Divisas
Dinámica. Consistente. Intuitivo.
La galardonada plataforma de intercambio de divisas de Deutsche Bank ofrece la liquidez y los servicios que necesitan los clientes en un mercado en rápido movimiento y un panorama regulatorio en constante evolución.
Accesible a través del Autobahn App Market de Deutsche Bank, el primer cliente electrónico "App-based" que ofrece servicios financieros, la plataforma ofrece las últimas herramientas para ayudar al éxito continuo de nuestros clientes en el mercado más grande del mundo.
Qué hay de nuevo
Acceso a través del Mercado de aplicaciones El Mercado de aplicaciones es un punto de acceso central al conjunto completo de servicios electrónicos de Deutsche Bank, tales como la investigación, la analítica, la cartografía y el comercio entre activos. Para acceder al Mercado de aplicaciones, envíenos un correo electrónico ahora
Adelantos no entregables Le permite ver y negociar en pares de divisas de NDF de flujo tan rápido como spot
Voz y amp; Blotter E Brinda mayor accesibilidad y mucho más control de su cartera
Opción y Swap Ejes Da una notificación emergente instantánea. Le permite hacer clic sin problemas para tratar el precio de axed.
Funcionalidad rápida de NDF Proporciona una ejecución rápida y fiable
Intercambios negociables de FDN de transmisión Dando mayor comodidad y transparencia al comercio del producto
Pedidos mejorados Ofrece un enfoque más intuitivo de los pedidos y la entrada de pedidos
Para acceder a nuestra nueva plataforma de trading FX líder en el mercado, póngase en contacto con su vendedor local o envíe un correo electrónico a nuestro equipo de soporte en autobahn. fx@db. com
FX4Cash TM aprovecha la experiencia de Deutsche Bank como un proveedor líder de gestión de efectivo con sus capacidades de renombre como una potencia de negociación de divisas verdaderamente global para ofrecer una amplia gama de soluciones para pagos transfronterizos dirigidos a instituciones financieras, no bancarias y clientes corporativos.
La suite de productos FX4Cash está construida sobre una plataforma flexible, estable y resistente para satisfacer las necesidades únicas de nuestros diversos clientes. FX4Cash se integra fuertemente con los canales de acceso de clientes existentes de Deutsche Bank, un extenso alcance a los sistemas globales de pago y compensación, así como una infraestructura de negociación FX líder para ofrecerle una solución única para sus pagos de divisas transfronterizos en todo el mundo.
Soporta múltiples monedas, opciones de pago, canales de acceso, operaciones de FX, tarifas y fechas de valor.
Las últimas tecnologías y aplicaciones de sistemas aseguran la excelencia operativa y un servicio al cliente de calidad.
Conjunto completo de soluciones para respaldar sus cuentas a pagar, cuentas por cobrar y flujos transfronterizos pasivos.
FX4Cash Pagos
Los pagos en más de 120 monedas sin necesidad de cuentas en divisas FX4Cash ofrece que se puede configurar para que coincida con sus flujos de trabajo actuales.
Acceso: Se puede acceder a FX4Cash a través de los principales canales de acceso al cliente de Deutsche Bank, db-direct internet o SWIFT, Host-to-Host y Eurogiro.
Tarifas: en tiempo real o tasas fijas o tarifas diarias válidas durante 24 horas
Opciones de pago: Los pagos se pueden hacer a través de pagos de alto valor, cables o borradores.
El flujo de trabajo FX4Cash se puede personalizar para adaptarse a sus necesidades internas.
Recibos de FX4Cash
Administrar y controlar sus recibos en moneda extranjera entrantes FX4Cash no es sólo para usted los pagos cruzados en divisas salientes - FX4Cash es perfecto para sus pagos en moneda extranjera de entrada también No hay necesidad de mantener cuentas en divisas, y ni siquiera tiene que banco con Deutsche Banco. Así es como funciona;
Define las monedas entrantes que se convertirán en una moneda específica y se pagarán a una de sus cuentas bancarias
FX4Cash le emitirá un IBAN especial, para sus pagos en moneda extranjera entrantes
El motor FX4Cash identificará automáticamente el flujo entrante y ejecutará la conversión usando las tasas de mercado en vivo y acreditará la cuenta relevante con los fondos convertidos
Usted tendrá un informe diario que enumerará todos los artículos entrantes ese día.
Tarifas globales Plataformas propietarias
Autobahn & reg; FI es una plataforma de comercio interactivo en tiempo real que permite a los clientes intercambiar swaps de tasas de interés, swaps de activos e instrumentos de renta fija, incluyendo valores de gobiernos y agencias en más de 20 monedas. Es la única plataforma donde un cliente puede negociar una amplia gama de renta fija y derivados OTC de la misma plataforma.
Autobahn & reg; sphere es Global Rates última oferta de comercio electrónico de renta fija. Totalmente integrado con la autobahn & reg; FI y Tradefinder, proporciona a clientes con el mercado y los datos del producto y las ideas innovadoras del producto y del comercio. Los clientes están facultados para investigar, personalizar y ejecutar transacciones estructuradas de renta fija en línea a través de una sola plataforma.
TradeFinder es nuestra galardonada herramienta de análisis basado en web en tiempo real, que permite a los clientes, vendedores y comerciantes analizar datos históricos y en vivo con especial atención a los cálculos rápidos a la vista. Con sus herramientas analíticas y de investigación de vanguardia, las decisiones comerciales bien fundadas son sólo unos pocos clics
Multi distribuidor Plataformas
Reuters Trading para Ingreso Fijo (RTFI)
A través de las páginas de distribuidor único de Deutsche Bank en Bloomberg & lt; DBSW & gt; & Lt; DAB & gt; & Lt; DBMD & gt; Los clientes pueden negociar una gama de permutas, bonos y productos del mercado monetario. Constantemente clasificamos el número 1 para los swaps en términos de volumen y número de operaciones ejecutadas.
Tradeweb es el proveedor líder reconocido de múltiples distribuidores de mercados online de renta fija. Somos un importante proveedor de liquidez y somos siempre un proveedor líder en términos de cuota de mercado en tesorería y bonos del euro
Deutsche Bank es un proveedor líder de liquidez y precios para BondVision. El proveedor líder de múltiples bancos de productos europeos de renta fija. Los productos incluyen & euro; Gobiernos, supranacionales y Agencias y bonos cubiertos
Deutsche Bank proporciona liquidez a una gama de productos suministrados por RTFI. Una plataforma electrónica de negociación de bonos que ofrece acceso a la liquidez de renta fija para una amplia gama de instrumentos, actualmente de distribuidores globales, regionales y locales.
Titulares
Deutsche Bank lanza plataforma de negociación FX de próxima generación
Deutsche Bank ha anunciado hoy el lanzamiento de su próxima plataforma de trading FX en Autobahn.
Se espera que la nueva plataforma de divisas aumente la eficiencia y los volúmenes, contribuyendo al compromiso del Deutsche Bank de comerciar 1 billón de euros cada semana en los próximos dos años. Deutsche Bank es el banco FX más grande del mundo por cuota de mercado1 y líder en soluciones de comercio electrónico FX.
Las nuevas funcionalidades incluyen el primer borrador de comercio electrónico y de voz combinado del mercado en todos los canales de ejecución, y acceso directo al FX de Deutsche Bank y la investigación de productos cruzados y alertas de comentarios en tiempo real directamente desde la planta de negociación.
La nueva plataforma está adaptada a cada cliente y segmento de cliente, ofreciendo una integración de flujo de trabajo superior y diversas funcionalidades basadas en tecnología de punta. La nueva plataforma le permite al Deutsche Bank responder rápida y eficientemente a cambios de mercado, reguladores o clientes, sin importar cuán sencillo o complejo sea el requisito.
La próxima plataforma de trading FX de Deutsche Bank:
La primera plataforma de FX para proporcionar un borrador de comercio electrónico y vocal combinado que muestra todos los oficios independientemente del canal de ejecución. Esto permite a los clientes realizar la agregación, roll forward y la asignación de oficios, dando a los clientes mayor accesibilidad y control de sus operaciones
El primero en ofrecer intercambios no entregables en streaming
Accesible a través del Autobahn App Market de Deutsche Bank, la primera oferta de clientes electrónicos basada en aplicaciones de la industria de servicios financieros, que proporciona un punto de acceso central al conjunto completo de servicios electrónicos del banco, así como investigación, comentarios de mercado en tiempo real, , Análisis y datos de mercado
Un conjunto mejorado de tipos de órdenes complejos que incluyen órdenes contingentes, de múltiples patas y algorítmicas
Construido utilizando una tecnología modular y altamente flexible que permite a los clientes construir cestas de aplicaciones que satisfagan sus necesidades específicas
Zar Amrolia, director global de divisas de Deutsche Bank, dijo: "Como el mayor banco de divisas del mundo, el Deutsche Bank se enorgullece de ofrecer la más profunda liquidez y servicios de ejecución de vanguardia. Este lanzamiento representa un salto cuántico hacia adelante para el mercado de divisas en un momento en que los volúmenes continúan aumentando. Nuestra nueva plataforma ofrece las últimas herramientas para asegurar el éxito continuo de nuestros clientes en el mercado más grande del mundo ".
Ian O'Flaherty, Director Global de FX eSales, dijo: "Constantemente hemos desarrollado nuevos productos y servicios electrónicos que establecen el estándar para la industria FX global. Este lanzamiento ha sido muy esperado. Representa el último hito en la entrega de la liquidez y los servicios que nuestros clientes necesitan en un mercado en rápido movimiento y en la evolución del panorama regulatorio ".
Para más información, llame a:
Deutsche Bank AG Nombre. Frank Hartmann Teléfono: +44 (0) 207 545 1374 E-mail: frank-a. hartmann@db. com
Deutsche bank forex plataforma de negociación & gt; Obtener la plataforma de comercio de divisas del banco de Deutsche Online Forex Trading Web de Forex
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Plataforma de comercio de divisas Artical deutsche
El comercio de divisas puede darle un beneficio potencialmente grande si sabe cuándo y qué comercio. Los comerciantes utilizan técnicas y herramientas para ayudarles a maximizar su potencial. Un sistema de comercio automatizado es una de las cosas que un comerciante puede utilizar para ayudarle a optimizar sus beneficios comerciales. Los sistemas de negociación automatizados eliminan el estrés en la supervisión del mercado durante horas y horas cada día. Al tener un sistema automatizado, puede utilizar el tiempo para centrarse más en sus estrategias en lugar de controlar el mercado durante horas. Aprovechando el mercado de 24 horas es también una gran ventaja de tener un sistema de comercio totalmente automatizado. El comercio automatizado puede ayudar a los comerciantes a evitar los errores comunes en el comercio de divisas y ayudar a optimizar el rendimiento comercial. Un sistema que ha sido probado ampliamente puede dar la confianza del comerciante en sus oficios y en sí mismo también. Tener un sistema de comercio totalmente automatizado también ayuda a un comerciante de comercio sin emociones. Significado, sus oficios no serán influenciados por la codicia o el miedo. Un buen sistema de comercio automatizado puede ayudar a un comerciante a convertirse en un comerciante de éxito. Con todos los sistemas que se ofrecen ahora en el mercado, es muy crucial para un comerciante a elegir un sistema de comercio automatizado que tiene los beneficios t.
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Plataformas de negociación
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Deutsche Boerse compra plataforma forex 360T por 796 millones de dólares
Por Arno Schuetze y Andreas Kröner
FRANKFURT (Reuters) - Deutsche Boerse (DB1Gn. DE) anunció el domingo que comprará la plataforma de intercambio de divisas 360T, con sede en Alemania, por 725 millones de euros (796 millones de dólares).
360T es uno de un puñado de multi-banco, plataformas multiusuario que han revolucionado el comercio de divisas en la última década. Deutsche Boerse superó al operador estadounidense de materias primas y monedas CME Group (CME. O) en la subasta, según fuentes cercanas al acuerdo.
El acuerdo es la mayor adquisición de Deutsche Boerse desde que el operador bursátil con sede en Frankfurt compró el ISE de derivados estadounidenses en 2007 por US $ 2.800 millones. También es el primer gran negocio del nuevo presidente ejecutivo, Carsten Kengeter, que apunta a nuevas compras.
Ya está en conversaciones con Swiss Six Group para comprar las participaciones restantes en sus joint ventures índice Stoxx e Indexium.
Desde una perspectiva de crecimiento estratégico, Deutsche Boerse quería ser un mercado global líder para múltiples clases de activos. Con FX siendo la clase de activos más grande, que hizo 360T un "debe tener" para el intercambio alemán, una persona familiarizada con el acuerdo dijo el domingo.
Jefferies LLC actuó como asesor financiero de 360T y Morgan Stanley (MS. N) asesoró a Deutsche Boerse.
Durante los dos últimos años, varias fusiones y adquisiciones habían fracasado, entre otras, una planeada vinculación con la Bolsa de Nueva York de 2012.
Deutsche Boerse dijo que espera a mediano plazo una sinergia de ingresos de dos dígitos de un millón de euros en el acuerdo, que espera que se incremente de inmediato las ganancias en efectivo.
Un portavoz de la compañía dijo que la mayor parte de la adquisición de 360T será financiada con bonos, mientras que no se ha tomado ninguna decisión sobre un posible pequeño aumento de capital. Añadió que Deutsche Boerse tiene como objetivo mantener su endeudamiento a un nivel que permita que la calificación AA de su unidad Clearstream permanezca sin cambios.
Con la volatilidad, los volúmenes y los retornos en auge en el rally del dólar durante el año pasado, el comercio de divisas está atrayendo más atención de los bancos, las casas de comercio minorista y los inversores.
Eurex de Deutsche Boerse y otros grandes grupos de intercambio se han estado posicionando para tomar un papel en lo que esperan con el tiempo será un mercado más fuertemente regulado.
Pero esos esfuerzos se han centrado principalmente en instrumentos más complicados, como opciones y futuros, en lugar de las transacciones en moneda local que constituyen el mercado de 5 billones de dólares por día, en el que 360T es uno de los mayores actores no bancarios.
El fundador de 360T, Carlo Koelzer, es acreditado hace una década al ayudar a lanzar una nueva generación de plataformas de divisas que permitió a las compañías europeas escoger con qué bancos negociaban las monedas.
Datos de la editorial de la industria Euromoney muestran que 360T es ahora la tercera plataforma más grande, detrás de FXAll (TRI. TO), FX Connect y Thomson Reuters justo por delante de Bloomberg. El director gerente de 360T, Alfred Schorno, dijo a Reuters a principios de este año que el comercio con 360T superaba los 100.000 millones de euros al día, aunque desde entonces la compañía ha dejado de publicar datos de volumen.
