WorldSpreads

[fxmarkets]

Sophisticated customers want more control over trade execution, more direct access to the market, and less intervention by their brokers. Traders are now looking for the extra edge.

Yes to an extent, clients may become more savvy over time hence the realisation of what one can have at their disposal in order to favour themselves turning a profit , they will eventually perhaps twig this and seek a provider who offers this expected service in todays global service market. tight spreads and speed of execution is important.

Now whether bookies can offer that service ,I dont know, at the moment they are struggling to adapt mainly but a realisation may creep in that evolution of sorts are required. Integrety of their price and indeed their service as they are principles will continue to surface unless they can work at offering a more trusting partnership with their client base.

New concepts, new ways? who knows. Change from a bookie status ? dont know....

The question has to be brainstormed maybe is

"How can we give clients tight instant fills with no referals ever required, (thereby truly fulfilling our objectives of being a company which boasts providing the highest standards In the industry and rolling that formula out globally ) and still make good money for the owners"?

And as always with these things its helpful if it comes from the top down.

In the meantime if we want to Trade2win then we need to get filled this instant in an instant, end of it. 1 point target or 100 . Do Not, I suggest ,accept less for yourself.

 

[laptop1]

Sorry Guys i realise my sense of humour was not taken in the right way. Wrong time and place. I shall discuss in great depth with our IT guys and get back to you ASAP.
Regards
MarvinS

Marvin

Ok I give you another chance to reply to my post on the third attempt, would you consider to put me back on AUTO trading if I stop scalping and trade only 4 times a day?

Although I have taken my money out of the account I can easy put it back in, if you allow my to trade with Worldspreads, through Auto trading and not being put through referred to dealer

 

[MarvinS]

Laptop i shall see what i can do for you! But what is your account number? Give me a call this afternoon as i am on a late shift.

I shall be away on Friday, going to Hong Kong and Singapore. However i will definately be in touch with you chaps! Happy Trading....

 

[MarvinS]

ChrisW - As per your post on the CapSpreads thread. WS is a boutique at the moment in comparison to them and to be honest most of our new clients are coming from IGindex and CMC. CapSpreads are very competitive and have a good system and are doing very well. If only we could emulate what they have done, that would be great! I believe there is still a wider audience of savy and sophisticated traders to attract and WS is attempting to do this in the UK and abroad. By going 1 spread we are attempting to attract SB clients and also clients that trade the exchange. One must also remember SB will always remain SB, a trading tool that has been around for a number of years and i think will stay around.

 

[MarvinS]

FXMarkets - at no point will you be guaranteed on any platform to get instant execution. Whether it be a DMA platform or SB or CFD provider. In fast moving markets you will never be guarenteed to get the best fills. The perception that if you trade with a futures broker you get 100% instant execution all the time is a lie. If you trade with futures you are required to specify the number of lots that you are either bidding or offering out in the market. Therefore as a futures trader you are never guarenteed to have your full order done at any given time. I have traded with Saxobank for a while now, and i know when the markets move fast and i have wanted to trade i am not guaranteed to be filled. As a trader you accept this!
I agree that some SB firms have sticky prices, which means that if you attempt to trade during busy periods your trade gets knocked back. Frustration, too right! But one must understand that it happens on all trading platforms. It is in SB firms interest to provide you with the most liquid price and the fastest execution possible. I will be in discussion with our IT dept. and i would like to thank all for bringing up this point.

Regards
MarvinS

 

[Visaria]

FXMarkets - at no point will you be guaranteed on any platform to get instant execution. Whether it be a DMA platform or SB or CFD provider. In fast moving markets you will never be guarenteed to get the best fills. The perception that if you trade with a futures broker you get 100% instant execution all the time is a lie. If you trade with futures you are required to specify the number of lots that you are either bidding or offering out in the market. Therefore as a futures trader you are never guarenteed to have your full order done at any given time. I have traded with Saxobank for a while now, and i know when the markets move fast and i have wanted to trade i am not guaranteed to be filled. As a trader you accept this!
I agree that some SB firms have sticky prices, which means that if you attempt to trade during busy periods your trade gets knocked back. Frustration, too right! But one must understand that it happens on all trading platforms. It is in SB firms interest to provide you with the most liquid price and the fastest execution possible. I will be in discussion with our IT dept. and i would like to thank all for bringing up this point.

Regards
MarvinS

Actually, if you submit a market order on direct access (e.g. Interactive brokers) whether it's a fast market or not, you will be filled instantly (assuming enough bids/offers) . You may not like the prices you're filled at, but that's a different story!!!

 

[fxmarkets]

if i had 1 rejected i'd say but i havent.... so i cant.. sorry. all auto filled.

however they have been working their structure for 12 years or so now and definately at the top set in fx, bookies cant compete without horrendous upgrades I imagine so have to pump out the tax free ads and the like. Bookies lag ? you will get slaughtered hence then all the bad rep will continually dribble forward .

Even Non farm payroll days the system is still pin sharp never a reject so its out there already .
They can handle half million transactions on a day, something for worldspreads to aim for perhaps.

Think ahead worldspreads .Global competitors these days not just blighty comp. bashing.

best with it.

