Worldspreads upgraded!

[FXSCALPER2]

Since when are FXCM and SAXO direct access, Marvin?

WS are getting direct access currency traders from FXCM and SAXO bank that are opening now! On top of that traders that want to trade Wall Street futures on a 1 pip spread. Also direct access Eurex traders on the DAX are coming from abroad. I have to say the up take from LIFFE FTSE traders has not been so good. Watch this space for all those that are price sensitive! An upgrade to the orders system is on its way and no more harsh close out prices, that stuff you on exit. Was that a fully automated system that traders wanted at a 1 point spread?

 

[gle101]

Since when are FXCM and SAXO direct access, Marvin?

As far as I know Saxo bank also have a DMA service going. I remember it from the time I was checking up the company.

 

[Mr A Smith]

WS are getting direct access currency traders from FXCM and SAXO bank that are opening now! On top of that traders that want to trade Wall Street futures on a 1 pip spread. Also direct access Eurex traders on the DAX are coming from abroad. I have to say the up take from LIFFE FTSE traders has not been so good. Watch this space for all those that are price sensitive! An upgrade to the orders system is on its way and no more harsh close out prices, that stuff you on exit. Was that a fully automated system that traders wanted at a 1 point spread?

Excuse me, have you got the GBP / JPY currency pair quoted on a 1 pip spread please?

I like the idea of that one

Instant fills quicker than we can say ... " You continue to disappoint me, Mr Anderson"

 

[MarvinS]

Oh so FXCM offering of 3 pip spreads on EUR/USD with no dealer intervention guarenteed means what excatly? FXCM say they are the liquiduty providers! I think a 1 pip spread provides greater liquidity.

 

[bharat]

marvin

any chance of reducing much wider spreads compare to other s/b in U.K shares?
thanks

 

[MarvinS]

Excuse me, have you got the GBP / JPY currency pair quoted on a 1 pip spread please?

I like the idea of that one

Instant fills quicker than we can say ... " You continue to disappoint me, Mr Anderson"

Nah - Only against the greenback! You would be lucky to get a 5 pip underlying on that market. Having said that try SAXO bank, i think they are 3 pips. WS are 8 pips wide on GBPYEN.

 

[MarvinS]

marvin

any chance of reducing much wider spreads compare to other s/b in U.K shares?
thanks

WS matches the others apart from CMC on rolling stocks. We just introduced rollings on all stocks! But to be honest i wouldnt mind paying a fraction more to trade out of a stock at a geniune non colluded price. I know every fraction makes all the difference on stocks but some of the horrible stories i have heard... Being honest i do not think WS can match everyone on everything, we try our best! One client asked me if we had 1 pip spreads on shares, would be great on Google...

 

[Mr A Smith]

Nah - Only against the greenback! You would be lucky to get a 5 pip underlying on that market. Having said that try SAXO bank, i think they are 3 pips. WS are 8 pips wide on GBPYEN.

thnx.

hello, whats the typical gross profit & net profit margins for a financial bookmaker in the u.k.
is it any good?and can we buy shares in worldspreads?

 

[MarvinS]

thnx.

hello, whats the typical gross profit & net profit margins for a financial bookmaker in the u.k.
is it any good?and can we buy shares in worldspreads?

I recognise your name from somewhere? I cannot tell where but that would be giving away!
Financial bookmakers are limited to the UK, so would that make me more suspect to your location? If you want to buy shares in WS you are more than welcome. But I suppose with CMC being valued in the billions, WS would not be a fraction of it...

 

[gle101]

WS are getting direct access currency traders from FXCM and SAXO bank that are opening now! On top of that traders that want to trade Wall Street futures on a 1 pip spread. Also direct access Eurex traders on the DAX are coming from abroad. I have to say the up take from LIFFE FTSE traders has not been so good. Watch this space for all those that are price sensitive! An upgrade to the orders system is on its way and no more harsh close out prices, that stuff you on exit. Was that a fully automated system that traders wanted at a 1 point spread?

Marvin, I am not surprised at all, that some of these traders are heading in your direction. 1 point spread, no commission and instant execution are really strong points that attract traders.

I am looking forward to the order upgrades! After these have been implemented, I am sure that many more traders would like to join Worldspreads. Hopefully, you are still around WS to experience that, not much time though before you leave for HK.

