TwoWayFutures

[LevII]

USD

Description Date Time Exchange Qty T.Price S.Price Commiss P/L Base Comm P/L In Base Code
ER2 DEC06 2006-12-01, 14:07:44 GLOBEX -2 775.1000 783.6000 -4.80 -1,704.80 -2.42448 -861.09448 O
ER2 DEC06 2006-12-01, 14:36:36 GLOBEX 2 774.4000 783.6000 -4.80 1,835.20 -2.42448 926.95952 P C
ER2 DEC06 2006-12-01, 14:36:36 GLOBEX 1 774.4000 783.6000 -2.40 917.60 -1.21224 463.47976 P C
ER2 DEC06 2006-12-01, 14:37:45 GLOBEX -1 774.6000 783.6000 -2.40 -902.40 -1.21224 -455.80224 P O
ER2 DEC06 2006-12-01, 14:37:45 GLOBEX -1 774.6000 783.6000 -2.40 -902.40 -1.21224 -455.80224 P C
ER2 DEC06 2006-12-01, 14:40:30 GLOBEX -1 774.7000 783.6000 -2.40 -892.40 -1.21224 -450.75124 O
ER2 DEC06 2006-12-01, 14:42:54 GLOBEX 1 773.9000 783.6000 -2.40 967.60 -1.21224 488.73476 P C
ER2 DEC06 2006-12-01, 14:42:54 GLOBEX 1 773.9000 783.6000 -2.40 967.60 -1.21224 488.73476 P C
Total -24.00 286.00 -12.12 144.46


in the above 5 round trips @ $4.8= $24+ 5 .1 spreads $50 = $74. on er2 it may still be cheaper than fb havnt checked.

Mmmmmmmm must sort this out. If there isn't much in it then for futures I may well change. Serious difficulty though with stocks with a 7c spread!

 

[dcarrigan]

Mmmmmmmm must sort this out. If there isn't much in it then for futures I may well change. Serious difficulty though with stocks with a 7c spread!

checked this am er2. on fb i have .2 spread as not been trading it with fb it must be the largest spread, on my last t statement that would of been $100. instead of $74 including spread with ib. as i trade between 3-6 round trips a day i think my com would come down below ib.
rate card says .1 if over 51 contracts which would be cheaper than ib.
correct me if i am wrong anyone?.

 

[Jack o'Clubs]

Surely IB still cheaper (forgetting the tax for a moment). FB is equivalent to $10 comm, IB is $2.40. In both cases you obviously then have the market spread - where FB give a spread figure on their rate card that is in addition to the market spread, not including it. So for the ER2, if you want to trade at 790 you're presumably seeing 790.1 / 789.9 as the quote for the bid/offer at that level.

 

[dcarrigan]

Surely IB still cheaper (forgetting the tax for a moment). FB is equivalent to $10 comm, IB is $2.40. In both cases you obviously then have the market spread - where FB give a spread figure on their rate card that is in addition to the market spread, not including it. So for the ER2, if you want to trade at 790 you're presumably seeing 790.1 / 789.9 as the quote for the bid/offer at that level.

dont think you add them together. in the case of FT they state spread of 1 or £10. that is what is on my screen no add ons. ib charge £1.7 per side +.5 market spread.

 

[Jack o'Clubs]

So if you pull up the FTSE composite scalp on the platform what do you see as the bid/offer either side of a price? I fall into the 51-250 lots category so I get 0.5 shown either side of the price, which means I'm paying a pip on a round turn, so £10 plus market spread. IB would be £3.40 R/T plus market spread. If I was under 50 lots it would be 1.0 either side of the price which would be £20 plus market spread. I did make one mistake in an earlier posting though - they seem to aggregate all your trades across various instruments when working out your comm band, I'd assumed it was per market.

Not disagreeing that they're a good company with a decent platform (I much prefer the 'ladder' to IB's interface) and that when tax is taken into account trading with them makes a lot of sense for position traders in particular.

 

[dcarrigan]

So if you pull up the FTSE composite scalp on the platform what do you see as the bid/offer either side of a price? I fall into the 51-250 lots category so I get 0.5 shown either side of the price, which means I'm paying a pip on a round turn, so £10 plus market spread. IB would be £3.40 R/T plus market spread. If I was under 50 lots it would be 1.0 either side of the price which would be £20 plus market spread. I did make one mistake in an earlier posting though - they seem to aggregate all your trades across various instruments when working out your comm band, I'd assumed it was per market.

Not disagreeing that they're a good company with a decent platform (I much prefer the 'ladder' to IB's interface) and that when tax is taken into account trading with them makes a lot of sense for position traders in particular.

jack if you get to 51 trades think you will see .25 a side i am on biggest spread 6024-6025 is what i see. thats why these new rates are confusing me. think you must be using single price scalp ladder without the com added.

 

[Erik75]

To TwoWayFutures

I trade STIR calendar spreads on LIFFE. Is trading calendar spreads tax free in the UK? Second question: I am trying figure out how the fees are constructed for calendar spread and outright. Does calendar spread is treated as two outrights or just one from commission point of view?

Regards

 

[henry766]

i think you'll find as two!! arn't two way sort of a second hand broker , your actual trading with yet another broker down the line ( it could be someone else,, other than 2way i get confused)

 

[Erik75]

I trade for arcade and they charge me for calendar spread. I am trying figure out if that what I pay is comparative with others.