360T fue fundada en 2000. El grupo de capital privado Summit Partners tomó una participación mayoritaria en 2012, su compañero Brockhaus ha mantenido una participación de 10,7 por ciento y los empleados de 360T también mantuvieron apuestas.
El acuerdo convierte a 360T en la empresa alemana más valiosa y, en opinión de la Asociación Alemana de Startup, la transacción facilitará a otras empresas fintech encontrar inversores.
(Reporte adicional de Mike Stone en Nueva York, Editado por Larry King y Grant McCool)
FX Institucional
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Deutsche Bank será acusado de manipular su plataforma Autobahn FX
Mejor plataforma de negociación de acciones: Deutsche Bank Autobahn
Por Terry Flanagan. Editor de gestión & middot; 20 de febrero de 2017
NO HAY ELECCIONES en Wall Street, pero se puede decir que los participantes del mercado votan con sus pies, y billeteras, cada día cuando eligen con quién hacer negocios.
En ese sentido, el Deutsche Bank fue elegido por el comprador. Equidad - trading electorado en 2017.
"Hemos visto una tremenda subida en el uso de nuestros productos a pesar de un entorno de volumen en declive", dijo José Marques, jefe global de negociación de acciones electrónicas en Deutsche Bank en Nueva York. "En el último año, hemos duplicado esencialmente la cuota de mercado de nuestra oferta de soluciones institucionales, Autobahn, que sólo puede atribuirse al rendimiento de muy alta calidad del producto y al equipo de cobertura".
Jose Marques, Deutsche Bank
"En los últimos 12 meses, nos hemos expandido agresivamente hacia las clases de activos cercanas, especialmente las opciones, donde ahora tenemos un producto muy sofisticado y líder en el mercado, Autobahn Options", dijo Marques a Markets Media. "También hemos trabajado en la evolución continua de nuestra plataforma de patrimonio en 2017, con un enfoque cuantitativo para crear algos, monitorear su desempeño y mejorarlos con el tiempo".
Multi-activo de comercio e inversión es una tendencia significativa del mercado. Otro servicio en demanda es la conectividad sin fisuras y eficientes a los intercambios y sistemas alternativos de comercio, sobre todo porque los lugares de negociación han proliferado en los últimos años.
Otra área de enfoque reciente para Deutsche Bank ha sido sus productos de acceso al mercado, que son impulsados por lo que Marques denominó una plataforma de puerta de programación programable (FPGA) de "extremadamente baja latencia". La plataforma tiene acceso a todos los intercambios estadounidenses y casi todos los protocolos que ofrecen, y proporciona tiempos de acceso al mercado de aproximadamente 1 microsegundo.
La búsqueda de la excelencia es un proyecto en curso que no puede ser encapsulado en un año calendario, y como tal las iniciativas del Deutsche Bank han continuado. "Este año comenzamos un tremendo comienzo, incluso antes de la volatilidad de la semana pasada", dijo Marques el 31 de enero. "Hemos construido una gran cantidad de funcionalidad inteligente en los algos de Autobahn. Un gran enfoque para este año es ayudar a nuestros clientes a obtener aún más del producto, educándolos sobre lo que el producto puede hacer. Realmente podemos ofrecer mucho más que su antiguo (precio medio ponderado) algo, especialmente con nuestras ofertas más oportunistas, incluyendo Stealth ".
Marques dijo que un esfuerzo de 2017 DB es mejorar su medición del desempeño comercial, al tiempo que busca el equilibrio adecuado entre el hombre y la máquina en su suite algorítmica.
"Una de las áreas que planeamos enfocar en este año es el desarrollo de alertas verdaderamente inteligentes y analíticas intra-comerciales en tiempo real", dijo Marques. "TCA es grande - al final del día, mes o trimestre, puede mirar hacia atrás y recoger algunas ideas sobre cómo puede mejorar sus estrategias. Pero la verdadera victoria es tener un comprador humano en el momento adecuado para interactuar con el algo y tener la capacidad de agregar algo de valor ".
Marques comparó un algoritmo a un empleado menor, ya que ambos pueden lograr mucho por sí mismos, pero su rendimiento se optimiza con la colaboración periódica, incluyendo check-ins y actualizaciones de estado.
"Durante el proceso de negociación electrónica, un comerciante del lado de la compra subcontrata parte de su trabajo al algo. Si tiene un asistente al que le da trabajo, espera que el asistente a veces vuelva y diga que he hecho lo que pude, pero ahora necesito algo de información o ayuda. Queremos que los algos funcionen de la misma manera y sean una verdadera herramienta de apalancamiento ", explicó Marques. "El comerciante del lado de la compra da al algo mucho trabajo, tanto como usted puede posiblemente, pero entonces usted espera que el algo le avise cuando algo importante está sucediendo en el proceso que negocia."
¿Es Deutsche Börse el ajuste natural para comprar la plataforma Forex 360T?
Deutsche Boerse AG (ETR: DB1) está estudiando la posibilidad de comprar la plataforma de intercambio de divisas 360T, dijo una fuente familiarizada con la situación. Patrick Graham el lunes. Deutsche Boerse declinó comentar si estaba haciendo una oferta. 360T, una de las muchas plataformas multi-banco y multiusuario que han sido electrónicas & # 8221; FX en la última década, tampoco estaba disponible para comentarios.
Si Deutsche Boerse efectivamente hace una oferta vinculante para la empresa comercial representaría nuevas fronteras y un movimiento en los segmentos de mercado OTC con Forex como una especialización. & # 8220; Deutsche Boerse regularmente analiza las opciones externas para el crecimiento y las sigue si crean valor, & # 8221; Dijo un portavoz de Deutsche Boerse.
La semana pasada cubrimos aquí en LeapRate que la firma estadounidense Summit Partners buscaba vender la plataforma de divisas basada en Alemania en un posible acuerdo de 600 millones de euros (675 millones de dólares) y había contratado a Jefferies para manejar la venta.
Cuando Summit Partners (el mayor accionista de 360T Group) cerró su participación en la plataforma de operaciones en 2012, Scott Collins, director general de Summit Partners declaró: "Estamos comprometidos a apoyar la estrategia de crecimiento de 360T tanto en FX Y otros mercados financieros adyacentes, y damos la bienvenida a los empleados de la compañía reteniendo una participación significativa como parte de la transacción ".
El nuevo presidente ejecutivo de Deutsche Boerse, Carsten Kengeter, un orador alemán natural que tomó el mando el 1 de junio de 2017, dijo que no descartaría adquisiciones mientras el intercambio revisa su negocio. 360T es particularmente popular dentro del mundo financiero de habla alemana, pero tiene un firme negocio global.
Según las fuentes de Reuters las discusiones pueden estar ya en una etapa avanzada, y un reparto se puede golpear antes de que finalice el verano. Sin embargo, el artículo se negó a dar detalles sobre qué instituciones adicionales estaban interesadas. Aunque se especula que además de Deutsche Boerse, los otros grandes grupos de intercambio que buscan la plataforma de divisas podrían incluir CME y Nasdaq. Todos los operadores se han posicionado para asumir un papel más amplio en los segmentos de mercado OTC en los últimos años, como acabamos de presenciar cuando BATS Global Markets compró Forex ECN Hotspot de KCG a principios de este año. CME se negó a comentar si estaba interesado en 360T. Un portavoz de Nasdaq también declinó cualquier comentario.
Si más instrumentos OTC y spot en el mercado de FX de $ 5 billones al día eventualmente necesitan hacer su camino a algún tipo de lugar despejado estos operadores mega intercambio ya tienen la infraestructura en su lugar. ¿Así es Deutsche Boerse, más que cualquier otro intercambio en la lista corta rumoreada en la mejor posición para adquirir la plataforma de Forex basada alemana?
La red 360T es utilizada por más de 1700 organizaciones de compradores de clientes de todo el mundo, incluyendo tesorerías corporativas globales y regionales, junto con varios cientos de bancos comerciales y privados y grandes gestores de activos. White Label y las soluciones comerciales ofrecidas por 360T han sido adoptadas por las principales compañías internacionales para vincular el flujo de solicitudes y transacciones a través de una tesorería central oa través de una mesa central de operaciones. 360T tiene una presencia global con clientes en más de 90 países y oficinas en Europa, América, Asia-Pacífico, India y Oriente Medio.
Fundada por el CEO Carlo Kölzer y Mathew Kuppe en el año 2000, 360T ofrece tecnología de comercio basada en la web para instrumentos financieros OTC, especialmente el cambio de divisas, préstamos a corto plazo del mercado monetario y derivados de tipos de interés. La red de transacciones globales seguras e inteligentes de 360T permite a los clientes operar con mayor transparencia y control mejorado en todas las etapas del ciclo de vida comercial.
Para el Informe de Remuneración FY 2017 (alemán, PDF) haga clic aquí.
Deutsche Börse completa la adquisición de la plataforma OTC Forex 360T
Deutsche Börse anunció hoy la finalización de la adquisición de 360T. El acuerdo, inicialmente revelado en julio. Valora la plataforma de negociación en 725 millones de euros (829 millones de dólares).
Deutsche Börse dijo hoy que el acuerdo había obtenido la aprobación de las autoridades antimonopolio pertinentes y de la Autoridad Federal de Supervisión Financiera (BaFin). La plataforma de negociación seguirá bajo la supervisión reguladora de BaFin y operará bajo el equipo de gestión existente. Además, el director ejecutivo de 360T, Carlo Kölzer, se unirá al Comité de Dirección del Grupo Deutsche Börse.
360T estará en el centro de la estrategia global de Forex de Deutsche Börse Group. El equipo directivo de 360T será responsable del desarrollo y expansión del modelo de negocio altamente exitoso. Los acuerdos legales actuales y las obligaciones de 360T no serán afectados por su integración en Deutsche Börse Group.
El CEO de Deutsche Börse, Carsten Kengeter, comentó:
La impresionante trayectoria de crecimiento de 360T desde su inicio y su posición en evolución dinámica en el mercado de divisas hace que sea una adición sustancial para ampliar nuestro espectro de clase de activos. Es un gran ajuste estratégico. El acuerdo sostiene parte de nuestra ambición de convertirnos en el proveedor de infraestructura de mercado global de elección ".
Carlo Kölzer, consejero delegado de 360T, dijo:
"La combinación de la experiencia de la industria de FX de 360T y la diversa base de clientes, junto con la mayor escala, fortaleza y credibilidad de Deutsche Börse, nos permitirán convertirnos en el líder global de negociación y compensación de divisas en OTC. En un mercado donde los participantes buscan cada vez más la transparencia, la reducción de los costos de capital, el comercio de vanguardia y las soluciones de compensación, nuestra oferta será la más confiable y holística. La adquisición sigue la tendencia de la industria FX hacia proveedores globales integrados de infraestructura, cumpliendo con los más altos estándares regulatorios ".
Las principales sinergias del acuerdo incluyen: un nuevo centro de negociación tipo ECN para FX spot y potencialmente instrumentos derivados, el mejoramiento de las capacidades operacionales de los derivados cambiarios y la distribución optimizada a través de la fuerza de ventas global de 360T.
La transacción se fija para ser inmediatamente accretive a las ganancias de efectivo.
Para ver el anuncio oficial de Deutsche Börse, haga clic aquí.
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¿Qué es el editor de Trading Station?
El editor de Trading Station le permite publicar los datos de su cuenta de Trading Station a los servidores de Myfxbook para su procesamiento y análisis avanzado de su cuenta de trading.
¿Cómo utilizar el editor de Trading Station?
Usuarios de Windows 7: ejecute el archivo en modo administrador (Haga clic con el botón derecho del ratón> Ejecutar como administrador).
2. Ejecute el acceso directo de Trading Station Publisher en su Escritorio:
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2. Campo de contraseña: la contraseña que está utilizando para acceder a Myfxbook.
4. Broker - FXCM, dbFX, o cualquier otro corredor de Trading Station.
5. Iniciar sesión - Su ID de inicio de sesión de Trading Station.
6. Contraseña: su contraseña de Trading Station.
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8. URL - URL de la estación comercial.
9. TIPO - Demostración o cuenta real.
10. ID de cuenta: su ID de cuenta de Trading Station. Úselo solo si su nombre de usuario de Trading Station tiene acceso a más de una cuenta y desea publicar una cuenta específica únicamente (de lo contrario, se publicarán todas las cuentas).
11. Intervalo de actualización: el intervalo de tiempo entre actualizaciones.
12. Barra de estado - Muestra el estado actual y el tiempo restante hasta la próxima actualización.
Tenga en cuenta que el editor agregará una cuenta automáticamente a su cartera de Myfxbook.
¿Cómo funciona el editor de Trading Station?
El editor de Trading Station utiliza sus credenciales de inicio de sesión para iniciar sesión en los servidores de Trading Station y crear una URL de declaración. La URL se envía a los servidores de Myfxbook, que se utiliza para descargar su declaración directamente desde FXCM.
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ALTO RIESGO ADVERTENCIA: El comercio de divisas conlleva un alto nivel de riesgo que puede no ser adecuado para todos los inversores. El apalancamiento crea un riesgo adicional y una exposición de pérdidas. Antes de decidir intercambiar divisas, considere cuidadosamente sus objetivos de inversión, nivel de experiencia y tolerancia al riesgo. Usted podría perder parte o la totalidad de su inversión inicial; No invierta dinero que no puede permitirse perder. Infórmese sobre los riesgos asociados con el comercio de divisas y busque asesoramiento de un asesor financiero o fiscal independiente si tiene alguna pregunta. Todos los datos e información se proporcionan "tal cual" con fines exclusivamente informativos y no se destinan a fines de negociación ni asesoramiento.
Deutsche Bank hace juego con 'revolucionaria' nueva plataforma de comercio FX
Por Steve Marlin. Escritor Senior & middot; 18 de julio de 2012
El intercambio de divisas, que en $ 3 billones de dólares en facturación diaria es una de las clases de activos más grandes y más líquidos, es un foco de actividad entre los participantes del mercado de venta, que están construyendo plataformas de comercio electrónico.
Deutsche Bank lanzó ayer su plataforma de operaciones FX de última generación en su sistema Autobahn.
Por otra parte, Thomson Reuters adquirirá FXall, un proveedor de sistemas electrónicos de intercambio de divisas para empresas y gestores de activos. La combinación permitirá a Thomson Reuters proporcionar administración de operaciones durante todo el ciclo de vida, ofreciendo un proceso de negociación más ágil y una ejecución más eficiente, dijo la compañía.
La plataforma del Deutsche Bank, por su parte, se espera que aumente la eficiencia y los volúmenes. Deutsche Bank se ha centrado en el comercio de 1 billón de euros cada semana en los próximos dos años.