 

[FXSCALPER2]

Marvin,

I don't know whether I should be glad or worried at your ignorance. If someone is guaranteeing fills with fixed spreads, then obviously they are not an open market place, which is what direct access really means. The basic idea, like buying sheep in an African street market, is, you can buy only if there is some real trader on the other side to take your trade. If you trade with an ECN, you will actually see this. When you put 1 mio order, you can actually see it immidiately in level II, sitting there waiting to be taken by another trader. You are not 'guaranteed' a spread or a fill. You can be filled at any price and the spread can be anything at the time you are filled. Direct access trading in this case is a technology that matches you up with other traders.

A broker like FXCM with a fixed guaranteed spread will always take your order, regardless of whether they have another trader taking the opposite position. They will therefore be the counter party to your traders. Direct access means exactly that: a market place with traders exchanging trades. FXCM is a bookie just like WS, CMC (who, like FXCM, have an FX section) or CS.

Does all this make any difference to anyone? Probably not, but it amazes me how you seem to not know some basic things. Cheers.

Oh so FXCM offering of 3 pip spreads on EUR/USD with no dealer intervention guarenteed means what excatly? FXCM say they are the liquiduty providers! I think a 1 pip spread provides greater liquidity.

 

[MarvinS]

Marvin,

I don't know whether I should be glad or worried at your ignorance. If someone is guaranteeing fills with fixed spreads, then obviously they are not an open market place, which is what direct access really means. The basic idea, like buying sheep in an African street market, is, you can buy only if there is some real trader on the other side to take your trade. If you trade with an ECN, you will actually see this. When you put 1 mio order, you can actually see it immidiately in level II, sitting there waiting to be taken by another trader. You are not 'guaranteed' a spread or a fill. You can be filled at any price and the spread can be anything at the time you are filled. Direct access trading in this case is a technology that matches you up with other traders.

A broker like FXCM with a fixed guaranteed spread will always take your order, regardless of whether they have another trader taking the opposite position. They will therefore be the counter party to your traders. Direct access means exactly that: a market place with traders exchanging trades. FXCM is a bookie just like WS, CMC (who, like FXCM, have an FX section) or CS.

Does all this make any difference to anyone? Probably not, but it amazes me how you seem to not know some basic things. Cheers.

Just because i work in the industry does not automatically mean i know every part of everything! I presumed FXCM were a DMA platform but i was wrong. So just out of interest if FXCM are not classed as spread betting and offer their prices out at similar spreads to SB firms, why would you want to trade with them? They have 80,000 accounts...

 

[FXSCALPER2]

If someone lives in the UK, they shouldn't, of course, trade with FXCM rather than with a SB company. Take CMC. They have a retail forex arm and they, of course, have the SB. These two are exactly the same thing from a FOREX trader's point of view. The only difference is you can trade in fractions (£10.23/point, for example) using the retail forex arm. FXCM are the same (actually worse in practice, because of spreads) as the CMC ratail market. Just as one shouldn't use CMC's retail section rather than the SB arm, one shouldn't trade with FXCM if they can trade with a SB firm.

Just because i work in the industry does not automatically mean i know every part of everything! I presumed FXCM were a DMA platform but i was wrong. So just out of interest if FXCM are not classed as spread betting and offer their prices out at similar spreads to SB firms, why would you want to trade with them? They have 80,000 accounts...

 

[gle101]

Marvin,

I don't know whether I should be glad or worried at your ignorance. If someone is guaranteeing fills with fixed spreads, then obviously they are not an open market place, which is what direct access really means. The basic idea, like buying sheep in an African street market, is, you can buy only if there is some real trader on the other side to take your trade. If you trade with an ECN, you will actually see this. When you put 1 mio order, you can actually see it immidiately in level II, sitting there waiting to be taken by another trader. You are not 'guaranteed' a spread or a fill. You can be filled at any price and the spread can be anything at the time you are filled. Direct access trading in this case is a technology that matches you up with other traders.

A broker like FXCM with a fixed guaranteed spread will always take your order, regardless of whether they have another trader taking the opposite position. They will therefore be the counter party to your traders. Direct access means exactly that: a market place with traders exchanging trades. FXCM is a bookie just like WS, CMC (who, like FXCM, have an FX section) or CS.

Does all this make any difference to anyone? Probably not, but it amazes me how you seem to not know some basic things. Cheers.

You are saying "A broker like FXCM with a fixed guaranteed spread will always take your order". Are you sure on this statement for FXCM? No re-quotes during news releases, no freezing of order until they know in which way you order is heading? Will the order always be executed? No problem with huge slippage? Well I haven't been trading with them, I just wonder about your conclusion.