 

[Erik75]

Thanks henry 766

It seems I confused terms of Spread, Spread Betting and Calendar Spread. I have just done my homework.

 

[Seasider]

I looked into this myself and they are regulated by the FSC (Gib equivalent of FSA).

They run an investor compensations cheme that seems to have:

The total amount of compensation to any claimant shall be limited to the lesser of–
(a) 90% of the total amount of all eligible investments held by that claimant with the investment
firm in default (wherever held); or
(b) the sterling equivalent, as calculated under sub-section (6) on the date of declaration of default under section 9(1), of euros 20,000.

Er... they won't let you open an account unless you sign away your rights under the FSC compensation scheme (see attached).

In addition, you are sending unknown foreign persons all the documents they need to potentially steal your identity (passport copy, utility bill, bank statement).

Obviously, I am not suggesting TWF are in anyway less than honest and indeed they should be congratulated for the novel service they offer. Every firm is entitled to conduct business in its own way but the above observations are worrying nonetheless.

Seasider

 

[bracke]

Er... they won't let you open an account unless you sign away your rights under the FSC compensation scheme (see attached).

In addition, you are sending unknown foreign persons all the documents they need to potentially steal your identity (passport copy, utility bill, bank statement).

Obviously, I am not suggesting TWF are in anyway less than honest and indeed they should be congratulated for the novel service they offer. Every firm is entitled to conduct business in its own way but the above observations are worrying nonetheless.

Seasider

Seasider

Thank you for your informative post.

I was considering opening an account with TWF but the apparent absence of any compensation scheme is disconcerting to say the least. I shall be looking elsewhere.

Regards

bracke

 

[splorff]

Er... they won't let you open an account unless you sign away your rights under the FSC compensation scheme (see attached).

In addition, you are sending unknown foreign persons all the documents they need to potentially steal your identity (passport copy, utility bill, bank statement).

Obviously, I am not suggesting TWF are in anyway less than honest and indeed they should be congratulated for the novel service they offer. Every firm is entitled to conduct business in its own way but the above observations are worrying nonetheless.

Seasider

I'm glad I read this in time. I was thinking of signing up today. It is a little unsettling when put this way. Why on earth would they want a copy of my passport and bank statements? It is not a risk anyone needs to take.

 

[Visaria]

Pretty much every financial brokerage and bank will require proof of identity and address if you want to open an account. I've had to show proof of funds for credit at the SBs.

 

[Directional]

yeah, get real - anti-money laundering requirements require genuine financial institutions to "know their client" and conclusively prove identity - otherwise it'd be easy for Osama Bin-Laden, or any Romanian crook to claim he was you and open an account in your name.

If you have an account with a firm that didnt require you to prove your identity, you'd need to wonder why, and whether they have other accounts in your name opened by someone else that you'd be liable for the losses for if someone kindly put a Rio Trade on for you.

 

[Visaria]

Ah...many times have I thought of doing the old Brazil trade

 

[philhackett]

They are just introducers. You can get direct access, but try MIG in Switzerland.

Phil

Hi anybody any feedback on the above good or bad?

Specifically they claim to offer exchange prices,anyone know if they take the other side of the trade ? Anything else you think an unsuspecting trader might like to know ?

Or even any other broker that gives direct access to exchange prices ?

Thanks in anticipation ..........

 

[dcarrigan]

Er... they won't let you open an account unless you sign away your rights under the FSC compensation scheme (see attached).

In addition, you are sending unknown foreign persons all the documents they need to potentially steal your identity (passport copy, utility bill, bank statement).

Obviously, I am not suggesting TWF are in anyway less than honest and indeed they should be congratulated for the novel service they offer. Every firm is entitled to conduct business in its own way but the above observations are worrying nonetheless.

Seasider

i still have account with f betting and i havent signed away my rights although i did receive e -mail with the declaration.

 

[Jack o'Clubs]

Er... they won't let you open an account unless you sign away your rights under the FSC compensation scheme (see attached).

In addition, you are sending unknown foreign persons all the documents they need to potentially steal your identity (passport copy, utility bill, bank statement).

Obviously, I am not suggesting TWF are in anyway less than honest and indeed they should be congratulated for the novel service they offer. Every firm is entitled to conduct business in its own way but the above observations are worrying nonetheless.

Seasider

I know it's a good idea to be sceptical, but sometimes you can carry conspiracy theories too far! This is no different to the UK where the FSA requires traders in riskier (ie leveraged) products (but not spreadbetting for some reason) to be classed as 'intermediate customers' and this signs away the protections you would get as Joe Numpty - ie you can't claim that you didn't know you were trading forex at 100x gearing and therefore claim compensation when you're wiped out. The broker's job is to make sure you are up to being classed as an intermediate.

As for passports / utility bills, etc, the money laundering rules are so tight now that I'd be very sceptical of the legitimacy of an outfit that didn't request these documents! My wife was recently turned down for a building society savings account because she had these documents in a mix of maiden and married names and they wouldn't accept a marriage certificate as proof of a connection between the two!!

 

[Directional]

when clients sign up for CFD accounts with UK registered firms I'm pretty certain its the same procedure - you have to agree to being classified as an "intermediate customer" which absolves you of compensation under the FSA's regulations in the same way.

Same procedure at a prop shop or arcade.