"Somos el banco más grande de FX y seguimos creciendo", dijo Maria Prata, directora de ventas de FX híbridas, Norteamérica, en Deutsche Bank. "Hemos tenido los últimos cuatro trimestres récord en volumen. Vemos crecimiento continuo para nuestra plataforma y para el mercado. & # 8221;
La plataforma incluye un borrador electrónico y de voz combinado a través de todos los canales de ejecución, y acceso directo a FX de Deutsche Bank y la investigación de productos cruzados y alertas de comentarios en tiempo real directamente desde la planta de negociación.
La plataforma se desarrolló en estrecha consulta con los usuarios para satisfacer las diversas necesidades de la amplia base de clientes de FX de Deutsche Bank.
"La plataforma está diseñada para trabajar para diferentes clientes que tienen diferentes requisitos, por ejemplo, instituciones frente a empresas", dijo Prata. "Hay funciones integradas que se adaptan a diferentes segmentos. Es más modular con más bases de componentes. "
FX está atrayendo nuevas clases de comerciantes, desde empresas de comercio de alta frecuencia hasta inversores institucionales.
Los comerciantes de alta frecuencia buscan velocidad, actualizaciones y más características relacionadas con la tecnología, mientras que los fondos de cobertura, bancos y corporaciones pueden estar buscando tiempos de conexión más rápidos y la capacidad de personalizar su interfaz de usuario o conectarse a sus propios sistemas de tesorería.
“FX is a very interesting asset class of late,” said Emmanuel Carjat, managing director of TMX Atrium, a trading and technology firm. “With the onslaught of regulations in equities. we are seeing more hedge funds moving into FX, which is less regulated. We are starting to see more firms looking at models that were developed for equities markets, and applying those to the FX market.”
Cortex FX, BNP Paribas’s recently launched multi-product FX trading platform, acts as a single point of access to electronic FX products, tools and services.
It enables BNP Paribas’s corporate and financial institution clients to develop FX strategies, access market-leading research and execute, monitor and evaluate their foreign exchange trades.
Cortex augments the bank’s existing electronic trading offerings, such as OTC eTrader (structured products, interest rates and FX) and Secondary eTrader (secondary market trading across multiple asset classes).
The Deutsche Bank platform will be rolled out in staged releases over the coming months. Over 300 clients already use the new Autobahn platform. Deutsche Bank will continue to support its existing Autobahn FX platform until clients are successfully migrated.
“We have taken the best of the old system and blended new features that adapt to new requirements,” said Prata.
The Autobahn FX platform “is redesigned to meet the changes we discussed, covering FX, spot, forwards, swaps and options,” said Prata at Deutsche Bank. “Traders can create their own orders for more than 200 currency pairs and there are reporting and post-trade capabilities.”
The platform is accessible via the Autobahn App Market, “which we see as revolutionary in being able to deliver research, execution and post-trade to clients through one platform”, said Prata. “Research, market data and trader commentary are all updated in real time,” she added.
Global Equity Trading
Deutsche Bank is a major player in the Global equity markets, delivering innovative trading solutions across a diverse client base. The platform provides access to a global network of execution and high-touch services – establishing a gateway for idea generation and cross-border expertise. Liquidity, proprietary content and price discovery are at the core of Deutsche Bank’s equity offering.
Secondary Equity Trading
A world class Equity trading platform with access to over 90% of the investable markets globally.
Agency Execution Expertise
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Direct Market Access
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Capital Commitment
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An unparalleled presence in markets worldwide with specialists dedicated to client excellence in local geographies.
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A leading global research house with publishing analysts dedicated to delivering cutting edge investment ideas ahead of the market.
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A recognized market leader in Equity and Equity-linked issuance, offering innovative capital solutions to corporates worldwide.
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Deutsche Bank launches FX trading platform
First Published 18th July 2012
Deutsche Bank introduces FX trading platform on Autobahn
Ian OFlaherty, Global Head, FX eSales
"This launch has been keenly anticipated. It represents the latest milestone in delivering the liquidity and services our clients need."
London - Deutsche Bank has announced its FX trading platform on Autobahn. The new platform is intended to increase efficiencies and volumes thus contributing to Deutsche Bank's commitment to trade EUR 1 trillion every week within the next two years.
Features of Deutsche Bank's FX trading platform include:
Combines electronic and voice trade blotter showing all trades regardless of execution channel. This enables clients to perform aggregation, roll forward and allocation of trades
Offers streaming non-deliverable swaps
Accessible via Deutsche Bank's Autobahn App Market, the 'App-based' electronic client provides a central access point to the bank's electronic services as well as research, real-time market commentary, charting applications, analytics and market data
An enhanced set of complex order types including contingent, multi-leg and algorithmic orders
Built using modular and flexible technology that allows clients to build baskets of applications that meet their specific needs
Zar Amrolia, Global Head of Foreign Exchange at Deutsche Bank, said; "As the world's largest FX bank Deutsche Bank prides itself on providing the deepest liquidity and cutting edge execution services. This launch represents a quantum leap forward for the FX market at a time when volumes continue to increase. Our new platform delivers the latest tools to ensure the continued success of our clients in the world's largest market."
Ian O'Flaherty, Global Head of FX eSales, said; "We have consistently developed new products and electronic services that set the standard for the global FX industry. This launch has been keenly anticipated. It represents the latest milestone in delivering the liquidity and services our clients need in a fast moving market and evolving regulatory landscape."
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Deutsche Bank's dbalternatives provides the full range of hedge fund products and services: investment products, managed account platforms, secondary market trading, structured finance, risk management, fund distribution, options, and on-line reporting systems. It is the only group to offer all these services in one umbrella structure. dbalternatives has been voted the world's best provider of hedge fund products by Risk Magazine in 2009, 2010 and 2011.
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dbalternatives UCITS: the dbalternatives UCITS universe benefits from synergies from two established, market-leading platforms, the X-markets Hedge Fund Platform and the DB Platinum UCITS Funds platform. The suite of hedge funds UCITS has consistently been expanded, especially in the booming market for single manager UCITS.
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Deutsche Boerse buys forex trading platform 360T for $796M
BERLIN (AP) — Frankfurt stock exchange operator Deutsche Boerse AG says it is buying foreign exchange trading platform 360T for 725 million euros ($796 million).
Deutsche Boerse said Sunday that it plans to finance the acquisition of 360T using a combination of debt and equity, a route aimed at minimizing any impact on its credit rating. It says 360T, which is based in Frankfurt and whose customers include corporate clients and banks, has seen double-digit annual revenue growth since it was founded in 2000.
The deal requires approval from competition and supervisory authorities.
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Deutsche Börse to buy trading platform 360T
FRANKFURT-- Deutsche Börse AG said Sunday it is buying over-the-counter trading platform 360T for EUR725 million ($796.4 million), in a move that strengthens the German exchange operator's trading operations.
Deutsche Börse and owners of Frankfurt-based 360T Beteiligungs GmbH, which include U. S. private-equity firm Summit Partners, have signed a definitive agreement for the deal, which still awaits regulatory approval. If approved, the deal would boost Deutsche Börse's foreign-exchange, money-market and derivatives trading on the so-called over-the-counter market, away from exchanges.
This would be the biggest acquisition for Deutsche Börse since a planned combination with NYSE Euronext failed to win antitrust approval in Europe in 2012, and comes after new Chief Executive Carsten Kengeter took the helm on June 1. Deutsche Börse's last big acquisition was in 2007, when it bought U. S.-based derivatives exchange International Securities Exchange Holdings Inc. or ISE, for about $2.6 billion.
360T, which describes itself as professional trading venue for foreign-exchange, money-market and derivatives products, has had double-digit annual revenue growth since its 2000 launch. It has subsidiaries in New York, Singapore, India and Dubai, and has been majority owned by Summit Partners since 2012.
Several other exchange operators have been interested in buying 360T. At the end of June, a person familiar with the matter told The Wall Street Journal that the bidding was narrowed down to three bidders including Deutsche Börse. Most recently, Deutsche Börse competed with CME Group Inc. in the bidding, according to media reports.
The combination is expected to generate synergies of double-digit million euros midterm through the use of Deutsche Börse's international distribution network.
Deutsche Börse plans to finance the transaction through a combination of debt and equity to minimize the potential impact on its credit rating. A spokesman said more detail wasn't immediately available, but the firm will comment further when it releases second-quarter earnings Monday after the market close. Excluding expected synergies, it expects the transaction to boost earnings per share immediately. Including midterm synergy goals, the acquisition will meet customary targets for return on the investment, Deutsche Börse said.
360T wasn't immediately available to comment further.
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autobahn®FX is Deutsche Bank's electronic platform for trading foreign exchange and precious metals. Designed by traders and leveraging off Deutsche Bank's technical expertise, it provides easy-to-use trading functionality with dynamically priced executable streaming prices and double-click execution.
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It has been some time since I’d seen Autobahn (the stand alone version, not what runs via Bloomberg or Reuters or whatever) in action. And I’ve not really ever had a good look at what they offer in IRS.
Well I can say I’m quite impressed. It is a single-dealer platform sure, but it really is the best thing out there in terms of functionality for the e-Swaps market place (sorry to tell you SwapsStream) and, along with BARX, product coverage. I’m talking Outright, Curve Spreads, Butterflies, 18 currencies, RFQ, Streaming Click and Trade, Limit Orders. And the best of all? Unwinds. You find the deal (whether dealt on the phone or electronically) you wish to unwind and open a ticket to unwind the swap there and then. Add in trading API, STP and even the simplicity of e-mail confirmations.
Being single-dealer, albeit one of Waratah’s Tier-1 FI e-Trading dealers. is a massive problem. Multi-dealer is undoubtedly what clients such as Hedge Funds and Tier-1 Funds want. But Deutsche Bank are hardly going to invite their competitors onboard, are they. )
So what to do? Do the likes of LiquidityHub and TradeWeb (sorry to leave you out SwapsStream) simply copy the functionality? No trade mark on what Autobahn does, it simply replicates phone trading in a more efficient manner…the whole point of e-Trading.
Indeed TradeWeb does offer curve trades and butterflies. But it remains a Request For Quote driven government bond platform running on architecture from the late 90’s/early noughties. Although I hear they’re looking to jump on the Request For Stream (RFS) bandwagon after Fusion went ahead late last year.
LiquidityHub appears to want all functionality to fit into the RFS model, which counts out the vast majority of it’s Price Makers from being able to do broken dates, unwinds and also butterflies etc.
Time will tell, but certainly a multi-dealer platform that offers Autobahn-like functionality and products would go down well.
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A multi dealer platform that support product innovation is the way forward. But the incumbents like Bloomberg and TradeWeb are saddled with arthritic software architectures that couldn’t possibly allow individual dealers to innovate unilaterally on the same multidealer platform.
We need a new market entrant with a genuinely cutting edge architecture…
I agree etrading, however I don’t see any new innovative platforms coming through in the near future (as I’ve mentioned last year). This is because I don’t see the Banks supporting them unless they own them.
LiquidityHub they own, but it utilises BBG and RTRS as distributors which means it is constrained by them as much as they’re constrained by it.
Look at SwapsStream, meant to be the most innovative swaps platform around. They have about five Banks on there and I bet that commitment is tepid at best. SwapsStream will claim they’ve chosen to keep the numbers low but that, I’m afraid, is complete spin!
are we really pinning our hopes on a multi-dealer platform that fits all coming along, rather than buyside desktop aggregating the liquidity it is connected to, and doing the whizzo functionality (number crunching and order routing) that the buyside in question has built in and needs in order to differentiate themselves?
I just don’t see that many/any buysiders willing to put the necessary in to build what you describe Holky. I wish they would. Certainly Tier-1 talk about this and so they should, but when will the “money where you mouth is” time? They want to be given it for free, which means they’ll not get the bespoke solution they seek.
I don’t buy into the LatentZero idea of direct links to several Banks being aggregated, happening in the near future. I mean how has this progressed in 2007?
Apologies, I’m in a bit of a negative mindset re: FI e-trading’s prospects for 2008.
See my latest post….you may want to slit your wrists afterwards….or my throat. )
Giuseppi nuti is the man responsible for a lot of the functionality of Autobahn.
He is literally a rocket scientist and with a small team has been able to develop autobahn from a govvies perspective.
Just thought I’d give him a shout as an unsung hero of e-trading!
There’s your answer TradeWeb, LiquidityHub etc.
Bid up for Signor Nuti!
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Deutsche Bank quits commodities under regulatory pressure
Deutsche Bank pulled the plug on its global commodities trading business on Thursday, cutting 200 jobs as it becomes the first major bank to exit the once lucrative sector due to toughening regulations and diminished profits.
Germany's largest bank, which was one of the top-five financial players in commodities, said in a statement it will cease trading in energy, agriculture, base metals, coal and iron ore, retaining only precious metals and a limited number of financial derivatives traders.
The cuts are expected to largely fall on its main commodity desks in London and New York.
The move comes as the financial sector's role in commodity trading has been squeezed by lower margins, higher capital requirements and growing political and regulatory scrutiny of the role of banks in the natural resources supply chain.
"The decision to refocus our commodities business is based on our identification of more attractive ways to deploy our capital and balance sheet resources," Colin Fan, co-head of Corporate Banking & Securities at Deutsche Bank, said in a statement.
"This move responds to industry-wide regulatory change and will also reduce the complexity of our business."
Deutsche Bank's decision will also raise questions for other banks in the sector, after JPMorgan Chase & Co put its physical commodity arm up for sale this summer, while Morgan Stanley has been exploring a sale of its energy trading unit for almost two years.
Deutsche Bank was among the first financial firms a decade ago to challenge the long dominance of Goldman Sachs and Morgan Stanley in commodities trading. But it suffered a series of ups and downs and personnel changes over the years, including the departure of global chief David Silbert a year ago.
Silbert's departure was the first sign the bank was withdrawing from the one-time billion-dollar business, which included a substantial U. S. and European power and gas book, a major market-making operation in oil options, and base metals trading.
"Silbert built up Deutsche Bank's commodity group to make it a top five contender in the space of five years and then left rather than pull down the house he built," said George Stein, managing director of New York-based recruiting firm Commodity Talent.
"The destruction of the commodities business at Deutsche Bank is one more sign that many of the large global banks no longer see commodities as viable," Stein added.
The bank announced the decision to staff at a meeting shortly after lunch on Thursday, with around half the 200 traders affected clearing their desks and leaving immediately, according to a person familiar with the matter.
The remaining traders will be asked to stay and help wind down or sell-off parts of the business as part of a unit called the Special Commodities Group over the next two years, with the process being led by the current co-heads Louise Kitchen and Richard Jefferson.
More than 40 traders are expected to be absorbed by other parts of the bank, including those who will continue trading financial commodity derivatives for clients.
The bank is not expected to try and sell its commodity operations wholesale.
The bank's near $10 billion commodity index business, which allows smaller investors to get exposure to commodity price moves, will not be affected by the closure, according to a person familiar with the matter.