 

[gc1]

I'm surprised that no SB firm has yet come out with a cash fx offering that immediately offsets all customer orders on say Currenex or FXall adding a half pip profit margin for the SB firm (much like FXCM does with it's PropFX offering, except within a SB environment).

I know futuresbetting has something similar for the cme fx futures, but the futures are less convenient for most traders to use because of the inverted scale on some and liquidity being available in only 6 currencies against the dollar.

It should be technically possible to accept the (market) order from the customer, fill an equivalent trade size on Currenex/FXall, and then pass back the actual fill price (plus small profit margin) to the customer all in much less than a second. Limit orders would be easy to handle as well.

Such an offering would have to have a significant minimum trade size, probably £25 to £30 per pip because of the minimum trade sizes on the ECNs.

Half a pip profit margin may not sound much, but it's totally risk free for the SB firm and would soon add up if the total customer trading volumes were large.

With such an offering the SB firm could really offer instant fills and could accept all types of customers, including scalpers and successful traders and never have to worry about taking on customers who actually make a profit.

I know this is contrary to how SB firms actually operate (to only offset when net customer positions exceed a risk threshold), but maybe the existing model is no longer workable in tight spread markets with many
very short term traders.

 

[JTrader]

Hi MarvinS

during our conversation yesterday, I don't recall addressing the following issue -

Simon has just stated on the Capital Spreads thread that although they plan to roll out auto trade executions in late July, during fast/volatile market conditions, auto trade executions will never be used.

What is the World Spreads policy with regard to auto trade executions - particularly with spot EUR/USD? Are auto trade executions always switched on, or is auto execution turned off, and across the board human dealer execution/confirmation switched on - during fast/volatile market conditions?

Many thanks
jtrader.

 

[fxmarkets]

"Brand New Customers Only," A Bookies Mantra Perhaps

good point gc1 thats what i see as needing to happen for bookies especially as the birth of fx trading continues to roll on global choice for clients, increased awareness of service providers for clients and the realisation through experience that your fill happening that instant seems very sensible if someone wants to trade2win over the term , the order not going through should be a huge shock not a part of regular routine for a client. Im still waiting for that shock . In the meantime its routine that all go through. Thats got to be a better way, The Way To Trade for the individual?

 

[fxmarkets]

There has to be a better way.

hmm I did have this notion and mentioned it on CS last year about commissioned spread trading whereby you give the client The Choice of wholesale fill plus 0.25 autohedge and then charge a close out spread on winning trades 10/20 % of net dollar gain for the bookie ,client gains still under a tax free umbrella, still not sure if this is viable or legal or too radical .


A bit like the old 10% tax on bets after winnings except this is bookies tax for bookie providing and supplying this service to its clients with a lesser Conflict of interests shall we say or a better harmony of existence between bookie and client, kinda like a honest marriage a union... of 2 founded on the basis of trust ,acceptance and open understanding.. hang on I feel one..

# Land of hope and glory....... la, la, lala la la etc..

As someone once said somewhere, "do not tell me what can or cannot be done.."

 

[MarvinS]

Bloody hell chaps - so much to discuss!
I have been involved in further discussions with our managment and i confirm things are definately in place to spec up a super fast trading system, one that will run off our current system. If you are not on referal at the moment, you will recieve straight through prices. And we are at present still happy to offer the 1 pip spreads. So please please please watch this space....

 

[fxmarkets]

It's Spreadbet Jim But Not As We Know It

Somewhere at sometime on a planet........


"Good grief captain me old platform canny take it any more and im givin it all she's got"

"Jim I detect something approaching on the horizon"

"Your observations Mr Spok"

"Lightspeed data transmissions, warp factor 9 fills and no detectable cloaking device installed"

"What is it Mr Spok?"

"Its Spreadbet Jim but not as we know it"

"Mr spok whats the name of this phenomenon?"

"Why Captain, its more than capital ,beyond our world even, its Intergalatic Spreads. "

"Mr Sulu, Engage"

:|

 

[jimbo57]

...just more klingons I suspect....pass the heavy duty cleaning fluid...

 

[dcarrigan]

Bloody hell chaps - so much to discuss!
I have been involved in further discussions with our managment and i confirm things are definately in place to spec up a super fast trading system, one that will run off our current system. If you are not on referal at the moment, you will recieve straight through prices. And we are at present still happy to offer the 1 pip spreads. So please please please watch this space....

well marvin looks like we are finally there.

didnt think much of the smoke screens that were in place over the weekend.

 

[dcarrigan]

been scalping the ft this morning 4 winning bets with fb. hope i am not put on referral

 

[jimbo57]

all together now, multi tracked for effect


..."klingons on the starboard bow, starboard bow...etc" (rpt until sick of being sniped at)

 

[Visaria]

well marvin looks like we are finally there.

didnt think much of the smoke screens that were in place over the weekend.

Personally, I'll believe it when I see it.

 

[MarvinS]

When i showed a small sign of sarcasm earlier on you guys wet your pants!
Oh well too bad it only works one way....

 

[jimbo57]

When i showed a small sign of sarcasm earlier on you guys wet your pants!
Oh well too bad it only works one way....

Still waiting btw for answer by the way to the question about seats and clearing (think I know the answer, but still looking for a response)