">\u6d41\u52d5\u6027\u63d0\u4f9b\u5546 (LP)<\/text>\n  <text x=\"530\" y=\"125\" text-anchor=\"middle\" style=\"font-size:14px;fill:#4ade80;\">\u4e00\u7d1a\u9280\u884c<\/text>\n  <text x=\"530\" y=\"155\" text-anchor=\"middle\" style=\"font-size:14px;fill:#4ade80;\">\u975e\u9280\u884c LP<\/text>\n  <text x=\"530\" y=\"185\" text-anchor=\"middle\" style=\"font-size:14px;fill:#4ade80;\">\u4e3b\u7d93\u7d00\u5546<\/text>\n  <text x=\"530\" y=\"215\" text-anchor=\"middle\" style=\"font-size:14px;fill:#4ade80;\">ECN \u7db2\u8def<\/text>\n\n  <!-- Interbank Market -->\n  <rect x=\"670\" y=\"100\" width=\"140\" height=\"100\" rx=\"8\" style=\"fill:#1e293b;\"\/>\n  <text x=\"740\" y=\"145\" text-anchor=\"middle\" style=\"font-size:16px;font-weight:700;fill:#fcd34d;\">\u9280\u884c\u9593<\/text>\n  <text x=\"740\" y=\"165\" text-anchor=\"middle\" style=\"font-size:16px;font-weight:700;fill:#fcd34d;\">\u5e02\u5834<\/text>\n\n  <!-- Connections -->\n  <line x1=\"190\" y1=\"150\" x2=\"240\" y2=\"150\" stroke=\"#3b82f6\" stroke-width=\"3\" marker-end=\"url(#arr-flow-zh)\"\/>\n  <line x1=\"390\" y1=\"150\" x2=\"440\" y2=\"150\" stroke=\"#3b82f6\" stroke-width=\"3\" marker-end=\"url(#arr-flow-zh)\"\/>\n  <line x1=\"610\" y1=\"150\" x2=\"660\" y2=\"150\" stroke=\"#fcd34d\" stroke-width=\"3\" marker-end=\"url(#arr-flow2-zh)\"\/>\n\n<\/svg>\n\n\n\n<p>\u5916\u532f\u7d93\u7d00\u5546<span class=\"swl-inline-color has-swl-deep-01-color\"><strong>\u5f9e LP \u63a5\u6536\u5373\u6642\u5831\u50f9\uff0c\u518d\u64da\u6b64\u7d44\u5408\u51fa\u5c55\u793a\u7d66\u4ea4\u6613\u8005\u7684\u9ede\u5dee<\/strong><\/span>\u3002\u9023\u63a5\u7684 LP \u8d8a\u591a\uff0c\u7d93\u7d00\u5546\u5c31\u8d8a\u80fd\u532f\u96c6\u6700\u4f73\u8cb7\u8ce3\u50f9\uff0c\u63d0\u4f9b\u66f4\u5177\u7af6\u722d\u529b\u7684\u5831\u50f9\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"types-of-lp\">\u6d41\u52d5\u6027\u63d0\u4f9b\u5546\u7684\u7a2e\u985e<\/h3>\n\n\n\n<p>\u6d41\u52d5\u6027\u63d0\u4f9b\u5546\u4f9d\u64da\u904b\u4f5c\u65b9\u5f0f\u548c\u6d41\u52d5\u6027\u6df1\u5ea6\u53ef\u5206\u70ba\u516d\u5927\u985e\uff1a<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">1. \u9280\u884c\u7cfb\u6d41\u52d5\u6027\u63d0\u4f9b\u5546\uff08Tier 1\uff09<\/h4>\n\n\n\n<p>\u5927\u578b\u570b\u969b\u9280\u884c\u4f4d\u65bc\u5916\u532f\u6d41\u52d5\u6027\u93c8\u7684\u9802\u7aef\uff0c<span class=\"swl-marker mark_yellow\"><strong>\u76f4\u63a5\u5f9e\u81ea\u5bb6\u4ea4\u6613\u90e8\u9580\u63d0\u4f9b\u6d41\u52d5\u6027<\/strong><\/span>\uff0c\u6bcf\u65e5\u8655\u7406\u5168\u7403\u5916\u532f\u4ea4\u6613\u91cf\u7684\u5927\u90e8\u5206\u3002<\/p>\n\n\n\n<div class=\"wp-block-group kani\"><div class=\"wp-block-group__inner-container\">\n<p>\u4f8b\u5982\uff1a\u6469\u6839\u5927\u901a\u3001\u82b1\u65d7\u96c6\u5718\u3001\u5fb7\u610f\u5fd7\u9280\u884c\u3001\u5df4\u514b\u840a\u3001\u745e\u9280\uff08UBS\uff09<\/p>\n<\/div><\/div>\n\n\n\n<h4 class=\"wp-block-heading\">2. \u975e\u9280\u884c\u7cfb\u6d41\u52d5\u6027\u63d0\u4f9b\u5546<\/h4>\n\n\n\n<p>\u7368\u7acb\u4ea4\u6613\u516c\u53f8\u548c\u91d1\u878d\u79d1\u6280\u4f01\u696d<span class=\"swl-marker mark_yellow\"><strong>\u5229\u7528\u5148\u9032\u6f14\u7b97\u6cd5\u548c\u9ad8\u983b\u4ea4\u6613\u6280\u8853\u63d0\u4f9b\u6d41\u52d5\u6027<\/strong><\/span>\u3002\u5728\u5916\u532f\u73fe\u8ca8\u5e02\u5834\u4e2d\uff0c\u90e8\u5206\u975e\u9280\u884c LP \u7684\u5e02\u4f54\u7387\u5df2\u8207\u50b3\u7d71\u9280\u884c\u4e0d\u76f8\u4e0a\u4e0b\u3002<\/p>\n\n\n\n<div class=\"wp-block-group kani\"><div class=\"wp-block-group__inner-container\">\n<p>\u4f8b\u5982\uff1aXTX Markets\u3001Virtu Financial\u3001Jump Trading<\/p>\n<\/div><\/div>\n\n\n\n<h4 