The bank's flagship PowerShares DB Commodity Index Tracking Fund has $6 billion invested alone, according to the fund's website, making it one of the biggest in the market.
Deutsche Bank had already closed down most of its electricity, natural gas and carbon trading operations in Europe and North America over the past year as regulation tightened, and as the bank was investigated for an alleged tax scam involving the trading of carbon permits.
The bank also reached a $1.5 million settlement with the U. S. Federal Energy Regulatory Commission in January for manipulation of power markets in California.
The decision to quit commodities is not directly related to the U. S. Federal Reserve's current review of the role of banks in physical commodity trading, but comes as the bank reassesses its overall business as part of a strategic review.
The Federal Reserve, which first allowed commercial banks to trade physical commodities in 2003, is expected to announce changes in early 2017 in how it regulates the sector.
Deutsche Bank was an active participant in physical commodity markets, but did not own any major trading infrastructure such as power plants, warehouses or oil storage tanks that it could sell as it winds down the business.
The business struggled to achieve "critical mass" over the past seven years, said Seb Walker at research firm Tricumen.
"Increased regulatory pressure, competition from commodity trading houses and a shift away from the energy markets have all conspired to make commodities a tough market for the top banks."
While 200 traders is a tiny fraction of Deutsche Bank's overall headcount of almost 100,000, at times the commodities business had provided significant revenues for the bank.
The total commodities market for banks rose as high as $12 billion at the end of the last decade, but has since shrunk to less than half that as prices stabilised and as regulators put strict restrictions on trading with the bank's own money.
In the first nine months of this year, commodities revenues for the largest banks in the sector fell 18 percent to $4 billion, London-based financial industry analytics firm Coalition said in a report last month.
Full-year commodity revenues for banks are forecast to decline by 14 percent to $4.7 billion, it said.
"The regulatory environment has gotten extremely cumbersome and expensive for banks," said Jeffrey Christian, managing director of commodities consultant CPM Group, who used to work for Goldman Sachs oil and metals trading arm, J. Aron.
"At a number of banks now, you have more people doing compliance and risk management than you have doing the actual trading."
Not all banks are scaling back, however. London-headquartered Standard Chartered. which does a lot of its business in emerging markets, said this month it plans to double revenues from its commodities business in the next four years and plans to add 10-20 staff to its existing team of 100 in the next six months.
Global commodity merchants such as Vitol, Glencore Xstrata and Mercuria, which are not as affected by growing regulation, are also looking to step into the vacuum left by the big U. S. and European financial heavyweights. Asian-Pacific and South American banks, including Australia's Macquarie Bank and Sao Paulo-based BTG Pactual Banking, are also expanding their commodities businesses.
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UPDATE 1-Deutsche Boerse eyes possible bid for FX platform 360T - source
(Adds industry comment, background)
By Andreas Kröner
FRANKFURT, June 15 Deutsche Boerse is looking at the possibility of buying currency trading platform 360T, a source familiar with the situation said on Monday, although it was not yet clear if the German exchange operator will place a binding bid.
Deutsche Boerse declined to comment on whether it was bidding, while 360T, one of a handful of multi-bank, multi-user platforms which have revolutionised foreign exchange trading over the past decade, was not immediately available to comment.
"Deutsche Boerse group regularly looks at external options for growth and follows up on them if they create value," a spokesman for the German exchange operator said.
Two people familiar with the matter told Reuters last week that U. S. private-equity firm Summit Partners is selling the Frankfurt-based platform in a potential 600 million euro ($675 million) deal and had hired Jefferies to handle the sale.
Discussions are already advanced and a deal may be struck before the summer break, those sources said, declining to give details of which parties were interested.
Deutsche Boerse's new Chief Executive Carsten Kengeter has said he would not rule out either bolt-on or large acquisitions as the exchange operators reviews its business targets and prospects.
With volatility, volumes and resulting returns booming in the dollar's dramatic rally over the past year, currency trading is attracting more attention and investment from banks, retail trading houses and investors.
Deutsche Boerse's Eurex and other major exchange groups, including CME and Nasdaq, have already positioned themselves to take a role in a more heavily regulated market, expecting more of the $5 trillion a day that is traded in currencies and related contracts eventually to wind up on some type of cleared venue.
CME declined to comment on whether it was interested in 360T. A Nasdaq spokesman also declined any immediate comment.
360T was founded in 2000 by investment banker Carlo Koelzer, building a strong business in helping big companies, particularly in the German-speaking world, to trade with multiple banks at the same time. Summit Partners took a majority stake in 2012, while peer Brockhaus retained a 10.7 percent stake and 360T employees also hold stakes. (Writing by Patrick Graham; Editing by Alexander Smith and David Evans)
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Liquidity Window
Dealable prices for Spot, Outright and Swap trades are displayed on dedicated liquidity windows. The Spot LW allows you to display a ladder of prices. Users can define the amounts on the rungs of the ladders based on their unique trading requirements. Trades can be executed directly from the rungs for the pre-defined amount, speeding up the trade execution process. The Spot LW also allows you to change the value date to execute to an Outright date. The Spot rate and the Swap points are displayed but upon execution an Outright is confirmed. User defined Swap LW and Outright LW are also available. Fast Orders is an exciting autobahnFX feature allowing clients to submit and cancel "Take Profit" orders directly from Spot Liquidity Window.
To find out more about our products and services, please contact your Deutsche Bank salesperson or relationship manager:
Copyright y copia; Deutsche Bank AG
Deutsche Bank Said to Propose Creating Bond Platform With Rivals
Deutsche Bank AG is trying to drum up interest with some of its largest competitors to create a multi-dealer U. S. bond trading platform at the same time that asset managers discuss ways to make buying and selling debt easier, according to people familiar with the matter.
Europe’s biggest investment bank by revenue has pitched its plan for an electronic trading network to JPMorgan Chase & Co. Citigroup Inc. and Barclays Plc, according to five people briefed on the talks, who asked to not be named because the discussions are private. Executives at State Street Corp. and FMR LLC’s Fidelity Investments are among institutional investors that have held a series of meetings, the last one in July in New York, to address the difficulty of finding the bonds they want to trade, according to two different people.
The bank discussions on forming a platform and asset managers’ search for solutions comes amid a 76 percent decline in corporate debt inventory at the world’s biggest dealers since a 2007 peak. The pullback by market makers, which is spurring concern that the risk of trading disruptions has risen, comes amid stricter capital requirements from the Basel Committee on Banking Supervision and speculation that the U. S. Dodd-Frank Act will weaken their ability to facilitate bond trades.
“The industry is making progress,” said Will Rhode, director of fixed-income research at consultant Tabb Group LLC in New York. “There are so many basic challenges, the market is fundamentally fragmented.” The multilateral approach envisioned by Deutsche Bank is catching on with market users, he said. “The technology certainly exists, the desire exists,” he said.
Private Transactions
Representatives for Deutsche Bank, JPMorgan, Citigroup, Barclays, State Street and FMR declined to comment.
Most trading takes place through privately negotiated transactions. Corporate bond dealers and investors have started to branch out into electronic-trading platforms as they seek to cut costs and improve their ability to convert investments into cash amid the new capital rules.
Goldman Sachs Group Inc. the fifth-largest U. S. bank by assets, has expanded its GSessions electronic-trading system. BlackRock Inc. the world’s biggest asset manager, decided this year to route some of its trades through MarketAxess Holdings Inc.’s computerized system.
Bloomberg LP, the parent of Bloomberg News, offers trading of bonds and credit-default swaps through its fixed-income trading platform.
Wary Clients
While clients have been wary of trading on platforms run by one bank, broker-dealers haven’t agreed on parameters that would allow a single platform run by several companies to emerge, two people involved in the market said this week.
The platform, dubbed Oasis, from Frankfurt-based Deutsche Bank is aimed at the least-active part of the $4.2 trillion-a-year market where bonds might not trade for days or weeks, two of the people said. It follows a more successful introduction of the same idea in Europe, according to one executive.
Oasis clients would tell their bank how much of a particular corporate bond they want to buy or sell, a process known as an indication of interest, and the dealer would enter a resting order into the electronic system, two of the people involved said. If another party is interested and the trade crosses, the transaction would be done between banks so that the clients remain anonymous, the people said.
Information leakage, or the possibility of rival investors profiting off an investor’s plan to trade, is a major concern among bank clients that Oasis is meant to address, the people said. If the system succeeds, clients could eventually be allowed to access Oasis directly, they said.
Less Trading
Investors and their banks may have trouble moving more of the market onto computers. Corporate debt is unsuitable for full electronic trading, according to a study last month by McKinsey & Co. and Greenwich Associates. There are more bonds than stocks, and debt trades less frequently, making a full transition to computer-based buying and selling unlikely, the consultants said.
Dealers have resisted a shift to electronic bond trading because the increased transparency can cut profits. In the 90 days after the Financial Industry Regulatory Authority’s Trace started disseminating prices of junk bonds, trading in the securities dropped 41 percent, according to Massachusetts Institute of Technology and Harvard University researchers.
Investors Meet
Executives at Fidelity, the world’s second-largest mutual fund company, and State Street, the third-biggest custody bank, met in May 2012 with representatives from Deutsche Bank, Barclays, JPMorgan and Goldman Sachs, urging the dealers to develop an electronic-trading system for bonds, people who attended the event said last year. The group has held a series of meetings this year, some with only institutional investors present, some with only banks, and some with market vendors, two people familiar with the matter said this week.
New trading systems like Goldman’s GSessions are only part of the solution and other ways to buy and sell need to be developed, according to one of the meeting participants. These include electronic auction systems, a central database where limit orders are placed, and the resting order model like Oasis is proposing, the person said.
A continuing challenge is to get the banks to agree to support one solution, the participant said. Institutional investors met earlier this year to discuss a list of market changes they would like the dealers to implement, the person said, adding that a trading network that combined many ways to buy and sell debt in an aggregated fashion may be one promising idea.
The number of institutional investors participating in the meetings has grown to as many as 12 from 5 last year, while at least 8 banks have been involved, the person said.
Deutsche Boerse eyes possible bid for FX platform 360T: source
FRANKFURT Deutsche Boerse ( DB1Gn. DE ) is looking at the possibility of buying currency trading platform 360T, a source familiar with the situation said on Monday, although it was not yet clear if the German exchange operator will place a binding bid.
Deutsche Boerse declined to comment on whether it was bidding, while 360T, one of a handful of multi-bank, multi-user platforms which have revolutionized foreign exchange trading over the past decade, was not immediately available to comment.
"Deutsche Boerse group regularly looks at external options for growth and follows up on them if they create value," a spokesman for the German exchange operator said.
Two people familiar with the matter told Reuters last week that U. S. private-equity firm Summit Partners is selling the Frankfurt-based platform in a potential 600 million euro ($675 million) deal and had hired Jefferies to handle the sale.
Discussions are already advanced and a deal may be struck before the summer break, those sources said, declining to give details of which parties were interested.
Deutsche Boerse's new Chief Executive Carsten Kengeter has said he would not rule out either bolt-on or large acquisitions as the exchange operators reviews its business targets and prospects.
(Writing by Patrick Graham; Editing by Alexander Smith and David Holmes)
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Deutsche Boerse takes stake in UK bond trading platform
FRANKFURT (Reuters) - German exchange operator Deutsche Boerse (GER:DB1) said on Wednesday it had taken a minority stake in British bond trading platform Bondcube, broadening its access to clients as the bond market adjusts to tighter financial regulation.
Bondcube provides a service akin to a dating site, with the partner search bringing together bond dealers and customers interested in discreetly placing large, market-sensitive orders.
Prospects for this type of platform have been bolstered by rules brought in since the financial crisis that make it more costly for banks to hold large bond inventories on their balance sheets while they search for buyers, which crimps market liquidity.
"Bondcube is specifically aimed at larger trades which have now reverted to the telephone because (other) systems don't seem to be sufficiently functional to execute those larger trades," Bondcube Chief Executive Paul Reynolds told Reuters.
"We really are competing with the telephone market for this business," said Reynolds, previously a director in fixed income at Deutsche Bank (DBKGn. DE), UBS (UBSN. VX) and Citigroup (C. N).
Deutsche Boerse said it would pay a low single-digit million pound amount for the stake in Bondcube. It declined to reveal the size of the stake or whether it might later expand it.
Bondcube plans to launch in September in the United States and Europe, adding Asia at a later stage.
"We will launch when we have 100 buy-side clients on the system and at least two to three sell-side banks, which is the critical minimum number of participants," Reynolds said, declining to give details of any revenue or profit targets.
Buy-side customers will not need to pay to connect to the system or to trade. Sell-side clients will pay an annual connection charge and a small fee based on the traded volume.
(Reporting by Jonathan Gould and Andreas Kroener, editing by David Evans)
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Deutsche Post AG (DPSGY): What Do Brokers Think For The Coming Week?
Recently analysts working for a variety of stock market brokerages have changed their consensus ratings and price targets on shares of Deutsche Post AG (DPSGY).
The most recent broker reports which have been released note that 0 analysts have a rating of “buy”, 0 analysts “outperform”, 1 analysts “hold”, 1 analysts “underperform” and 0 analysts “sell”.
Recent analyst ratings and price targets:
02/25/2017 – Deutsche Post AG was upgraded to “overweight” by analysts at JP Morgan.
12/15/2017 – Deutsche Post AG was upgraded to “buy” by analysts at Goldman Sachs.
04/17/2017 – Deutsche Post AG had its “hold” rating reiterated by analysts at Cantor Fitzgerald.
08/06/2017 – Deutsche Post AG was upgraded to “hold” by analysts at Commerzbank.
06/18/2017 – Jefferies began new coverage on Deutsche Post AG giving the company a “hold” rating.
05/13/2017 – Berenberg Bank began new coverage on Deutsche Post AG giving the company a “hold” rating.
04/28/2017 – Deutsche Post AG was downgraded to “equal weight” by analysts at Barclays.
04/10/2017 – Deutsche Post AG had its “overweight” rating reiterated by analysts at Morgan Stanley. They now have a USD 34 price target on the stock.
12/17/2017 – Deutsche Post AG was downgraded to “reduce” by analysts at Equinet Bank.
11/20/2017 – Deutsche Post AG was downgraded to “neutral” by analysts at Bank of America Merrill Lynch.
10/16/2017 – Deutsche Post AG was upgraded to “neutral” by analysts at HSBC.
Deutsche Post AG has a 50 day moving average of 24.41 and a 200 day moving average of 26.98. The stock’s market capitalization is 33.21B, it has a 52-week low of 22.20 and a 52-week high of 33.73.
The share price of the company (DPSGY) was up +0.66%, with a high of 27.59 during the day and the volume of Deutsche Post AG shares traded was 27228.
