Retail forex almost illegal in US - page 2
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I had about 70% bad fill rate from Deutsch Bank's dealer desk. The statistics are on another machine but I could still dig them up. Requote slippage was 3-4 pips if memory serves.
What forums do you know of for Prime Brokers? I have 2 different Prime Broker relationships, one through a fellow programmer.
This bill definitely aids in fighting stop loss hunting, those people have very clear penalties.You have probably a far better idea about what exactly is involved with dealing desks than I do, but they have become a much maligned topic of conversation since Metatrader got a toe-hold in the forex market. Aside from my disasterous stint with Aleccohfx, where I witnessed dealing-desk delays of up to 1 minute with order-processing, the other brokers (2) I had/have have been dealing desk-free, and I have experienced none of the delays/slippage that have come to be associated with Metatrader. FWIW, I only trade stocks and futures, not of any great size, only 5-10 trades per day, and mostly use limit orders, so experience zero slippage. But when I do open market orders, slippage has always been minimal - and need I say it, none of the ridiculous "requote" scenarios MT has become infamous for...
Maybe "Prime-Brokers" was a mis-normer, but 'EliteTrader' for instance. Most there appear to concentrate on stocks & futures, and while you of course get some b*tching about brokers, it is almost never about the type of infractions that routinely are raised and taken for granted on forums that cater for the Metatrader platform and its ilk. Why? because brokers like that aren't tolerated - you cannot seriously trade futures (or their CFD's) on the likes of MT, the commissions are a joke and can you imagine trying to close out a futures position on an index spike only to have the platform freeze or experience constant requotes until the dealing-desk fills you at a price that is favourable to them!!!
I really hope this bill sticks it to brokers like this - and Metaquotes for their contribution in making retail forex the cesspit it has become...
You mean FXCM DD
Actually it was deutsch bank, on a very 'direct feed' with very 'rapid execution'. The Prime Banks definitely employ Dealer Desks as well, and they will stall, requote, slip, cancel and lock orders. I'm sure FXCM does the same thing... It will be interesting to see how FXCM will survive since they will now be required to execute at price, and they send out prices in a round robin fashion. (You wait your turn for prices, not everyone getting price at the same time.) I can see why they do round robin from a network standpoint, the news bandwidth spikes are *harsh* even with smoothing (which should also be forbidden now).
Agreed. I really do agree with your assessment of the market, MT4, etc.
Here is what I meant by Prime Brokers:
The FIX Protocol Organization > Who uses FIX?
They are the group that actually handles settlement of contracts. That's a short list, but a general hint. FIX is known as too slow for the scalability issues they face, so they end up creating these banking rings:
The FIX Protocol Organization > FIX Vendors
The FIX Protocol Organization > FIX Vendors
The FIX Protocol Organization > FIX Vendors
If you want to see some of the workflow that they do, check out FXAll.com. They have products to do the multistage pretrade, multistage posttrade, accounting and straight through processing phases.
The Prime Brokers that do settlement are the group that will really benefit from the upcoming changes. I'm altering the workflow of my FIX connector to be compliant with the changes.
You have probably a far better idea about what exactly is involved with dealing desks than I do, but they have become a much maligned topic of conversation since Metatrader got a toe-hold in the forex market. Aside from my disasterous stint with Aleccohfx, where I witnessed dealing-desk delays of up to 1 minute with order-processing, the other brokers (2) I had/have have been dealing desk-free, and I have experienced none of the delays/slippage that have come to be associated with Metatrader. FWIW, I only trade stocks and futures, not of any great size, only 5-10 trades per day, and mostly use limit orders, so experience zero slippage. But when I do open market orders, slippage has always been minimal - and need I say it, none of the ridiculous "requote" scenarios MT has become infamous for...
Maybe "Prime-Brokers" was a mis-normer, but 'EliteTrader' for instance. Most there appear to concentrate on stocks & futures, and while you of course get some b*tching about brokers, it is almost never about the type of infractions that routinely are raised and taken for granted on forums that cater for the Metatrader platform and its ilk. Why? because brokers like that aren't tolerated - you cannot seriously trade futures (or their CFD's) on the likes of MT, the commissions are a joke and can you imagine trying to close out a futures position on an index spike only to have the platform freeze or experience constant requotes until the dealing-desk fills you at a price that is favourable to them!!!
I really hope this bill sticks it to brokers like this - and Metaquotes for their contribution in making retail forex the cesspit it has become...Actually it was deutsch bank, on a very 'direct feed' with very 'rapid execution'. The Prime Banks definitely employ Dealer Desks as well, and they will stall, requote, slip, cancel and lock orders. I'm sure FXCM does the same thing... It will be interesting to see how FXCM will survive since they will now be required to execute at price, and they send out prices in a round robin fashion. (You wait your turn for prices, not everyone getting price at the same time.) I can see why they do round robin from a network standpoint, the news bandwidth spikes are *harsh* even with smoothing (which should also be forbidden now).
I could be a little outdated but a couple of months ago after read an article (guess it was Fx Week) I've stripped out dbFx platform to compare with FXCM trading platform and I saw beyond the same sotware both pointed to not really different servers.
Then, some news tried to clarify this facts and mentioned some move from dbfx to provide their own data feed and execution but i can't confirm this.
Guys, members and not members:
for all people sending emails or PMs asking about, there is no mention about a doomsday for forex, even for retailers, red carefully the thread
CBS Report: There are no aliens landing in New York or New Jersey. ok?