class=\"wp-block-heading\">3. \u4e3b\u8981\u7d93\u7d00\u5546\uff08Prime Broker\uff09<\/h4>\n\n\n\n<p>\u4e3b\u8981\u7d93\u7d00\u5546\u670d\u52d9\u6a5f\u69cb\u5ba2\u6236\u2014\u2014\u5c0d\u6c96\u57fa\u91d1\u3001\u8cc7\u7522\u7ba1\u7406\u516c\u53f8\u548c\u5916\u532f\u7d93\u7d00\u5546\u2014\u2014<span class=\"swl-marker mark_yellow\"><strong>\u532f\u96c6\u591a\u5bb6 LP \u7684\u5831\u50f9\uff0c\u4e26\u63d0\u4f9b\u4fe1\u7528\u3001\u6e05\u7b97\u548c\u7d50\u7b97\u670d\u52d9<\/strong><\/span>\u3002<\/p>\n\n\n\n<div class=\"wp-block-group kani\"><div class=\"wp-block-group__inner-container\">\n<p>\u4f8b\u5982\uff1a\u9ad8\u76db\u3001\u6469\u6839\u53f2\u4e39\u5229\u3001UBS<\/p>\n<\/div><\/div>\n\n\n\n<h4 class=\"wp-block-heading\">4. ECN \u63d0\u4f9b\u5546<\/h4>\n\n\n\n<p>ECN\uff08\u96fb\u5b50\u901a\u8a0a\u7db2\u8def\uff09\u63d0\u4f9b\u5546\u71df\u904b\u96fb\u5b50\u4ea4\u6613\u5e73\u53f0\uff0c<span class=\"swl-marker mark_yellow\"><strong>\u8b93\u4ea4\u6613\u8005\u548c\u91d1\u878d\u6a5f\u69cb\u900f\u904e\u4e2d\u592e\u8a02\u55ae\u7c3f\u76f4\u63a5\u64ae\u5408\u4ea4\u6613<\/strong><\/span>\u3002\u591a\u5bb6 LP \u7684\u5831\u50f9\u88ab\u6574\u5408\uff0c\u53c3\u8207\u8005\u7121\u9700\u7d93\u904e\u4ea4\u6613\u53f0\u5373\u53ef\u4e92\u76f8\u4ea4\u6613\u3002<\/p>\n\n\n\n<div class=\"wp-block-group kani\"><div class=\"wp-block-group__inner-container\">\n<p>\u4f8b\u5982\uff1aLMAX Exchange\u3001Currenex\u3001Hotspot FX<\/p>\n<\/div><\/div>\n\n\n\n<h4 class=\"wp-block-heading\">5. \u505a\u5e02\u5546\uff08Market Maker\uff09<\/h4>\n\n\n\n<p>\u505a\u5e02\u5546<span class=\"swl-marker mark_yellow\"><strong>\u96a8\u6642\u6e96\u5099\u4ee5\u81ea\u8eab\u8cc7\u91d1\u9032\u884c\u8cb7\u8ce3\uff0c\u5145\u7576\u4ea4\u6613\u7684\u5c0d\u624b\u65b9<\/strong><\/span>\u3002\u90e8\u5206\u7d93\u7d00\u5546\u4ee5\u505a\u5e02\u5546\u6a21\u5f0f\u904b\u71df\uff0c\u67d0\u4e9b\u5927\u578b\u6a5f\u69cb\u4e5f\u5728\u9280\u884c\u9593\u5e02\u5834\u64d4\u4efb\u505a\u5e02\u5546\u89d2\u8272\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">6. \u6df7\u5408\u578b\u6d41\u52d5\u6027\u63d0\u4f9b\u5546<\/h4>\n\n\n\n<p>\u90e8\u5206\u63d0\u4f9b\u5546<span class=\"swl-marker mark_yellow\"><strong>\u7d50\u5408\u9280\u884c\u8207\u975e\u9280\u884c\u6d41\u52d5\u6027\u4f86\u6e90\u4ee5\u53ca ECN \u9023\u63a5<\/strong><\/span>\uff0c\u5728\u57f7\u884c\u901f\u5ea6\u548c\u50f9\u683c\u900f\u660e\u5ea6\u4e4b\u9593\u53d6\u5f97\u5e73\u8861\u3002\u96a8\u8457\u79d1\u6280\u767c\u5c55\uff0c\u9019\u7a2e\u6df7\u5408\u6a21\u5f0f\u8d8a\u4f86\u8d8a\u5e38\u898b\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"lp-broker-relationship\">\u6d41\u52d5\u6027\u63d0\u4f9b\u5546\u8207\u5916\u532f\u7d93\u7d00\u5546\u7684\u95dc\u4fc2<\/h2>\n\n\n\n<p>LP \u548c\u5916\u532f\u7d93\u7d00\u5546\u4e4b\u9593\u6709\u8457\u7dca\u5bc6\u7684\u5408\u4f5c\u95dc\u4fc2\u3002<span class=\"swl-marker mark_yellow\">\u4e86\u89e3\u9019\u5c64\u95dc\u4fc2\uff0c\u80fd\u5e6b\u52a9\u4f60\u5224\u65b7\u7d93\u7d00\u5546\u7684\u5831\u50f9\u54c1\u8cea\u3001\u57f7\u884c\u901f\u5ea6\uff0c\u4ee5\u53ca\u662f\u5426\u5b58\u5728\u5229\u76ca\u885d\u7a81\u3002<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"price-quoting\">LP \u5982\u4f55\u5831\u50f9\uff1f\u9ede\u5dee\u600e\u9ebc\u5f62\u6210\uff1f<\/h3>\n\n\n\n<p>LP \u5411\u7d93\u7d00\u5546\u4e32\u6d41\u5373\u6642\u8cb7\u8ce3\u5831\u50f9\u3002<span class=\"swl-marker mark_yellow\"><strong>\u7d93\u7d00\u5546\u5f9e\u591a\u5bb6 LP \u532f\u96c6\u5831\u50f9\uff0c\u9078\u51fa\u6700\u4f73\u8cb7\u50f9\u548c\u6700\u4f73\u8ce3\u50f9\uff0c\u7d44\u5408\u6210\u5ba2\u6236\u770b\u5230\u7684\u9ede\u5dee<\/strong><\/span>\u3002\u9019\u4e5f\u662f\u70ba\u4ec0\u9ebc\u67d0\u4e9b\u7d93\u7d00\u5546\u80fd\u63d0\u4f9b\u63a5\u8fd1\u96f6\u7684\u539f\u59cb\u9ede\u5dee\u2014\u2014\u591a\u5bb6 