Deutsche Post AG is a Germany-based logistics services provider. The Company operates four main business divisions: Mail; Express; Global Forwarding, Freight, and Supply Chain. The Mail business division comprises the transport and delivery of written communications and serves as an end-to-end service provider for the management of written communications. The Express business division offers international and domestic courier and express services to business and private customers. The Global Forwarding, Freight business division comprises the transportation of goods by rail, road, air and sea. The Supply Chain business division is engaged in contract logistics and provides warehousing and transport services, as well as services along the entire supply chain in the different sectors. The Company diversifies its activities into geographical areas, including Germany, rest of Europe, the Americas, Asia Pacific and Other regions.
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Deutsche Bank FX4Cash: Fast Forex - Rita Saverino
In our globalised marketplace corporates are well versed in cross-border payments in foreign currency, but they still have room to improve the efficiency of multi-currency transactions. In challenging economic conditions CFOs are keen for banking partners to deliver efficient, error-free and information-rich payment options and, as Rita Saverino of FX4Cash explains to FDE, some banks have been listening.
Foreign exchange transactions are commonplace, especially as supply chains expand around the world and consumer markets become increasingly international. As such, they may not be an immediate priority in the search for efficiency gains, cost reduction or better risk management. But perhaps they should be.
Exceptions, errors and exchange rate volatility all pose problems for the finance team, and the onus has been on banks to provide a fast, efficiency platform for foreign exchange transactions. One bank has delivered just that.
'Cross-border currency payments are nothing new, but while they happen already they may not be efficient. Corporates may be focused on simply getting payments through but, if they look closer they will have issues around STP, reconciliation of accounts and efficiency. Any company will benefit from lower error rates,' says Rita Saverino, co-head of FX4Cash in the finance and foreign exchange division of Deutsche Bank.
FX4Cash addresses all of the concerns a finance director could have about multi-currency payments, building on the bank’s role as a leader in cash management and foreign exchange markets. The flexible and resilient platform supports a range of access channels, currencies and payment options.
The technology maximises straight through processing (STP), particularly for small, dynamic and repetitive payments, in part because it provides direct host-to-host connectivity with ERP systems. It also leverages the market-leading research of Deutsche Bank's analysts to ensure that corporate clients have the very latest exchange rates and forecasts.
'Corporate clients now have access to many currencies, they can see and choose rates before a transaction, and reconciliation is greatly improved. From one account they can make payments in 125 currencies to over 160 countries. They do not need multi-currency accounts any longer,’ says Saverino.
Safety, synchronicity and service
With FX4Cash, corporates transact all payments from one base currency account, which is simpler to manage and improves STP. There is a similar process for receivables, whereby companies can specify the currency into which they would like foreign currency payments made and, therefore, still maintain a single account.
For finance directors, the removal of complexity from foreign currency transactions enables a more comprehensive approach to risk as well as lowering costs and improving cash management.
'FX4Cash addresses operational risk by improving STP and foreign exchange risk by providing real-time rates. It also enables clients to improve their working capital by eliminating idle balances and exposure to currency devaluations,’ says Saverino.
The FX4Cash platform is easy to set up and can be accessed in many ways, be it through Deutsche Bank’s online banking platform, via direct file transfer to ERP systems or through SWIFT. It also features stringent access controls, ensuring that only those with authorisation can initiate transactions.
Technologically, such a platform is not beyond the reach of any major bank, but what makes FX4Cash different is that its backer has a prominent position in the key banking markets that make the system work.
Deutsche Bank is widely recognised as the leading player in the foreign exchange market, of which it has a 21% share, and a 40% share of the electronic trading market. Add in its status as one of the world’s top clearers of euro and US dollar payments and it is clear that a big slice of the world's foreign exchange business passes through its system.
Furthermore, the bank has a huge global cash management footprint, and its global transaction banking division works in tandem with its foreign exchange division. No wonder FX4Cash has been so well received and is attracting new business from corporate clients every day.
Related Suppliers
Deutsche Bank - Trade Finance and Cash Management Deutsche Bank's trade finance and cash management teams provide a.
Deutsche Bank - Cross-Currency Payment Services The FX4Cash™ product suite incorporates Deutsche Bank's expertise as.
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Productos básicos
Deutsche Bank is a major player in commodities markets around the world, from Australia and South Africa to Russia and Eastern Europe. The Bank's Commodities teams trade in the full range of energy, power and metals markets, with particular expertise in complex commodity derivatives and environmental finance.
Deutsche Bank is a dominating force in the precious metals business. With significant cross-currency and interest rate exposures, in addition to the underlying commodity book, the Commodities Group is fully committed to hybrid structures.
We are a leading provider of energy-related hedging and risk management solutions. We look at the most appropriate way of meeting client needs, using products that range from simple swaps to innovative and complex exotics and cross-market derivatives.
The Commodities group has been an innovative participant in the growing market for energy derivatives. Our Derivatives team is a leading player in providing hedging structures to commodity producers, refiners and consumers for proactive risk management.
We are building a global commodities hybrid product and correlation trading business that will link seamlessly with the other commodities businesses. This business area will encompass hybrid products, cross product risk and quantitative support.
In Japan, Deutsche Bank's commodities business works to deliver locally focused basis risk management and execution solutions for clients in the energy commodities market, and develops asset-side products to meet the objectives of Japan investors. Leveraging its lead in e-trading platform and hedge management products, Deutsche Bank also competes aggressively in Japan's precious metals market.
Last Update: May 8, 2012
Copyright y copia; 2012 Deutsche Bank Group, Japan
Deutsche Bank tries to persuade firms to create a multi-dealer bond trading platform
Deutsche Bank is reportedly in talks with JPMorgan Chase & Co. Citigroup, and Barclays to create a multi-dealer electronic bond trading platform. The group of firms has not agreed on how to jointly operate a single platform, but Deutsche bank wants to model it after a similar platform in Europe.
The news of the talks, first reported by Bloomberg, comes amid several shifts in the electronic bond trading space. In the past several months, Goldman Sachs relaunched its GSessions platform in an expanded version of its previous form, and Tradeweb completed the acquisition of BondDesk. Also, earlier in the spring, BlackRock entered into a partnership with MarketAxess.
The Deutsche Bank-led multi-dealer platform discussions also come at a time when institutional investors have been quietly meeting to discuss their problems with bond trading, Bloomberg reports. State Street and Fidelity Investments are among the institutional investment firms who have been meeting, most recently in New York in July, to discuss the difficulties of finding the bonds they want to trade.
Deutsche Bank envisions the platform serving the least active parts of the bond markets, where bonds might not trade for weeks. In concept, the platform would allow investors to remain anonymous by submitting indications of interest for bonds through their banks. The banks would enter the orders into the system and if orders crossed, the transactions would take place between the banks.
Investors seems to have some mistrust of single-dealer systems, suggesting that a multi-dealer system would be the answer. However, getting different banks to agree on how to jointly run a multi-dealer system is a challenge that is not easily resolved.
Read the full story here.
Deutsche Boerse takes stake in UK bond trading platform
FRANKFURT, Feb 12 (Reuters) - German exchange operator Deutsche Boerse (Xetra: 63DA. DE - news ) said on Wednesday it had taken a minority stake in British bond trading platform Bondcube, broadening its access to clients as the bond market adjusts to tighter financial regulation.
Bondcube provides a service akin to a dating site, with the partner search bringing together bond dealers and customers interested in discreetly placing large, market-sensitive orders.
Prospects for this type of platform have been bolstered by rules brought in since the financial crisis that make it more costly for banks to hold large bond inventories on their balance sheets while they search for buyers, which crimps market liquidity.
"Bondcube is specifically aimed at larger trades which have now reverted to the telephone because (other) systems don't seem to be sufficiently functional to execute those larger trades," Bondcube Chief Executive Paul Reynolds told Reuters.
"We really are competing with the telephone market for this business," said Reynolds, previously a director in fixed income at Deutsche Bank (Xetra: DBK. DE - news ). UBS (Xetra: UB0BL6 - news ) and Citigroup (NYSE: C - news ) .
Deutsche Boerse said it would pay a low single-digit million pound amount for the stake in Bondcube. It declined to reveal the size of the stake or whether it might later expand it.
Bondcube plans to launch in September in the United States and Europe, adding Asia at a later stage.
"We will launch when we have 100 buy-side clients on the system and at least two to three sell-side banks, which is the critical minimum number of participants," Reynolds said, declining to give details of any revenue or profit targets.
Buy-side customers will not need to pay to connect to the system or to trade. Sell-side clients will pay an annual connection charge and a small fee based on the traded volume.
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FX Algo
autobahn®FX Algo is a new trading tool that allows you to control the slicing, timing and fills of large orders with much greater precision and transparency than was possible before.
You can now decide in advance exactly how large orders will be executed: in what size and frequency and at what spreads. You can also see, second by second, how your order is progressing, and can stop, pause or amend strategies at the click of a button if market pricing becomes unfavourable at any point during execution. autobahn®FX Algo is one of most advanced products of its kind produced by Deutsche Bank, offering many unique features accessed via an easy to use order input system.
To find out more about our products and services, please contact your Deutsche Bank salesperson or relationship manager:
Copyright y copia; Deutsche Bank AG
identify areas of improvement
Plato will play a vital role in helping to build fair and robust future markets. This is because it is answerable to, and exists for the sole benefit of, its participants. As such, it is not conflicted by the demands of shareholder returns. Plato will allow the consortium members, through unique and neutral governance, to continue to focus on driving improvements in the market as a whole and without conflict.
sponsor academic research
Integral to the vision for Plato’s trading utility is an academic research fund - Plato’s Market Structure Innovation Centre. This will produce independent research and analytics, open to peer review, and aimed at seeking out ways in which participants can collectively build a better financial ecosystem for all, as well as helping to inform and support the regulators’ market structure debate.
The members believe that Plato Partnership will rebalance the financial ecosystem with a trading venue that exists specifically to improve investors’ execution quality and to better inform regulatory development. Its governance structure recognises the traditional symbiosis and demarcations in the relationship of the buy-side with sell-side while updating that old model to reflect the significant increases we have seen in the sophistication of the buy-side approach to execution. By remutualising participant involvement in market design, the proposed governance model would allow Plato’s members to focus on driving improvements in the market without some of the challenges created by the conflicts inherent in current venues.
adopt viable proposal
Plato Partnership’s members believe that there has long been a desire to have a mechanism whereby all market participants can collectively address regulatory imperatives, communication flows or other processes that we all need to do, ones that we don't see as competitive differentiators. The economics of tackling those individual issues are challenging if you have to create a vehicle to do it each time, but do it via a preformed collective and you’re able to take serious costs out of the system and earn trust. We believe that Plato Partnership holds a unique position and through the Market Structure Innovation Centre, will be able to create some truly viable proposals.
Plato Partnership’s vision for the trading utility is that it will be absolutely not-for-profit. Our motivation is to become a part of the equity execution ecosystem and improve the efficiency of the market. With that proposition delivered, we anticipate that the platform will generate significant interest and volumes, and that all excess revenue it generates will be fed back into the core goal of improving market efficiency and having an ever-increasing positive impact on the ecosystem, via Plato’s Market Structure Innovation Centre.
fund academic research
Our vision for the platform is as a means of improving the market as it is currently and as a not-for-profit organisation, we feel there is a natural synergy in utilising academic research to do this – this has been an integral part of our vision from the start. We intend Plato Partnership to become an ecosystem of rich collaboration between the buy and sell side and our Market Structure Innovation Centre is one of the tools that we hope to use to entrench that dynamic.
Ninja Trader performance
Ninja Trader performance
I have been using Ninja Trader for years and have a lifetime license. And my account is with Mirus Futures.
Is it just my computer system or has the reliability and performance of the NT Platform (using Mirus Futures) declined noticeably in the past couple of months?
Could you be a bit more specific on how reliability and performance declined ?
What has changed compared to the past, did you add some indicators and / or did your number of charts and / or workspaces increase ?
Sometimes the NT DB needs some maintenance or a complete reset, and perhaps you may want to check out this excellent thread as well:
You may also check out NT performance tips on their website:
Last edited by Daytrader999; September 22nd, 2017 at 09:27 AM.
I deleted a recent post in this thread because I thought it might be something I was doing, but.
Something inside NinjaTrader is way off. Its using way more CPU than usual when nothing appears to be happening. This is much more noticeable on my old
1Ghz laptop. It didn't use to be this bad at all.
I've gone so far to clear out all non-stock indicators and strategies except for a couple that I've written and they are all "normal" indicators using a single bar series and using only one indicator (which is initialized in Variables and OnStartUp()). I regularly reset the trade database and repair the database for personal reasons not performance.
For example, right now I have two EURUSD strategies running and two Strategy Analyzers completed and I'm attempting to edit (they're all disabled) an additional 20 forex instruments (each set of 10 running on the same bar series created using the <Default> instrument list), but its just sitting there "Not Responding". NT is only using 186MB of RAM and there is no disk thrashing. 100% CPU utilization, majority from NT process
The only knowing major changes on the machine have been NT and Windows Updates (all updates installed except cumulative for IE 9 and IE 10 and latest Windows Defender). Its been "Not Responding" all while I've been typing this post (same as the deleted one above). I'm using MB Trading and haven't upgraded MBT Desktop per NT support connection docs.
Hate to say it but lately NT has been barely usable. I dunno how this could be troubleshooted further.
EDIT: Guess I'll have to contact NT support because I can't find any info about this on their forum. Going to have to kill the NT process.
Last edited by MrYou; October 3rd, 2017 at 12:51 PM.
I deleted a recent post in this thread because I thought it might be something I was doing, but.
Something inside NinjaTrader is way off. Its using way more CPU than usual when nothing appears to be happening. This is much more noticeable on my old
1Ghz laptop. It didn't use to be this bad at all.
I've gone so far to clear out all non-stock indicators and strategies except for a couple that I've written and they are all "normal" indicators using a single bar series and using only one indicator (which is initialized in Variables and OnStartUp()). I regularly reset the trade database and repair the database for personal reasons not performance.
For example, right now I have two EURUSD strategies running and two Strategy Analyzers completed and I'm attempting to edit (they're all disabled) an additional 20 forex instruments (each set of 10 running on the same bar series created using the <Default> instrument list), but its just sitting there "Not Responding". NT is only using 186MB of RAM and there is no disk thrashing. 100% CPU utilization, majority from NT process
The only knowing major changes on the machine have been NT and Windows Updates (all updates installed except cumulative for IE 9 and IE 10 and latest Windows Defender). Its been "Not Responding" all while I've been typing this post (same as the deleted one above). I'm using MB Trading and haven't upgraded MBT Desktop per NT support connection docs.
Hate to say it but lately NT has been barely usable. I dunno how this could be troubleshooted further.
