espeed is dealer-to-dealer market; tradeweb is a dealer-to-customer market. –I think there’s no “broker” among the clients. espeed itself is the broker.
As broker, it’s not allowed to take positions. A FI position typically is worth millions, whereas a stock trade averages $5000 only. In some cases, an inter-dealer broker may take a position for a few minutes. Flat definitely by end of the day. One biz model is “bring the 2 sides together and collect an introduction fee”
dealer-to-dealer is an auction model; dealer-to-customer is the RFQ model like bid-wanted.