LP \u7684\u5831\u50f9\u4e92\u76f8\u7af6\u722d\u3002<\/p>\n\n\n\n<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 844 320\" width=\"100%\">\n  <defs>\n    <marker id=\"arr-price-zh\" viewBox=\"0 0 10 10\" refX=\"9\" refY=\"5\" markerWidth=\"6\" markerHeight=\"6\" orient=\"auto-start-reverse\"><path d=\"M0 0L10 5L0 10z\" style=\"fill:#22c55e;\"\/><\/marker>\n  <\/defs>\n  <rect width=\"844\" height=\"320\" rx=\"16\" style=\"fill:#0f172a;\"\/>\n  <text x=\"422\" y=\"40\" text-anchor=\"middle\" style=\"font-size:24px;font-weight:700;fill:#f8fafc;\">LP \u5982\u4f55\u5411\u7d93\u7d00\u5546\u63d0\u4f9b\u5831\u50f9<\/text>\n\n  <!-- LPs -->\n  <rect x=\"60\" y=\"80\" width=\"180\" height=\"50\" rx=\"8\" style=\"fill:#1e293b;\"\/>\n  <text x=\"150\" y=\"100\" text-anchor=\"middle\" style=\"font-size:14px;font-weight:700;fill:#fff;\">LP 1<\/text>\n  <text x=\"150\" y=\"120\" text-anchor=\"middle\" style=\"font-size:12px;fill:#94a3b8;\">\u8cb7: 1.1000 | \u8ce3: 1.1003<\/text>\n\n  <rect x=\"60\" y=\"150\" width=\"180\" height=\"50\" rx=\"8\" style=\"fill:#1e293b;\"\/>\n  <text x=\"150\" y=\"170\" text-anchor=\"middle\" style=\"font-size:14px;font-weight:700;fill:#fff;\">LP 2<\/text>\n  <text x=\"150\" y=\"190\" text-anchor=\"middle\" style=\"font-size:12px;fill:#94a3b8;\">\u8cb7: 1.1001 | \u8ce3: 1.1004<\/text>\n\n  <rect x=\"60\" y=\"220\" width=\"180\" height=\"50\" rx=\"8\" style=\"fill:#1e293b;\"\/>\n  <text x=\"150\" y=\"240\" text-anchor=\"middle\" style=\"font-size:14px;font-weight:700;fill:#fff;\">LP 3<\/text>\n  <text x=\"150\" y=\"260\" text-anchor=\"middle\" style=\"font-size:12px;fill:#94a3b8;\">\u8cb7: 1.0999 | \u8ce3: 1.1002<\/text>\n\n  <!-- Aggregation -->\n  <path d=\"M 240 105 L 300 155 M 240 175 L 300 175 M 240 245 L 300 195\" fill=\"none\" stroke=\"#22c55e\" stroke-width=\"2\"\/>\n\n  <!-- Broker -->\n  <rect x=\"310\" y=\"120\" width=\"220\" height=\"110\" rx=\"12\" style=\"fill:#1e3a8a;stroke:#3b82f6;stroke-width:2;\"\/>\n  <text x=\"420\" y=\"150\" text-anchor=\"middle\" style=\"font-size:18px;font-weight:700;fill:#fff;\">\u7d93\u7d00\u5546\u805a\u5408\u5831\u50f9<\/text>\n  <text x=\"420\" y=\"180\" text-anchor=\"middle\" style=\"font-size:14px;fill:#4ade80;\">\u6700\u4f73\u8cb7\u50f9: 1.1001 (LP 2)<\/text>\n  <text x=\"420\" y=\"200\" text-anchor=\"middle\" style=\"font-size:14px;fill:#f87171;\">\u6700\u4f73\u8ce3\u50f9: 1.1002 (LP 3)<\/text>\n  <text x=\"420\" y=\"220\" text-anchor=\"middle\" style=\"font-size:14px;fill:#fcd34d;\">\u539f\u59cb\u9ede\u5dee: 0.1 pips<\/text>\n\n  <!-- Output -->\n  <line x1=\"530\" y1=\"175\" x2=\"590\" y2=\"175\" stroke=\"#3b82f6\" 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mark_yellow\"><strong>\u8a02\u55ae\u7684\u57f7\u884c\u65b9\u5f0f\u53d6\u6c7a\u65bc\u7d93\u7d00\u5546\u7684\u5546\u696d\u6a21\u5f0f<\/strong><\/span>\u3002\u4e26\u975e\u6240\u6709\u7d93\u7d00\u5546\u90fd\u6703\u5c07\u6bcf\u7b46\u8a02\u55ae\u767c\u9001\u7d66 LP\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">STP \/ ECN \u6a21\u5f0f<\/h4>\n\n\n\n<p>STP\uff08\u76f4\u901a\u5f0f\u8655\u7406\uff09\u548c ECN \u7d93\u7d00\u5546<span class=\"swl-marker mark_yellow\"><strong>\u5c07\u5ba2\u6236\u8a02\u55ae\u76f4\u63a5\u50b3\u9001\u7d66\u6d41\u52d5\u6027\u63d0\u4f9b\u5546\uff0c\u5728\u5e02\u5834\u4e2d\u64ae\u5408\u57f7\u884c<\/strong><\/span>\u3002\u7d93\u7d00\u5546\u900f\u904e\u5fae\u5e45\u52a0\u50f9\u6216\u6bcf\u7b46\u4f63\u91d1\u7372\u5229\u2014\u2014\u4e0d\u6703\u8207\u4f60\u5c0d\u8ced\u3002<\/p>\n\n\n\n<p>\u6b64\u6a21\u5f0f\u900f\u660e\u5ea6\u6700\u9ad8\uff0c\u50f9\u683c\u53cd\u6620\u5373\u6642\u5e02\u5834\u72c0\u6cc1\uff0c\u7121\u4ea4\u6613\u53f0\u5e72\u9810\u3002<\/p>\n\n\n\n<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 