EDIT: Guess I'll have to contact NT support because I can't find any info about this on their forum. Going to have to kill the NT process.
If you don't mind, do us a favor and when / if you discover what is causing the "problem", come back and report it. That's the part that is missing from many of the "Ninjatrader doesn't work for me" posts. In many cases, the problem has little to do with Ninjatrader. Sometimes, the problem is just that Ninjatrader allows too much flexibility. Customization is great but endless loops and redundant calculations can bring even the latest, greatest hardware to it's knees. Buena suerte.
If you don't mind, do us a favor and when / if you discover what is causing the "problem", come back and report it. That's the part that is missing from many of the "Ninjatrader doesn't work for me" posts. In many cases, the problem has little to do with Ninjatrader. Sometimes, the problem is just that Ninjatrader allows too much flexibility. Customization is great but endless loops and redundant calculations can bring even the latest, greatest hardware to it's knees. Buena suerte.
Guau. haven't seen anything from you in quite a long while. Good to see you posting and hope things are going well.
I have been using Ninja Trader for years and have a lifetime license. And my account is with Mirus Futures.
Is it just my computer system or has the reliability and performance of the NT Platform (using Mirus Futures) declined noticeably in the past couple of months?
thanks H. Hampton.
Something you may try is to reset and repair the database. I had to do that this morning because I was having that same issue on one of my computers that I do my development and testing on.
If you don't know how to do this. - go to Control Panel --> Tools --> Options - click on the Data tab - click on the Reset DB button (this process may take a while) - once the reset completes click on the Repair DB button and you're done
Be aware resetting the database will delete all trade history. Unfortunately, there is no way to avoid that.
Deutsche Börse Cloud Exchange will help reduce enterprise Iaas spend
The launch of Deutsche Börse’s Cloud Exchange trading platform will support the growth of cloud brokers acting as intermediaries for end-user customers, enabling them to save on IT budgets by offloading excess capacity.
The launch of Deutsche Börse’s Cloud Exchange trading platform will support the growth of cloud brokers acting as intermediaries for end-user customers. enabling them to save on IT budgets by offloading excess capacity.
Deutsche Börse today announced that it will launch its cloud trading platform in 2017 for infrastructure as a service (Iaas) cloud computing resources, the first international vendor-neutral marketplace of its type.
The trading venue is aimed at enabling access a platform to trade compute and storage capacity, just as commodities might be bought and sold on a traditional exchange. Buyers will be abe to procure resources directly or trade between each other, while suppliers will be able to sell down to customers.
A number of cloud provider companies are already on board as early adopters of the platform, such as CloudSigma and T-Systems, and Deutsche Börse has partnered with German firm Zimory to provide an interface between users and the trading platform. The Cloud Exchange will also set and monitor standards to ensure the running of the exchange, such as around guaranteeing purchased capacity.
According to Stefan Ried at Forrester Research, the launch of the platform is a natural evolution for the cloud Iaas market due to the commoditisation of cloud resources, shown in the continued price drops of Amazon Web Service and others.
It is not the first time that a marketplace has offered to buy and sell spare capacity. Spotcloud has offered a service like this in the past. though its offering was based on buying and selling the services of one vendor, Enomaly.
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However Deutsche Börse’s Cloud Exchange is more ambitious in its aims, providing a forum to buy and sell resources from a range of different supplier sources.
Ried says that the introduction of markets to buy and sell cloud capacity will have a number of benefits. For end-user customers one of these will be ability to reduce IT expenditure by selling back unused cloud resources.
“The total spending on cloud will be brought down,” Ried told ComputerworldUK, “people will find resources or sell if they don’t need it. If they bought too much Amazon or Microsoft resources for instance they can be sold off on the exchange. This means that the corporate spending on cloud resources will be brought down with the help of the exchange.”
For example, a company might buy 50 virtual machines for a year, but no longer need that amount after nine months. This would be similar to the way that Amazon’s EC2 Reserved Instance Marketplace functions, allowing companies to sell back part of their contract to another end-user, though exchange users would be able to buy and sell resources from a variety of cloud providers.
However there are a number of challenges that will have to be faced. Ensuring that supplier contracts allow the sharing of resources will be one of the main challenges that will face the Cloud Exchange, while interoperability between OpenStack or VMware stacks will need to be addressed.
Allowing resources to be directed to end-users is also a challenge. Ensuring that the Cloud Exchange ecosystem contains local cloud providers and cloud brokers to provide a link between the exchange and end-user customers will also be key to ensuring the success of the platform overall, Ried said. This is because it is likely that it will be only the largest of enterprise users that deal directly with Deutsche Börse’s exchange, due to the complexity of procuring through a trading platform.
“Enterprise users can deal directly with the Cloud Exchange, but they need to know how to do so. It is not that easy to move workloads back and forth and to relocate them, while keeping everything consistent," Ried said.
“You need to understand the economic side and it is not easy – it is becoming really complex.”
He continued: “The very largest enterprises that have more than half a billion IT budget will likely do it on their own because they have the economies of scale and have enough knowledge in the CIO office to deal with the exchange directly. But for the average company, even with a couple of million IT budget, this is too complex, so they won’t go to an exchange like this.”
This means that cloud brokers will play a role in assisting end-users in the buying and selling of capacity, by implementing knowledge of the needs of customers on a local basis.
“I expect in the ecosystem of Deutsche Börse’s Cloud Exchange there will be a number of cloud brokers that can get access to capacity, and can also sell overcapacity that they ordered again," he said. "This is the ideal situation in the ecosystem of this marketplace - a cloud broker can understand your local cloud sourcing and global cloud sourcing, and understand on-premise capacity.”
If the cloud exchange model is successful, Ried expects that there could be more set up in other major regions across the world.
“We need maybe one per geography. I don’t think we need multiple per country. If the model works well and they overcome the challenges this can be very successful. There could be another one in UK, another one in the Middle East, and in Asia, and two in the US, though I don’t see more than five to ten doing this in future.”
For now it is likely that there will be many looking at how successful Deutsche Börse’s is, Ried said.
“If they follow the demand and revise their own business model as an exchange, such as how they trade how they work together with cloud brokers and so on, and if they revise the business model and create their own ecosystem of cloud trading chain, like cloud brokers, then it is likely to be successful.”
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DB rolls out electronic options trading platform in US - UPDATE
StructuredRetailProducts. com. 29 October 2017
Deutsche Bank's Autobahn, the electronic trading business within its Markets division, has launched Autobahn Options, a new service offering complete US equity options trading capabilities.
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Saves us a lot of time and gives us valuable market insight. Very helpful for us when analyzing growth opportunities for our structured products business. Rodrigo de Sebastian
Head of European Retail Structured Products Santander Global Banking and Markets
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Private Placement Program (PPP)
We have our own Major Platform that controls several Private Placement Programs (PPP) conducted by AAA / AA rated European Prime Banks or/and Prime Banks in Switzerland, Germany, UK, Hong Kong, Singapore and USA. Our resource offers qualified investors with assets of MINIMUM of USD/EUR 100M (or more) an opportunity to participate in several secured private placement opportunities. Our asset manager who has registered traders in key money centers around the world can execute on behalf of his clients various trade programs that offer returns that can only be understood by investors who are privy and knowledgeable about the working of these transactions. This opportunity offers zero risk to clients or investors funds that remains in clients account and never leaves owners control.
Our Platform in Switzerland is an active participant in buy sell opportunities and is an active cutting house for these bank debentures. We do not offer extensive public information on these programs as they are indeed private and cannot be solicited.
We have active programs that clients can get up and running in as little as 10 days. We do not believe in hype but actual performance history of our Platform.
Services - An investment trading program project /Financial opportunity for PPP (Investment works as leverage):
Our services broaden, if the Investor appreciate our away, Bass-Mint Management offers Investors the opportunity to constitute an important leverage of their investment, how it goes:
1. The proof of funds is done from the Investor’s bank account (Demonstration of the applicant investment capacity). 2. The funds are reserved via MT760. 3. The funds are never at risk. 4. The returns may vary from 25% to 100%. 5. The duration is between 10 to 40 weeks
Procedures . Clients submit a complete compliance package with proof of funds. Funds can be CASH, Financial Instruments such as BG, CD, MTN, BANK DRAFTS, SKR and BONDS. After the Platform or/and Asset Manager reviews and does satisfactory compliance on client and his docs, he will offer a contract with the exact returns for review and execution. OUR PROCEDURES FOR APPLICATION OF TRADING PROGRAMS/PPP: 1) The Applicant (or Investor) send his updated full Compliance PKG addressed to the Platform base in Switzerland. 2) After the Platform had approved the Compliance Package & POF, than the Investor will give the order to his bank for sending a RWA PRE-ADVICE LETTER to our Platform by “EMAIL+FAX” to our compliance department. 3) Upon the receipt of the PRE-ADVICE LETTER we will issue a TRADE PROCEDURE OFFER for both parties to sign. 4) Upon the receipt of the TPO, Platform prepare and sign the final Trading Private Joint Venture Agreement with the Applicant (or Investor). 5) Applicant (or Investor) print, sign, scan and send it back in PDF file. 6) At the proper time (within 3-5 business days before the starting date of the PPP), the Platform reply with an appendix with the receiving/trading bank details. And within 24-48hrs the Investor's bank send the agreed SWIFT MT760 (from a Top European Bank) to our trading bank and investor bank’s provide us an original copy of the “ANSWER BACK” (or confirmation of receipt) from trading bank. 7) Our trading bank make’s all verification via MT799 within 3 to 5 days. Upon confirmation we receive the credit line from our bank and the trade (or PPP) will start. 8) Every Friday the profit and the fees are paid to the nominated accounts.
Clients have to submit the appropriate documentation: A. Pre-Advice Letter & MT760 VERBIAGE from the bank institution of the applicant by FAX & EMAIL addressed to our Platform. B. Client Information Sheet (CIS/KYC). C. Color Copy of Passport. D. Proof of Funds (POF) – Tear sheet, Bank Statement signed by Two (2) Bank Officers (not older than 3 days). E. Copy of Banking Instrument. F. History of Asset/Instrument/Cash Funds. G. Authorization to Verify Cash or Assets.
WARNING - For information purposes:
You can click on the following links:
Convincing enough to push for funds checks.
Without any direct "VERIFICATION & CONFIRMATION" with the Investors bank's via the 4 following ways we can not engage on a transaction with any Investors: •Friendly call communication with the private banker of the Investors. •An email confirmation with a RWA "PRE-ADVICE LETTER with the VERBIAGE of the Block Funds" directly from the private banker of the Investors. •Letter of Authorization to VERIFY with the investors bank addressed to our Platform. •Bank to Bank verification & confirmation via MT799.
And to provide the clients a proposal that matches their individual ideas as closely as possible we need the following documents:
Applicants (or Investors) have to submit the appropriate documentation: A. Pre-Advice from bank institution of the applicant by FAX & EMAIL address to the platform/asset manager. B. Client Information Sheet (CIS/KYC). C. Color Copy of Passport. D. Proof of Funds (POF) – Tear sheet, Bank Statement signed by Two (2) Bank Officers (not older than 3 days). E. Copy of Banking Instrument. F. History of Asset/Instrument/Cash Funds. G. Account Statement (not older than 3 days). H. Authorization to Verify Cash Funds or Assets. I. POA (Power of Attorney). J. Letter of exclusivity.
The process from investor's application up to the fund's placement may take up to 4 weeks, which requires close cooperation with the applicant. Market related and operational changes in Terms & Conditions may occur and will be reported on request. As we are working only with the investor, the documentation is to be sent to the compliance department of our platform directly from the applicant or investor (principal owner) of the funds to be invested; after having received qualified documentation, further instructions will follow. Qualified applications can be processed any time in due course of action according to banking rules and regulations without particular dates or other time limits. That assures you a safe administrative and operational process of program implementation. The documentation has to be fully in place; otherwise the application cannot be considered.
Good trading programs are difficult to find, costly and time consuming to verify, quickly oversubscribed and frequently closed before interested investors can arrange the necessary funds. Literally dozens, perhaps hundreds of programs are offered annually. Many are non-existent repackaging of the same programs by different people or first time efforts that never get off the ground. The fundamental question, - which should be asked by a potential investor when reviewing program procedures - is “How does this program protect my principal from loss? ” If complete protection of principal is provided for in the procedures, the potential investor has established a sound basis for moving forward. In the market of PPP as an investor, you cannot lose your assets and capital. In history there was no case of loss of capital and assets of investors. This process is completely safe, and could not cause any financial loss to you: your financial assets will never be moved to other accounts, only if the Bank Investor has Swift opportunities. Investor funds will be blocked by bank standard via SWIFT MT760, in strict accordance with the signed contract.
ONLY clients co-operating, having their funds, clean and clear, unencumbered and free of any liens with AA rated prime banks in Western Europe, Hong Kong, Singapore or USA are considered as qualified for getting invited for participating in a private placement program. For program participation, at least a MINIMUM of USD/EUR 100M as cash deposit, credit line or bank instruments are required.
Investment program/trading contracts are directly signed between the investor and our platform for the placement of funds into the investment program. Only the principal owner of funds is considered as signatory. The investor will act as the applicant and the platform will be the beneficiary. The investments remain under the control and direction in the investor's account, guaranteed for the period of the contract with the platform. The contract period is in general one year – if not special programs - based on 40 or 44 weeks trading per year; returns are guaranteed by the contract and are variable with every program, also depending on the investment sum. Extensions for a second year or more are possible.
Given these very secure procedures, why then isn’t everyone investing in these programs? There are several reasons:
Most programs operate with USD/EUR100 million or more and are meant for large investors. Relatively few programs have been structured to accept small investments less than100 million, but our Platform don’t operate bank instruments or investments less than 100M. The banks bind Program Managers or/and Platforms very strict confidentiality agreements and it is very difficult to find Program Managers or/and Platforms willing to disclose their activities. В
Investor behavior depends on “perceived” risk rather than actual risk. While the actual risk may be very low, the “perceived” risk of a little known and somewhat obscure sounding business does dissuade many investors from getting involved. Only specialized back room departments of the bank are involved with these transactions. Most bank officials have no knowledge of them; knowledgeable banking officials are sworn to secrecy and would never divulge the existence of this market for fear of disturbing large depositors who would clamor for higher deposit yields.
If you are not knowledgeable about the working of these PPP transactions or don’t know anything about PPP, please READ CAREFULLY:
What is a Private Placement Program (PPP) also called Programs Buy/Sell or Programs Commonly Know as High Yield or Trading Programs?
Private placement trading programs usually involves trading with medium term bank notes (MTNs) or Treasury Bills called T-Bills. PPP refers specifically to private placement trading programs with a high return on the investment associated with humanitarian project funding programs or Fed programs as compared to capital enhancement programs.
