Direct dealing is based on trading reciprocity. A market maker—the bank making or quoting a price — look forward to the bank that is calling to respond to making a price when called upon. Direct dealing provides more trading judgment, as compared to dealing in the brokers' market. Direct dealing used to be conducted mostly on the phone. Phone dealing was error-prone and slow which were difficult to prove and even more difficult to settle. Direct dealing was perpetually changed in the mid-1980s, by the introduction of dealing systems.

Dealing systems are on-line workstations that link the contributing banks over the world on 1 on 1 basis. The performance of dealing systems is characterized by speed, reliability, and safety. The software is rather reliable in working on large exchange rates and the standard value dates. In addition, it is very accurate and fast in contacting with other parties, switching among conversations, and accessing the database. The trader is in continuous visual contact with the information exchanged through video conferencing. Video conferencing between both sides is much better than pure conversation.

Most banks use a group of brokers and direct dealing systems. All approaches reach the same banks, but not the same parties, because corporations, for example, cannot deal in the brokers' market. While developing reciprocal relationship between traders and brokers, traders select their trading medium based on price quality, not on personal feelings. The market share between dealing systems and brokers fluctuates based on market conditions. Fast market conditions are beneficial to dealing systems, whereas regular market conditions are more beneficial to brokers.