844 260\" width=\"100%\">\n  <defs>\n    <marker id=\"arr-stp-zh\" viewBox=\"0 0 10 10\" refX=\"9\" refY=\"5\" markerWidth=\"6\" markerHeight=\"6\" orient=\"auto-start-reverse\"><path d=\"M0 0L10 5L0 10z\" style=\"fill:#3b82f6;\"\/><\/marker>\n  <\/defs>\n  <rect width=\"844\" height=\"260\" rx=\"16\" style=\"fill:#0f172a;\"\/>\n  <text x=\"422\" y=\"40\" text-anchor=\"middle\" style=\"font-size:24px;font-weight:700;fill:#f8fafc;\">STP \u57f7\u884c\u6a21\u5f0f (\u76f4\u901a\u5f0f\u8655\u7406)<\/text>\n\n  <!-- Flow -->\n  <rect x=\"60\" y=\"100\" width=\"160\" height=\"80\" rx=\"8\" style=\"fill:#1e293b;\"\/>\n  <text x=\"140\" y=\"145\" text-anchor=\"middle\" style=\"font-size:18px;font-weight:700;fill:#fff;\">\u4ea4\u6613\u8005<\/text>\n\n  <line x1=\"220\" y1=\"140\" x2=\"300\" y2=\"140\" stroke=\"#3b82f6\" stroke-width=\"3\" marker-end=\"url(#arr-stp-zh)\"\/>\n\n  <rect x=\"310\" y=\"100\" width=\"220\" height=\"80\" rx=\"12\" style=\"fill:#1e3a8a;stroke:#3b82f6;stroke-width:2;\"\/>\n  <text x=\"420\" y=\"135\" text-anchor=\"middle\" style=\"font-size:18px;font-weight:700;fill:#fff;\">\u7d93\u7d00\u5546 (STP \u5f15\u64ce)<\/text>\n  <text x=\"420\" y=\"160\" text-anchor=\"middle\" style=\"font-size:14px;fill:#93c5fd;\">\u5c07\u8a02\u55ae\u76f4\u63a5\u62cb\u55ae<\/text>\n\n  <line x1=\"530\" y1=\"140\" x2=\"610\" y2=\"140\" stroke=\"#3b82f6\" stroke-width=\"3\" marker-end=\"url(#arr-stp-zh)\"\/>\n\n  <rect x=\"620\" y=\"100\" width=\"160\" height=\"80\" rx=\"8\" style=\"fill:#064e3b;stroke:#22c55e;stroke-width:2;\"\/>\n  <text x=\"700\" y=\"145\" text-anchor=\"middle\" style=\"font-size:18px;font-weight:700;fill:#4ade80;\">\u6d41\u52d5\u6027\u63d0\u4f9b\u5546 (LP)<\/text>\n\n  <text x=\"422\" y=\"230\" text-anchor=\"middle\" style=\"font-size:14px;fill:#94a3b8;\">\u7d93\u7d00\u5546\u50c5\u4f5c\u70ba\u4e2d\u4ecb\uff0c\u6c92\u6709\u5229\u76ca\u885d\u7a81\u3002<\/text>\n\n<\/svg>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide u-mb-ctrl u-mb-25\"\/>\n\n\n\n<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 844 320\" width=\"100%\">\n  <defs>\n    <marker id=\"arr-ecn-zh\" viewBox=\"0 0 10 10\" refX=\"9\" refY=\"5\" markerWidth=\"6\" markerHeight=\"6\" orient=\"auto-start-reverse\"><path d=\"M0 0L10 5L0 10z\" style=\"fill:#22c55e;\"\/><\/marker>\n  <\/defs>\n  <rect width=\"844\" height=\"320\" rx=\"16\" style=\"fill:#0f172a;\"\/>\n  <text x=\"422\" y=\"40\" text-anchor=\"middle\" style=\"font-size:24px;font-weight:700;fill:#f8fafc;\">ECN \u57f7\u884c\u6a21\u5f0f (\u96fb\u5b50\u901a\u8a0a\u7db2\u8def)<\/text>\n\n  <!-- Participants -->\n  <rect x=\"60\" y=\"80\" width=\"160\" height=\"50\" rx=\"8\" style=\"fill:#1e293b;\"\/>\n  <text x=\"140\" y=\"110\" text-anchor=\"middle\" style=\"font-size:16px;font-weight:700;fill:#fff;\">\u6563\u6236\u4ea4\u6613\u8005<\/text>\n\n  <rect x=\"60\" y=\"150\" width=\"160\" height=\"50\" rx=\"8\" style=\"fill:#1e293b;\"\/>\n  <text x=\"140\" y=\"180\" text-anchor=\"middle\" style=\"font-size:16px;font-weight:700;fill:#fff;\">\u9280\u884c \/ \u907f\u96aa\u57fa\u91d1<\/text>\n\n  <rect x=\"60\" y=\"220\" width=\"160\" height=\"50\" rx=\"8\" style=\"fill:#1e293b;\"\/>\n  <text x=\"140\" y=\"250\" text-anchor=\"middle\" style=\"font-size:16px;font-weight:700;fill:#fff;\">\u6d41\u52d5\u6027\u63d0\u4f9b\u5546<\/text>\n\n  <!-- Lines to ECN -->\n  <path d=\"M 220 105 L 300 155 M 220 175 L 300 175 M 220 245 L 300 195\" fill=\"none\" stroke=\"#475569\" stroke-width=\"2\"\/>\n\n  <!