These programs provide the traders with fresh issues of MTNs or T-Bills that produce high profit margins. This is known as the first tier. In the commercial world this would be called the B2B wholesale market. Now we all know that end users usually do not have access to the prices offered in the wholesale market, so they buy goods in the convenience store and not direct from the producer.
Most of the time these programs require the investors to use a portion of their earnings for projects of humanitarian, social, or economic development in nature to make sure that part of these Profits are put back into the economy. Even after deducting the portion of earnings to be used for projects, the investor is still left with a very substantial profit for their own investments.
Performing PPP programs are difficult to find and are not always available. Only a very restricted number of high-level traders or platforms can get access to these type of programs. Many capable investors have been looking around for PPPs for years and are unable to find a performing provider. Often they have wasted large sums of money by sending MT760’s to banks and so called traders that simply cannot perform.
Genuine programs are without risk to the investor what so ever, as the credit line raised against the capital is underwritten by the trading group. The (Investor) therefore is involved for the purpose of audit only, as it is by law that Financial institutions are not allowed to participate and therefore have to find a Private entity either a private person or company. At no time are the investor’s or better called Audit Fund Provider’s funds used for the trade.
The procedures to enter are simple and fairly standard, however the Audit Fund Provider will have to adhere to strict compliance and non-disclosure. Many claim to be next to traders, this is 99.99% not the case. Traders are very busy people and have no time to sit down and have a chat. Therefore they have a structure in place where the first contact is with a compliance officer or asset manager or a platform that will go through the submission papers and sort out the good from the nonsense.
Only a very limited number of high-level traders or platforms can execute such programs. Traders - very busy people and have no opportunity to negotiate with the huge number of brokers, investors and owners are often of dubious financial assets. Therefore, they have the structure (compliance officer or asset manager of the platform), which will study and conduct verification of the proposed papers.
Authentic Private Placement Program without risk, designed exclusively for private investors (companies or individuals), high-level, according to the law financial institutions (banks, financial funds, etc.) are not allowed to participate in the PPP. Trader or/and platform consolidates the assets of private companies and individuals for use in financial transactions, bringing high profits. The procedures to enter the trade are simple and fairly standard, but the Control Provider Fund (Audit Fund Provider) will have to adhere to a strict agreement of all parties and non-disclosure.
We have the ability and capacity to provide the investors with high profits through entry into the secure, private placement programs in direct cooperation with the managers of the platform or/and traders FED USA, as well as a number of banking service providers in Europe or/and Prime Banks in Switzerland, Germany, UK, Hong Kong, Singapore and USA. It is a long-term (40 weeks) or short-term programs or FED Banking Trade (Banking Trading), by using your CASH or bank instruments of foreign banks with a rating of AAA/AA (Via MT760), as well asset as GOLD or Depotschein/CD or SKR of ultrafine Copper Powders (PG) - Copper (powder), placed on deposit in banks or Security House.
PPP contracts provided a high equity capital and / or the possibility of obtaining additional major trader credits for use in financial transactions in order to maximize revenue. Investor investments remain under his control and direction in investor’s account, guaranteed for the period of the contract.
If the investors have an opportunity and a desire to place funds in a private placement programs (PPP), we can help. In a short time - two weeks after checking the documents received and due diligence process, the investors will receive a contract via email, or/and an invitation, which will be assigned a date and place of signing a contract with our platform in Switzerland. Under existing rules, the platform manager is negotiating exclusively with the investors; the transfer of assets in the management to the middlemen is prohibited. The contract between the platform and the investor is confidential; however, this does not exclude participation in the discussion and signing of qualified, experienced lawyer. An investor should act with caution and should not try to save money on the services of the lawyer and the financial adviser, remember the proverb that "Free cheese is only in a mousetrap". Investors should also take all measures to further block their assets, to prevent unauthorized access by outsiders.
In the market of PPP as an investor, you cannot lose your assets and capital. In history there was no case of loss of capital and assets of investors. This process is completely safe, and could not cause any financial loss to investors: applicant financial assets will never be moved to other accounts, only if the Bank Investor has Swift opportunities. Your funds will be blocked by your bank standard via SWIFT MT760, in strict accordance with the signed contract.
List of banking or/and financial instruments used in PPP (via MT760):
1. Cash (Proof of funds - statement of account). 2. Bank Guarantee (Banking Guarantee - BG). 3. Certificate of Deposit (Certificate of Deposit - CD). 4. Bank bonds (Medium Term Note - MTN) 5. Bank deposit receipt (Safekeeping Receipt - SKR). 6. Banking bill (Banking Bill). 7. Corporate bill accepted by Bank (Promissory Note - PN) 8. Depotschein / Certificate of Deposit Security House or SKR of bank, which is based on ultrafine copper powder (PG)-Copper (powder) Isotopic fractions CU 63/CU65 Cu 63 = 69,1%, Cu 65 = 30.9 or/and High Purity Powder Copper pure at 99.998%, deposited in the Security House, or the bank.
Generally, funds should be cash deposited on the Applicant or Investor's account (minimum A+ prime bank), clean and clear, unencumbered and free of any liens; larger funds stay in principal's account as blocked (or/and reserved funds) in his bank and no transfer is necessary as long as the bank allows the issuance of a SWIFT MT760; with investor’s deposit, only prime banks in Western Europe and United States are acceptable; Asian clients should cooperate with AA / A+ rated banks, their branches in Western Europe. Banks in Asia only with exceptional rating (Hong Kong, Singapore) and affiliated, correspondence banks in Western Europe; Besides cash deposited funds, also financial instruments as Bank Guarantee (BG formats ICC487/500 or ICC600), Safe Keeping Receipt (SKR) guaranteed by client's bank and backed by bankable asset, Certificate of Deposit (CD) originating from prime banks and a Credit Line can be utilized as well for investment programs; however, cash deposited funds are most suitable for fund's placement. ONLY clients co-operating with Western European, Hong Kong, Singapore or US American A+ and AA rated banks are considered as qualified for getting invited for placement of their funds into an investment program.
The issuing bank should not be a resident of a country within the compiled International Group on Anti-Money Laundering (FATF) "blacklist" of countries that are not cooperating in the fight against money laundering and terrorist financing (Myanmar, Nauru, Nigeria). Indonesia, the Philippines and the Cook Islands are excluded from the list, but more attention to them remains.
Bank instruments to be issued in the international format, according to ICC 500, ICC 600 (Available - ICC 400), must be verifiable bank-to-bank by SWIFT MT760 format, or deposited into an international clearing systems (Euroclear, FED Screen, etc.) that also allow for their verification.
No intermediaries are acceptable on this type of PPP operations (For two main reasons #1: To many confidential documents involves and we don’t want to take any risk, all the files we receive are treated as strictly private and confidential. #2: We don’t want any misunderstanding or bad communication.) В
The Structure of business protocol can only be as follows:
The Rules of the Road for Trading Program (PPP):
1) None of the customary standards and practices that apply to conventional business, investing and finance applies to our marketplace. 2) Personal financial and business success has virtually nothing to do with who you are and what you think you know, but almost everything to do with who you are and how you conduct yourself. 3) It is a privilege to be invited to participate in one of our Private Placement programs. It is not a "right." These programs deliver unparalleled yields in combination with absolutely no program-related risk. The trading administrators and managers have a virtually endless supply of financially qualified applicants. All things considered, the trading banks will favour the applicant with the best background, the best attitude and the best paperwork. 4) An applicant should never underestimate what the trading entities know about him. Failure to provide full disclosure will summarily disqualify the disingenuous. 5) Generally, the programs exist to finance humanitarian projects, not to generate more money for the wealthy. Clients who have projects usually receive preferred treatment and the highest yields. 6) Clients must first prove that they are qualified, not the other way around. Until the platform or traders and trading banks accept the client, nothing shall happen. 7) Face-to-face interview with compliance officers and program management are often required (Only upon request of the compliance or platform). An arrogant or demanding personality will guarantee rejection. 8) Only the principal owner of funds is considered as signatory. Corporations must empower an existing officer or director as sole and exclusive signatory (also exclusive signatory on the bank account in which the funds reside), by Corporate Resolution. 9) Not only do the funds have to be on deposit in a top bank; the bank must be in an acceptable western jurisdiction. If not, the funds have to be moved to such a jurisdiction or a suitable bank in an acceptable venue must guarantee them with full responsibility. 10) It is felony fraud to submit documents or financial instruments that have been forged, altered or counterfeited. Such papers are immediately referred to the appropriate law enforcement bodies for immediate criminal prosecution 11) The practices, procedures and rules are determined by the Federal Reserve USA, Program Management or Platform, Licensed Traders and Trading Banks. It is their decision as to whom to accept and whom to reject. Contract terms, yields, schedules, etc. are made to fit their needs and schedules and not the caprices or demands of the candidate. 12) This marketplace is strictly confidential, and absolute confidentiality is a key element of virtually every contract. A client who breaks confidentiality will precipitate instant cancellation of his contract, often with severe financial consequences. 13) Submission of application documents to more than one management group at a time is termed, "shopping." If a prospect "shops," he can expect that this fact shall be quickly disseminated among management groups who maintain close communication, and he shall be accepted by none - rejected by all ("black listed").
Disclaimer: We are not a United States Securities Dealer, NFA/CFTC Member, or United States Investment Advisor. All articles and related documents are never considered to be a solicitation for any purpose, in any form or content. Upon reading the articles and information you hereby acknowledge this warning and Disclaimer. All information provided is for informational purposes only, and shall not be relied upon as personal financial advice. Any reference to a specific trading strategy is only to assist in learning, and shall NEVER be relied upon when making future investment decisions .
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Eurex Exchange's T7
Building on our track record as the first-mover in electronic trading, Eurex Exchange’s T7 trading architecture, developed by Deutsche Börse Group, is set to revolutionize the way traders and investors access market opportunities worldwide.
Designed in partnership with exchange participants, this platform will enhance trading performance across the board, including reduced latency and increased throughput.
Streamlined processing and reporting
Improved functionality, including enhanced calendar spreads and packs & manojos
Significantly reduced time-to-market for introducing new products and features
A more flexible schedule for software upgrades
The latest news on Eurex Exchange's T7 will be kept up to date here on the website.
Watch this video and learn all you need to know about key functional and technical aspects of Eurex Exchange's T7.
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Kenanga Investment Bank Berhad
Kenanga Investment Bank Berhad ("KIBB") is the largest independent investment bank* in the country by equity trading volume and value, as well as one of the top three brokerage houses in Malaysia.
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Kenanga Investors Berhad
Kenanga Investors Berhad ("KIB") performs regulated activities of fund management dealing in securities (restricted to unit trust), investment advice and dealing in Private Retirement Scheme under the Capital Markets and Services Act (CMSA) 2007.
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Kenanga Deutsche Futures Sdn. Bhd.
Kenanga Deutsche Futures Sdn Bhd ("KIIB") is the leading Futures Broking firm in Malaysia, winning "Top Overall Futures Broker Award" and "Top Equity Futures Broker Award" for 10 consecutive years from 2003 -2012 from Bursa Malaysia Derivatives Berhad, in recognition of its performance and contribution to the industry.
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Kenanga Capital Sdn. Bhd.
Kenanga Capital Sdn Bhd ("KC") carries out the business of financing the purchase of shares of listed companies, those approved for listing on the Stock Exchange pursuant to a corporate exercise and quotations on the Bursa Malaysia.
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Kenanga Investment Bank Berhad
Kenanga Investment Bank Berhad ("KIBB") is the largest independent investment bank* in the country by equity trading volume and value, as well as one of the top three brokerage houses in Malaysia.
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Kenanga Deutsche Futures is the leading futures broking firm in Malaysia, winning “Best Derivatives Trading Broker Award” and “Best Trading Broker Equity Derivatives Award” for 12 consecutive years since 2003. Kenanga Deutsche Futures was also given the accolade as the second runner of for Best Derivatives Clearing Broker in 2017. The titles were awarded by Bursa Malaysia Derivatives Berhad, in recognition of its performance and contribution to the industry. Kenanga Deutsche Futures was also recently voted the Emerging Market Broker of the Year for 2017 at the Futures & Options World (FOW) Awards for Asia 2017 in Singapore.
Kenanga Deutsche Futures was incorporated in August 1995 and is a joint venture between Kenanga Investment Bank Berhad (73%) and Deutsche Asia Pacific Holdings Pte Ltd (27%). With this strategic partnership, Kenanga Deutsche Futures receives advice and assistance on many aspects of the futures industry, adding to the extensive experience and expertise of the team.
We are a direct member of Bursa Malaysia Derivatives Berhad (BMDB) and hold the following participantships:
- Trading Participantship with BMDB and a Clearing Participantship of Bursa Malaysia Derivatives Clearing Berhad to execute and celar all classes of futures contracts traded on the Exchange.
- Registered firm with the US CFTC, granted exemption relief pursuant to Commission Regulation 30.10
For more information about KDF, please call + 603 2162 6000 (Dealing), +603 2162 7000 (Clearing) or email futures@kenanga. com. my
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Kenanga Deutsche Futures Sdn Bhd
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NYSE and Deutsche Borse merger chiefs size up single Red Hat Linux trading platform
The New York Stock Exchange and Deutsche Borse are planning a move to a single cash equities trading platform, understood to be based on Red Hat Linux, in a crucial step towards saving €79 million (£64 million) in annual IT costs and delivering robust, fast messaging.
The New York Stock Exchange and Deutsche Borse are planning a move to a single cash equities trading platform, understood to be based on Red Hat Linux, in a crucial step towards saving €79 million (£64 million) in annual IT costs and delivering robust, fast messaging.
If the merger goes ahead, the exchanges will also integrate “complementary” derivatives businesses, and combine their US options platforms. The savings represent 26 percent of the €300 million total planned cost cuts, which also include more efficient clearing and market operations.
The companies declined to confirm exact supplier plans, but both run their matching engines on Red Hat Enterprise Linux and the system is understood to be seen as the most likely backbone for the proposed single trading system. Several market sources confirmed the exchanges would be inclined for Red Hat systems to take a central position in the exchanges' merged infrastructure.
The news comes as NYSE rejected a rival bid from NASDAQ, which in its proposal heavily criticised the Deutsche Borse bid and claimed the German exchange did not have a good history of integrating technology.
As Deutsche Borse sought to proceed with its own takeover attempt, it and NYSE Euronext filed an 894 page merger document with the US Securities and Exchange Commission, detailing how the merger would work in practice. The savings would be achieved over three years, the companies said, but they warned of the challenges in retaining top IT managers.
The exchanges said they may also consider a single platform covering both equities and derivatives – if not, derivatives would have its own single platform. The goal would be “maximising” savings and improving efficiency for traders.
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IT is high on the agenda at both firms. At Deutsche Borse, approximately a third of employees work in IT, and in the last few years each of the two exchanges has spent heavily on moving to its own single trading platform.
