In investment, the term direct market access (DMA) denotes an electronic system through which investors can access securities exchanges directly, rather than through securities brokers. DMA trading is carried out through DMA platforms operated by specialized service providers.
Investors who use DMA services access the order books of exchanges directly and place their own orders. This allows investors to see the actual exchange prices without added spreads, and cuts out the cost of brokerage fees and broker spreads. DMA service providers charge commissions for their services. Depending on the kind of trades being made, DMA commissions can be lower than the combined cost of brokerage fees and spreads.
DMA is most widely used in CFD and forex trading as an alternative to over the counter (OTC) trading. A number of Swiss CFD and forex brokers provide DMA services. You can find these using the interactive CFD broker comparison on moneyland.ch.
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