-- ECN Hub -->\n  <rect x=\"310\" y=\"90\" width=\"220\" height=\"170\" rx=\"12\" style=\"fill:#064e3b;stroke:#22c55e;stroke-width:2;\"\/>\n  <text x=\"420\" y=\"140\" text-anchor=\"middle\" style=\"font-size:20px;font-weight:700;fill:#fff;\">ECN \u8a02\u55ae\u7c3f<\/text>\n  <text x=\"420\" y=\"170\" text-anchor=\"middle\" style=\"font-size:14px;fill:#4ade80;\">\u64ae\u5408\u5f15\u64ce<\/text>\n  <text x=\"420\" y=\"200\" text-anchor=\"middle\" style=\"font-size:14px;fill:#4ade80;\">(\u533f\u540d\u57f7\u884c)<\/text>\n\n  <!-- Result -->\n  <line x1=\"530\" y1=\"175\" x2=\"610\" y2=\"175\" stroke=\"#22c55e\" stroke-width=\"3\" marker-end=\"url(#arr-ecn-zh)\"\/>\n\n  <rect x=\"620\" y=\"135\" width=\"160\" height=\"80\" rx=\"8\" style=\"fill:#1e293b;\"\/>\n  <text x=\"700\" y=\"170\" text-anchor=\"middle\" style=\"font-size:16px;font-weight:700;fill:#fff;\">\u4ee5\u6700\u4f73\u50f9\u683c<\/text>\n  <text x=\"700\" y=\"195\" text-anchor=\"middle\" style=\"font-size:14px;fill:#94a3b8;\">\u6413\u5408\u6210\u4ea4<\/text>\n\n<\/svg>\n\n\n\n<p>\u60f3\u6df1\u5165\u4e86\u89e3 STP \u57f7\u884c\u65b9\u5f0f\uff0c\u53ef\u53c3\u8003\u6211\u5011\u7684 <a href=\"https:\/\/copi-tools.com\/zh-hant\/what-is-stp\/\">STP \u5916\u532f\u7d93\u7d00\u5546\u6307\u5357<\/a>\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u505a\u5e02\u5546\uff08Dealing Desk\uff09\u6a21\u5f0f<\/h4>\n\n\n\n<p>\u505a\u5e02\u5546\u7d93\u7d00\u5546<span class=\"swl-marker mark_yellow\"><strong>\u5145\u7576\u5ba2\u6236\u8a02\u55ae\u7684\u5c0d\u624b\u65b9\uff0c\u800c\u975e\u5c07\u8a02\u55ae\u8f49\u767c\u7d66\u5916\u90e8 LP<\/strong><\/span>\u3002\u7d93\u7d00\u5546\u81ea\u884c\u8a2d\u5b9a\u8cb7\u8ce3\u50f9\uff0c\u5f9e\u9ede\u5dee\u4e2d\u7372\u5229\u3002<\/p>\n\n\n\n<p>\u9019\u7a2e\u6a21\u5f0f\u53ef\u4ee5\u63d0\u4f9b\u56fa\u5b9a\u9ede\u5dee\u548c\u4fdd\u8b49\u6210\u4ea4\uff0c\u4f46\u5b58\u5728\u6f5b\u5728\u7684<strong>\u5229\u76ca\u885d\u7a81<\/strong>\u2014\u2014\u56e0\u70ba\u7d93\u7d00\u5546\u53ef\u80fd\u5728\u5ba2\u6236\u8667\u640d\u6642\u7372\u5229\u3002<\/p>\n\n\n\n<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 844 260\" width=\"100%\">\n  <defs>\n    <marker id=\"arr-mm-zh\" viewBox=\"0 0 10 10\" refX=\"9\" refY=\"5\" markerWidth=\"6\" markerHeight=\"6\" orient=\"auto-start-reverse\"><path d=\"M0 0L10 5L0 10z\" style=\"fill:#ef4444;\"\/><\/marker>\n  <\/defs>\n  <rect width=\"844\" height=\"260\" rx=\"16\" style=\"fill:#0f172a;\"\/>\n  <text x=\"422\" y=\"40\" text-anchor=\"middle\" style=\"font-size:24px;font-weight:700;fill:#f8fafc;\">\u505a\u5e02\u5546\u6a21\u5f0f (B-Book)<\/text>\n\n  <!-- Flow -->\n  <rect x=\"60\" y=\"100\" width=\"160\" height=\"80\" rx=\"8\" style=\"fill:#1e293b;\"\/>\n  <text x=\"140\" y=\"135\" text-anchor=\"middle\" style=\"font-size:18px;font-weight:700;fill:#fff;\">\u4ea4\u6613\u8005<\/text>\n  <text x=\"140\" y=\"160\" text-anchor=\"middle\" style=\"font-size:14px;fill:#ef4444;\">\u4e0b\u9054\u8cb7\u9032 (BUY) \u8a02\u55ae<\/text>\n\n  <line x1=\"220\" y1=\"140\" x2=\"300\" y2=\"140\" stroke=\"#ef4444\" stroke-width=\"3\" marker-end=\"url(#arr-mm-zh)\"\/>\n\n  <rect x=\"310\" y=\"100\" width=\"220\" height=\"80\" rx=\"12\" style=\"fill:#450a0a;stroke:#ef4444;stroke-width:2;\"\/>\n  <text x=\"420\" y=\"135\" text-anchor=\"middle\" style=\"font-size:18px;font-weight:700;fill:#fff;\">\u7d93\u7d00\u5546 (\u4ea4\u6613\u53f0)<\/text>\n  <text x=\"420\" y=\"160\" text-anchor=\"middle\" style=\"font-size:14px;fill:#f87171;\">\u4f5c\u70ba\u5c0d\u624b\u65b9 (\u8ce3\u51fa SELL)<\/text>\n\n  <!