You description of a ECN broker, is as you say not without problems. In fact there are cases when I prefer a re-quote, like you get at times with WS, during news releases, instead of not getting filled at all, or a huge slippage that will wipe you out. Also the liquidity of the ECN varies, depending on how many interbank sources they are tided up with. There are at times a problem with these sources, when getting filled. Natural problem exist with both business models as I understand it.

 

[gle101]

Just because i work in the industry does not automatically mean i know every part of everything! I presumed FXCM were a DMA platform but i was wrong. So just out of interest if FXCM are not classed as spread betting and offer their prices out at similar spreads to SB firms, why would you want to trade with them? They have 80,000 accounts...

I agree, that is why this kind of bulletin board is a benefit for all of us, we learn from each others experiences.

 

[gle101]

If someone lives in the UK, they shouldn't, of course, trade with FXCM rather than with a SB company. Take CMC. They have a retail forex arm and they, of course, have the SB. These two are exactly the same thing from a FOREX trader's point of view. The only difference is you can trade in fractions (£10.23/point, for example) using the retail forex arm. FXCM are the same (actually worse in practice, because of spreads) as the CMC ratail market. Just as one shouldn't use CMC's retail section rather than the SB arm, one shouldn't trade with FXCM if they can trade with a SB firm.

FXCM Forex is taxable, FXCM SB is tax free. Do FXCM Forex have fixed spread?

 

[FXSCALPER2]

I traded with all sorts and I can tell you that whether you make money or not has very little to do with the broker, ECN or otherwise.

FXCM will fill your order regardless of whether someone else is taking the opposite and equal position. With an ECN, you will get partialled if you have an order for 1 mio at a particular price and there is another trader who wants a fill at the same price in the opposite direction for, say, 700K. This happens to me a lot. When CMC give me 'liquidity' as an excuse for a requote, it always makes me laugh.

N.B. This discussion serves only to pass the time because it is pointless.

You are saying "A broker like FXCM with a fixed guaranteed spread will always take your order". Are you sure on this statement for FXCM? No re-quotes during news releases, no freezing of order until they know in which way you order is heading? Will the order always be executed? No problem with huge slippage? Well I haven't been trading with them, I just wonder about your conclusion.

You description of a ECN broker, is as you say not without problems. In fact there are cases when I prefer a re-quote, like you get at times with WS, during news releases, instead of not getting filled at all, or a huge slippage that will wipe you out. Also the liquidity of the ECN varies, depending on how many interbank sources they are tided up with. There are at times a problem with these sources, when getting filled. Natural problem exist with both business models as I understand it.

 

[MarvinS]

I traded with all sorts and I can tell you that whether you make money or not has very little to do with the broker, ECN or otherwise.

FXCM will fill your order regardless of whether someone else is taking the opposite and equal position. With an ECN, you will get partialled if you have an order for 1 mio at a particular price and there is another trader who wants a fill at the same price in the opposite direction for, say, 700K. This happens to me a lot. When CMC give me 'liquidity' as an excuse for a requote, it always makes me laugh.

N.B. This discussion serves only to pass the time because it is pointless.

I do not understand if you are saying that FXCM act exactly like a bookies, will they guarentee you a fill even over a figure? What happens there! I cannot understand this, because if i am DMA trading the bid/offer widens. Do FXCM widen there spreads?

 

[MarvinS]

FXCM Forex is taxable, FXCM SB is tax free. Do FXCM Forex have fixed spread?

What do you mean FXCM spread betting? Do they offer spread betting?

 

[neil]

what guarantee !

You are saying "A broker like FXCM with a fixed guaranteed spread will always take your order". Are you sure on this statement for FXCM? No re-quotes during news releases, no freezing of order until they know in which way you order is heading? Will the order always be executed? No problem with huge slippage? Well I haven't been trading with them, I just wonder about your conclusion.

You description of a ECN broker, is as you say not without problems. In fact there are cases when I prefer a re-quote, like you get at times with WS, during news releases, instead of not getting filled at all, or a huge slippage that will wipe you out. Also the liquidity of the ECN varies, depending on how many interbank sources they are tided up with. There are at times a problem with these sources, when getting filled. Natural problem exist with both business models as I understand it.

No guarantees without proviso's - it's in the small print at FXCM:

*Includes FXCM white label customers.
**FXCM maintains fixed spreads during normal market conditions. Additionally, FXCM offers a "No Dealing Desk" execution option. Clients may be able to select this option or be placed on it at FXCM's discretion. The "No Dealing Desk" option does not provide fixed spreads, nor are there any guarantees regarding slippage.