-- LP block missing -> No External LP -->\n  <rect x=\"620\" y=\"100\" width=\"160\" height=\"80\" rx=\"8\" stroke=\"#475569\" stroke-dasharray=\"6,6\" fill=\"transparent\"\/>\n  <text x=\"700\" y=\"145\" text-anchor=\"middle\" style=\"font-size:16px;fill:#475569;\">\u5916\u90e8\u5e02\u5834<\/text>\n  <line x1=\"530\" y1=\"140\" x2=\"610\" y2=\"140\" stroke=\"#475569\" stroke-width=\"2\" stroke-dasharray=\"4,4\"\/>\n\n  <text x=\"422\" y=\"230\" text-anchor=\"middle\" style=\"font-size:14px;fill:#94a3b8;\">\u7d93\u7d00\u5546\u627f\u64d4\u98a8\u96aa\u3002\u4ea4\u6613\u8005\u7684\u8667\u640d\u5373\u70ba\u7d93\u7d00\u5546\u7684\u7372\u5229\u3002<\/text>\n\n<\/svg>\n\n\n\n<p>\u82e5\u60f3\u4e86\u89e3 A-Book \u8207 B-Book 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10z\" style=\"fill:#3b82f6;\"\/><\/marker>\n  <\/defs>\n  <rect width=\"844\" height=\"320\" rx=\"16\" style=\"fill:#0f172a;\"\/>\n  <text x=\"422\" y=\"40\" text-anchor=\"middle\" style=\"font-size:24px;font-weight:700;fill:#f8fafc;\">\u6df7\u5408\u57f7\u884c\u6a21\u5f0f (Hybrid Model)<\/text>\n\n  <!-- Trader -->\n  <rect x=\"40\" y=\"135\" width=\"140\" height=\"60\" rx=\"8\" style=\"fill:#1e293b;\"\/>\n  <text x=\"110\" y=\"170\" text-anchor=\"middle\" style=\"font-size:16px;font-weight:700;fill:#fff;\">\u5ba2\u6236\u8a02\u55ae<\/text>\n\n  <line x1=\"180\" y1=\"165\" x2=\"240\" y2=\"165\" stroke=\"#3b82f6\" stroke-width=\"3\" marker-end=\"url(#arr-hyb-zh)\"\/>\n\n  <!-- Broker Logic -->\n  <rect x=\"250\" y=\"100\" width=\"180\" height=\"130\" rx=\"12\" style=\"fill:#1e3a8a;stroke:#3b82f6;stroke-width:2;\"\/>\n  <text x=\"340\" y=\"140\" text-anchor=\"middle\" style=\"font-size:18px;font-weight:700;fill:#fff;\">\u7d93\u7d00\u5546\u5f15\u64ce<\/text>\n  <text x=\"340\" y=\"170\" text-anchor=\"middle\" style=\"font-size:12px;fill:#93c5fd;\">\u5206\u6790\u4ea4\u6613\u898f\u6a21\u3001<\/text>\n  <text x=\"340\" y=\"190\" text-anchor=\"middle\" style=\"font-size:12px;fill:#93c5fd;\">\u98a8\u96aa\u5c6c\u6027\u8207\u6ce2\u52d5\u5ea6<\/text>\n\n  <!-- Route A: B-Book -->\n  <path d=\"M 430 140 L 500 100\" fill=\"none\" stroke=\"#ef4444\" stroke-width=\"2\" marker-end=\"url(#arr-hyb-zh)\"\/>\n  <rect x=\"510\" y=\"70\" width=\"260\" height=\"70\" rx=\"8\" style=\"fill:#450a0a;stroke:#ef4444;stroke-width:1;\"\/>\n  <text x=\"640\" y=\"100\" text-anchor=\"middle\" style=\"font-size:16px;font-weight:700;fill:#fff;\">\u5167\u90e8\u6d88\u5316 (B-Book)<\/text>\n  <text x=\"640\" y=\"125\" text-anchor=\"middle\" style=\"font-size:12px;fill:#f87171;\">\u5c0f\u984d\u8a02\u55ae\u3001\u5bb9\u6613\u9810\u6e2c\u7684\u7b56\u7565<\/text>\n\n  <!-- Route B: A-Book -->\n  <path d=\"M 430 190 L 500 230\" fill=\"none\" stroke=\"#22c55e\" stroke-width=\"2\" marker-end=\"url(#arr-hyb-zh)\"\/>\n  <rect x=\"510\" y=\"190\" width=\"260\" height=\"70\" rx=\"8\" style=\"fill:#064e3b;stroke:#22c55e;stroke-width:1;\"\/>\n  <text x=\"640\" y=\"220\" text-anchor=\"middle\" style=\"font-size:16px;font-weight:700;fill:#fff;\">\u62cb\u55ae\u7d66 LP (A-Book \/ STP)<\/text>\n  <text x=\"640\" y=\"245\" text-anchor=\"middle\" style=\"font-size:12px;fill:#4ade80;\">\u5927\u984d\u8a02\u55ae\u3001\u6301\u7e8c\u7372\u5229\u7684\u8a02\u55ae\u6d41<\/text>\n\n<\/svg>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"selection-criteria\">\u7d93\u7d00\u5546\u5982\u4f55\u9078\u64c7\u6d41\u52d5\u6027\u63d0\u4f9b\u5546\uff1f<\/h3>\n\n\n\n<p>\u7d93\u7d00\u5546\u6703\u5f9e\u4e09\u500b\u95dc\u9375\u9762\u5411\u8a55\u4f30 LP \u5408\u4f5c\u5925\u4f34\uff1a<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u6d41\u52d5\u6027\u6df1\u5ea6<\/h4>\n\n\n\n<p><span class=\"swl-marker mark_yellow\"><strong>\u6d41\u52d5\u6027\u8d8a\u6df1\uff0c\u50f9\u683c\u8d8a\u7a69\u5b9a\u3001\u9ede\u5dee\u8d8a\u7a84<\/strong><\/span>\uff0c\u5373\u4f7f\u5728\u91cd\u5927\u7d93\u6fdf\u6578\u64da\u516c\u5e03\u6216\u592e\u884c\u6c7a\u7b56\u7b49\u5287\u70c8\u6ce2\u52d5\u6642\u671f\u4e5f\u662f\u5982\u6b64\u3002<\/p>\n\n\n\n<div class=\"wp-block-group is-style-big_icon_point has-swl-pale-04-background-color has-background\"><div class=\"wp-block-group__inner-container\">\n<p>\u82e5 LP \u7684\u6d41\u52d5\u6027\u6c60\u8f03\u6dfa\uff0c\u4ea4\u6613\u8005\u5c07\u9047\u5230\u66f4\u5927\u9ede\u5dee\u3001\u66f4\u591a\u6ed1\u9ede\u548c\u57f7\u884c\u5ef6\u9072\u2014\u2014\u4ea4\u6613\u6210\u672c\u5927\u5e45\u4e0a\u5347\u3002<\/p>\n<\/div><\/div>\n\n\n\n<h4 class=\"wp-block-heading\">\u50f9\u683c\u7af6\u722d\u529b<\/h4>\n\n\n\n<p>\u7d93\u7d00\u5546\u6bd4\u8f03\u591a\u5bb6 LP \u7684\u5831\u50f9\uff0c<span class=\"swl-marker mark_yellow\"><strong>\u9078\u64c7\u6700\u5177\u7af6\u722d\u529b\u7684\u50f9\u683c\u50b3\u905e\u7d66\u5ba2\u6236<\/strong><\/span>\u3002\u53ea\u4f7f\u7528\u55ae\u4e00 LP \u7684\u7d93\u7d00\u5546\u7f3a\u4e4f\u6bd4\u50f9\u57fa\u6e96\uff0c\u5ba2\u6236\u53ef\u80fd\u62ff\u5230\u8f03\u5dee\u7684\u5831\u50f9\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u57f7\u884c\u901f\u5ea6\u8207\u54c1\u8cea<\/h4>\n\n\n\n<p><span class=\"swl-marker mark_yellow\"><strong>\u57f7\u884c\u901f\u5ea6\u5feb\u3001\u54c1\u8cea\u7a69\u5b9a\u7684 LP \u80fd\u6e1b\u5c11\u6ed1\u9ede<\/strong><\/span>\uff0c\u78ba\u4fdd\u8a02\u55ae\u4ee5\u9810\u671f\u50f9\u683c\u6210\u4ea4\u3002\u5728\u91cd\u5927\u65b0\u805e\u4e8b\u4ef6\u767c\u751f\u6642\u5c24\u70ba\u95dc\u9375\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"market-stability\">LP \u5982\u4f55\u7a69\u5b9a\u5e02\u5834\u50f9\u683c\uff1f<\/h3>\n\n\n\n<p>\u5728\u6975\u7aef\u6ce2\u52d5\u6642\u671f\uff0c\u6d41\u52d5\u6027\u63d0\u4f9b\u5546\u6703<span class=\"swl-marker mark_yellow\"><strong>\u5438\u6536\u66b4\u589e\u7684\u8a02\u55ae\u91cf\u3001\u9632\u6b62\u9ede\u5dee\u5931\u63a7\u64f4\u5927\u3001\u7dad\u6301\u6709\u5e8f\u5b9a\u50f9<\/strong><\/span>\u3002\u64c1\u6709\u53ef\u9760 LP \u7684\u7d93\u7d00\u5546\uff0c\u5373\u4f7f\u5728\u52d5\u76ea\u5e02\u5834\u4e2d\u4e5f\u80fd<span class=\"swl-inline-color has-swl-deep-01-color\"><strong>\u6301\u7e8c\u63d0\u4f9b\u7a69\u5b9a\u7684\u9ede\u5dee\u548c\u5feb\u901f\u57f7\u884c<\/strong><\/span>\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide u-mb-ctrl u-mb-25\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"broker-lp-combined\">\u517c\u5177\u6d41\u52d5\u6027\u63d0\u4f9b\u5546\u89d2\u8272\u7684\u7d93\u7d00\u5546<\/h2>\n\n\n\n<p>\u90e8\u5206\u7d93\u7d00\u5546\u4e0d\u50c5\u9023\u63a5\u5916\u90e8 LP\uff0c\u9084<span class=\"swl-marker mark_yellow\"><strong>\u81ea\u884c\u5efa\u7acb\u6d41\u52d5\u6027\u6c60\uff0c\u7d50\u5408\u7d93\u7d00\u670d\u52d9\u8207\u6a5f\u69cb\u7d1a\u5831\u50f9<\/strong><\/span>\uff0c\u56e0\u5c11\u4e86\u4e00\u5c64\u4e2d\u4ecb\uff0c\u901a\u5e38\u80fd\u63d0\u4f9b\u66f4\u7a84\u7684\u9ede\u5dee\u548c\u66f4\u5feb\u7684\u57f7\u884c\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">XTX Markets<\/h3>\n\n\n\n<p>XTX Markets \u662f\u7e3d\u90e8\u4f4d\u65bc\u502b\u6566\u7684\u975e\u9280\u884c\u6d41\u52d5\u6027\u63d0\u4f9b\u5546\uff0c\u5c08\u6ce8\u65bc\u6f14\u7b97\u6cd5\u8207\u9ad8\u983b\u4ea4\u6613\u3002\u5b83\u662f\u5168\u7403\u6700\u5927\u7684\u5916\u532f LP \u4e4b\u4e00\uff0c\u5e02\u4f54\u7387\u6301\u7e8c\u540d\u5217\u524d\u4e94\u3002XTX <span class=\"swl-marker mark_yellow\"><strong>\u904b\u7528\u5148\u9032\u6a5f\u5668\u5b78\u7fd2\u6280\u8853\uff0c\u63d0\u4f9b\u9ad8\u900f\u660e\u5ea6\u3001\u9ad8\u6548\u7387\u7684\u5b9a\u50f9<\/strong><\/span>\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">LMAX Exchange<\/h3>\n\n\n\n<p>LMAX Exchange \u662f\u53d7\u82f1\u570b FCA \u76e3\u7ba1\u7684 ECN\uff0c\u63a1\u7528\u4e2d\u592e\u9650\u50f9\u8a02\u55ae\u7c3f\u6a21\u5f0f\u3002\u6240\u6709\u53c3\u8207\u8005\u4ee5\u76f8\u540c\u50f9\u683c\u3001\u76f8\u540c\u689d\u4ef6\u4ea4\u6613\u2014\u2014\u6c92\u6709\u300c\u6700\u5f8c\u78ba\u8a8d\uff08last look\uff09\u300d\u6216\u4e0d\u5c0d\u7b49\u5f85\u9047\u3002LMAX <span class=\"swl-marker mark_yellow\"><strong>\u4ee5\u8d85\u4f4e\u5ef6\u9072\u57f7\u884c\u670d\u52d9\u6a5f\u69cb\u548c\u96f6\u552e\u5ba2\u6236<\/strong><\/span>\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Finalto\uff08\u524d\u8eab CFH Clearing\uff09<\/h3>\n\n\n\n<p>Finalto \u5411\u7d93\u7d00\u5546\u548c\u6a5f\u69cb\u5ba2\u6236\u63d0\u4f9b\u591a\u8cc7\u7522\u6d41\u52d5\u6027\u89e3\u6c7a\u65b9\u6848\u3002\u900f\u904e\u532f\u96c6\u9802\u7d1a LP \u5831\u50f9\uff0c<span class=\"swl-marker mark_yellow\"><strong>\u5728\u5916\u532f\u3001\u6307\u6578\u3001\u5927\u5b97\u5546\u54c1\u548c\u52a0\u5bc6\u8ca8\u5e63\u7b49\u9818\u57df\u63d0\u4f9b\u5177\u7af6\u722d\u529b\u7684\u7a84\u9ede\u5dee<\/strong><\/span>\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">XS.com<\/h3>\n\n\n\n<p>XS.com \u540c\u6642\u626e\u6f14\u6d41\u52d5\u6027\u63d0\u4f9b\u5546\u548c\u591a\u8cc7\u7522\u7d93\u7d00\u5546\u7684\u89d2\u8272\u3002\u6574\u5408\u591a\u500b\u6d41\u52d5\u6027\u4f86\u6e90\uff0c<span class=\"swl-marker mark_yellow\"><strong>\u63d0\u4f9b\u8d85\u4f4e\u5ef6\u9072\u4ea4\u6613\u548c\u900f\u660e\u3001\u5177\u7af6\u722d\u529b\u7684\u5831\u50f9<\/strong><\/span>\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Tradeview<\/h3>\n\n\n\n<p>Tradeview \u662f\u7e3d\u90e8\u4f4d\u65bc\u7d10\u7d04\u7684\u7d93\u7d00\u5546\u66a8 LP\uff0c\u63d0\u4f9b\u5916\u532f\u3001CFD\u3001\u80a1\u7968\u548c\u5927\u5b97\u5546\u54c1\u4ea4\u6613\uff0c\u63a1 STP \u6a21\u5f0f\u3002\u8207\u591a\u5bb6\u9802\u7d1a LP \u5408\u4f5c\uff0c<span class=\"swl-marker mark_yellow\"><strong>\u63d0\u4f9b\u7a84\u9ede\u5dee\u548c\u5feb\u901f\u57f7\u884c<\/strong><\/span>\uff0c\u6df1\u53d7\u5c08\u696d\u4ea4\u6613\u8005\u597d\u8a55\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"local-risk-note\">\u9078\u64c7\u7d93\u7d00\u5546\u524d\u7684\u76e3\u7ba1\u9808\u77e5<\/h2>\n\n\n\n<p>\u53f0\u7063\u7684\u5916\u5e63\u4fdd\u8b49\u91d1\u4ea4\u6613\u53d7<strong>\u91d1\u878d\u76e3\u7763\u7ba1\u7406\u59d4\u54e1\u6703\uff08\u91d1\u7ba1\u6703\uff0cFSC\uff09<\/strong>\u76e3\u7ba1\uff0c\u5c6c\u65bc\u300a\u671f\u8ca8\u4ea4\u6613\u6cd5\u300b\u7684\u898f\u7bc4\u7bc4\u570d\u3002\u6295\u8cc7\u4eba\u61c9\u900f\u904e\u7d93\u91d1\u7ba1\u6703\u6838\u51c6\u7684\u5408\u6cd5\u300c\u69d3\u687f\u4ea4\u6613\u5546\u300d\u9032\u884c\u4ea4\u6613\u3002<\/p>\n\n\n\n<p>\u82e5\u9078\u64c7\u570b\u969b\u7d93\u7d00\u5546\uff0c\u52d9\u5fc5\u78ba\u8a8d\u5176\u662f\u5426\u6301\u6709<span class=\"swl-marker mark_yellow\"><strong>\u570b\u969b\u9802\u7d1a\u76e3\u7ba1\u724c\u7167\uff08\u5982\u82f1\u570b FCA\u3001\u6fb3\u6d32 ASIC\uff09<\/strong><\/span>\uff0c\u4e26\u4e86\u89e3\u5176\u57f7\u884c\u6a21\u5f0f\u662f\u5426\u70ba STP\/ECN\u2014\u2014\u9019\u901a\u5e38\u4ee3\u8868\u7d93\u7d00\u5546\u64c1\u6709\u7a69\u5b9a\u7684 LP \u5408\u4f5c\u5925\u4f34\uff0c\u80fd\u63d0\u4f9b\u8f03\u4f73\u7684\u4ea4\u6613\u57f7\u884c\u74b0\u5883\u3002<\/p>\n\n\n\n<div class=\"wp-block-group is-style-big_icon_point has-swl-pale-04-background-color has-background\"><div class=\"wp-block-group__inner-container\">\n<p>\u5916\u5e63\u4fdd\u8b49\u91d1\u4ea4\u6613\u6d89\u53ca\u9ad8\u69d3\u687f\uff0c\u6295\u8cc7\u524d\u8acb\u52d9\u5fc5\u8a55\u4f30\u81ea\u8eab\u98a8\u96aa\u627f\u53d7\u80fd\u529b\uff0c\u4e26\u900f\u904e\u91d1\u7ba1\u6703\u5b98\u7db2\u78ba\u8a8d\u5e73\u53f0\u5408\u6cd5\u6027\u3002<\/p>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" 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