Last year, Deutsche Borse began migrating remaining Unix-based IT systems to Red Hat Enterprise Linux, which “increased system performance and enhanced flexibility, while also reducing operating and maintenance costs”, they said.
The exchange’s unified trading system was “brought to production readiness, combining “selected open source software components with third-party programs and software that has been developed in-house”. Its main matching engine, Xetra, runs on Red Hat Enterprise Linux-based servers and uses the IBM WebSphere MQ Low Latency Messaging system.
NYSE Euronext is moving its matching engine technology over to its Universal Trading Platform, which itself is based on Red Hat Linux running on x86 servers. The platform offers 150 microsecond latency, and can process up to 100,000 messages per second. The company wide move will be completed this year.
The move to the Universal Trading Platform “involves several upgrades to NYSE Euronext’s current architecture, using technologies acquired through strategic initiatives and acquisitions”, the companies said. It also involves the “implementation of a common customer gateway and market data system to enable market participants globally to access NYSE Euronext’s markets, products and services via a common architecture”.
NYSE has closed a raft of datacentres, shifting European matching engines into a new 315,000 square foot data centre in Basildon, Essex. It also has a 400,000 square foot data centre in Mahwah, New Jersey, for US trading.
“The combination of Deutsche Borse Group and NYSE Euronext brings together two industry leaders, each possessing world-class technology with a strong track record of integrating and realising cost efficiencies,” the companies said in the merger document.
“To enable high frequency trading for sophisticated investors, execution times of trades have to be competitive with other trading platforms,” they said. “The availability of IT systems and prevention of IT processing errors are key quality issues demanded by customers.”
The combined company would “have access to a technology base consisting of major data centres in the United States, the United Kingdom and Continental Europe, a far reaching network infrastructure, and successful trading, clearing, settlement and custody systems such as Eurex, Liffe Connect, SFTI, OptimISE, the Universal Trading Platform and Xetra”.
IT would be based in New York, with other technology offices in London, Belfast, Frankfurt, Luxembourg, Paris and Prague. NYSE Euronext head of technology Dominique Cerutti would be appointed as president of the combined group, as well as running its systems.
There were however risks in the merger, the companies warned, including possible regulatory concerns and potential challenges integrating the platforms.
They said: “There is a shortage in the employment market for specialists in the information technology field, and Deutsche Börse Group and NYSE Euronext compete for employees with a large number of other enterprises in the information technology industry.” Success would depend in part on the ability of the combined companies “to attract and retain management personnel and other key employees”.
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Free ETF Trading: Comparing All The Options
by Eric Dutram on October 22, 2010 | Updated July 9, 2017
As the ETF world continues to grow, the competitive landscape continues to evolve. A growing number of firms have attempted to differentiate themselves by offering unique exposure to asset classes and strategies not previously available–such as funds tracking the Philippine stock market or ETNs linked to the price of industrial metals such as zinc or tin. More recently, the ETF industry has witnessed escalating price wars, with multiple issuers lowering management fees in an attempt to lure cost-conscious investors. These price wars have sent expense ratios to as low as six basis points, much to the delight of investors accustomed to forking over upwards of 1.5% annually to active mutual funds. But many ETF issuers have recognized that the total cost of ETF investing goes beyond just expense ratios, and have aggressively marketed programs designed to save investors money when executing ETF trades [see The Total Cost Of ETF Investing ].
As a way to stand out–or perhaps to keep pace–a number of brokerage houses have signed deals to offer commission-free ETF trading as a way to entice new clients who have embraced the benefits of exchange-traded funds. This developments has added an additional consideration for ETF-savvy financial advisors looking to maximize client returns by minimizing fees, and has the potential to be a major factor for investors choosing between two otherwise (nearly) identical funds. Consider the case of IVV and SPY: both track the S&P 500 and have expense ratios of 0.07% and 0.09% respectively. Commission-free trading options could be the deciding factor for an increasing number of investors [see Free Report: How To Pick The Right ETF Every Time ].
Although commission-free ETF trading is a relatively new concept, several of the biggest players in the space have begun to offer these programs to their clients. Not surprisingly, the scopes of these programs vary, and there are several advantages and limitations for investors each. Below we profile some of the key differences between the free ETF trading systems available to investors today.
Vanguard
4 Most Popular Commission Free
Vanguard. famous for its low-cost hands-off approach, offers all of its 62 ETFs commission-free to its clients. The company is probably best known for its ultra-cheap Emerging Markets Fund (VWO ) and its REIT ETF (VNQ ) which have close to $47 billion and $24 billion under management, respectively. Vanguard also offers clients access to a host of government and corporate bond funds including an Extended Duration Treasury Index Fund (EDV ) and even a Mortgage Backed Security (VMBS ) option as well. Vanguard’s ETF lineup includes all the tools to build a long-term portfolio, including a number of U. S. and international equity options, as well as various broad-based and targeted bond funds [see Vanguard's complete ETF lineup ].
While Vanguard offers an extremely robust product lineup, the offering of commission-free ETFs does have a few holes. Currently, Vanguard’s ETF lineup includes nothing in the way of commodities, international bonds, or munis, and the level of granularity available (e. g. country-specific funds). Nevertheless, Vanguard offers perhaps the most comprehensive free-ETF trading platform– and considering that the average expense ratio is around 16 basis points, paves the ways for investors to minimize all components of the cost equation [also see Vanguard Ups The Ante, Launches Russell ETFs ].
It’s also worth noting that Vanguard brokerage clients will be charged either $2 or $7 for trading of non-Vanguard ETFs, rates that stack up favorably to the rest of the industry.
Charles Schwab
5 Most Popular Commission Free ETFs
Schwab ‘s entrance into the ETF industry came long after many of its rivals had established footholds in the space, but the San Francisco-based firm made a splash when it launched its first ETFs late in 2009. The firm made trading of its ETFs commission-free for Schwab from the get-go, likely prompting other competitors to follow suit. Schwab currently offers clients a diversified mix of its 11 branded ETFs available to its investors free from commissions. The company’s lineup includes a variety of bond, international equity and domestic equity ETFs, all of which have expense ratios less than 20 basis points and come in at an average of just 0.08%. These low cost options include a short and intermediate Treasury funds, as well as a TIPS product in the bond space. Schwab’s ETF lineup focuses on portfolio building blocks, and as such doesn’t offer much in the way of targeted securities. Investors could easily make a solid–albeit it basic–portfolio with just the 15 commission free products offered from Schwab .
Because Schwab is still building out its ETF lineup, the free offerings are somewhat limited. While the equity offering cover all the bases, missing are ETFs offering exposure to muni bonds, junk bonds, or investment grade corporate bonds. Investors looking for commodity exposure won’t find it from Schwab. That could all change over the years, as the company has continuing plans to continue beefing up its ETF lineup, but for the time being there are some holes in the product offering blanket [also read Schwab ETFs Could Be A Gamechanger ].
Fidelity
5 Most Popular Commission Free ETFs
MSCI Emerging Markets Index
Russell 2000 Index
MSCI EAFE Index
Dow Jones US Real Estate Index
iShares Core S&P 500
The Boston-based financial giant has teamed up with iShares to offer 30 commission free ETFs from the world’s number one ETF issuer, as well as free trading on Fidelity’s Nasdaq Composite Index Fund (ONEQ ). The selection from Fidelity consists of the most popular iShares ETFs, including the popular Russell 2000 Fund (IWM ), S&P 500 Fund (IVV ), S&P Mid Cap 400 (IJH ) Fund, just to name a few. Additionally, the program offers seven international equity index funds–ACWI. EFA. SCZ. EEM. EMB. IDV. ACWX –which should allow investors to achieve a high level of international exposure across both emerging and developed markets. In the fixed income arena, Fidelity offers investors commission-free access to five funds including its extremely popular AGG. TIP. and LQD. The company also offers exposure to the municipal bond market through MUB and emerging market bonds denominated in U. S. dollars with EMB [see Fidelity's complete ETF lineup ].
Not included in the list of commission-free ETFs are any commodity products, such as the physically-backed gold (IAU ) and silver (SLV ) ETFs or the futures-based GSG. Also not included are country-specific equity funds, including the ultra-popular Brazil (EWZ ) and China (FXI ) ETFs. In the fixed income space, the iBoxx $ High Yield Corporate Bond Fund (HYG ) is the biggest omission [check out the Cheapskate ETF db Portfolio ].
Interactive Brokers
5 Most Popular Commission Free ETFs
Global X Silver Miners ETF
Global X FTSE Columbia 20 ETF
Global X SuperDividened ETF
Global X Uranium ETF
Global X Gold Explorers ETF
This relatively low key portfolio has a wide range of Global X funds with a heavy focus in commodities and the countries that can impact this highly volatile industry. The selection includes many funds that are often overlooked, such as SIL. but offer great specialized exposure to assets such as silver miners or gold explorers (GLDX ). The focus on commodity rich companies on embeds the focus of this portfolio, including countries such as Columbia (GXG ), Argentina (ARGT ), and Norway (NORW ) gives steady growth even within the commodity concentration, make sure to check out the nearly 50 commission free products offered from Interactive Brokers .
Only five of the funds included are exclusively traded commission free with Interactive Brokers and all of these, FSU, FSA. FSE. FOL. and FSG are leveraged funds. Excluding these funds, every thing else in the portfolio is also available to E*Trade users. There is also a general lose of fixed income, which could be key to evening out the earnings of a commodity based portfolio [see also How To Invest Overseas (Without Currency Risk) ].
E*Trade
5 Most Popular Commission Free ETFs
WisdomTree India Earnings Fund
WT Emerging Markets High-Yield Equity
Global X Silver Miners ETF
WisdomTree Dividend Top 100 Fund
Global X FTSE Colombia 20 ETF
The newest entrant on this list has is making up for lost time by offering around 90 commission free ETFs from issuers including Global X, WisdomTree, and db-X (Deutsche Bank). The selection of products ranges from international bonds, key asset classes, commodity producers and more. Upon launch, the immediate stand out ETFs were the WisdomTree Emerging Markets Equity Income Fund (DEM ), the Emerging Markets Local Debt Fund (ELD ), and the ex-Financials Fund (DTN ) but investors also started to discover some commodity funds with Global X, including the Silver Miners ETF (SIL ), Uranium ETF (URA ), and Colombia ETF (GXG ) [see E*Trade's complete ETF lineup ].
All of your bases are covered with E*Trade, but one main difference is no ETF with E*Trade has a lower expense ratio than 28 basis points, a much higher price to pay compared to the price war ETFs that are also commission free. This could be why the trading levels with these ETFs are much less impressive, with even the most popular fund only trading 3 million times a day. With this great exposure there are some drawbacks, and investors should consider just how many options they need before investing [see also E*Trade Joins the Commission Free ETF Party ].
Firstrade
5 Most Popular Commission Free ETFs
This young and privately owned discount stock brokerage firm from upstate New York was first known for its special offering of Chinese online trading sites and telephone help lines, opening up the american stock exchanges to trading to non English speakers. Much like E*Trade, this business could not exist without internet innovations and the growing number of part time traders interested in new products, but unlike its main competitor there are only 10 funds to choose from. Even in this small portfolio there is a range of equity funds, from the Core S&P 500 ETF (IVV ) to the Small-Cap Growth ETF (VBK ) including international exposure as well. Of course the FTSE China 25 Index Fund (FXI ) is listed as well, but there is also bond and commodity exposure as well [see Firstrade's complete ETF lineup ].
Due to its size, there are a lot of fund types that are not included in this portfolio, including municipal or government bond funds. The focus is on equities, so even though there is a fund for commodities, its the DB Commodity Index Tracking Fund (DBC ) which doesn’t give anything but an overview of the market. Most of the funds listed only skim the surface of ETF potential, and while they might be good for first time investors, they are not nearly specialized enough for people looking for specific returns [see also ETFs That Should Be Commission Free But Aren't ].
TD Ameritrade
5 Most Popular Commission Free ETFs
MSCI Emerging Markets ETF
FTSE China 25 Index Fund
MSCI Brazil Index Fund
MSCI Japan Index Fund
Barclays 20 Year Treasury Bond
TD utilized Morningstar’s research team to select the ETFs included in the program, and as a result the scope of offerings is not restricted to a single ETF issuer and there are over 100 funds to pick from. Unlike the other commission-free programs, TD’s platform includes a host of products from a variety of issuers, including iShares, PowerShares. State Street. Vanguard, WisdomTree, iPath, and Van Eck, just to name a few. The company will offer the usual lineup of products targeting the main components of a portfolio including 30 bond funds and 31 domestic equity ETFs [see a complete list ].
In another first, the company will offer free trading on commodity funds, including the popular PowerShares DB Commodity Index Tracking Fund (DBC ), and it will be the only one to offer the service on a variety of iShares’ individual country ETFs, ranging from the MSCI Brazil Index Fund (EWZ ) to the MSCI Canada Index Fund (EWC ). TD’s plan is also the only to offer a commission-free junk bond ETF: State Street’s JNK. Other commission free products not available elsewhere include ETFs focusing on India (INP ) and Russia (RSX ), as well as a currency carry ETN (ICI ) from iPath. It’s interesting to note that TD Ameritrade’s list includes Vanguard’s emerging markets ETF (VWO ) but not the iShares product linked to the same underlying index.
TD’s ETF coverage isn’t without a few holes. Of the seven largest U. S.-listed ETFs by total assets, five of them–SPY. GLD. EEM. EFA. and QQQQ –aren’t on the list (those five funds account for about a quarter of all U. S. ETF assets). It should be noted, however, that TD does offer funds linked to the S&P 500 (IVV ), MSCI Emerging Markets Index (VWO ), and MSCI EAFE Index (VEA ).
Scottrade/FocusShares
FocusShares made its return to the ETF industry in March 2011, not as a provider of specialized sector ETFs but as a unit of Scottrade. However, the return was short-lived; the company shuttered the entire lineup less than two years later after failing to generate assets. While they were around, all the FocusShares ETFs were available commission free in Scottrade accounts:
Focus Morningstar US Market Index ETF
Focus Morningstar Large Cap Index ETF
Focus Morningstar Mid Cap Index ETF
Focus Morningstar Small Cap Index ETF
Focus Morningstar Basic Materials Index ETF
Focus Morningstar Communication Services Index ETF
Focus Morningstar Consumer Cyclical Index ETF
Focus Morningstar Consumer Defensive Index ETF
Focus Morningstar Energy Index Index ETF
Focus Morningstar Financial Services Index ETF
Focus Morningstar Healthcare Index ETF
Focus Morningstar Industrials Index ETF
Focus Morningstar Real Estate Index ETF
Focus Morningstar Technology Index ETF
Focus Morningstar Utilities Index ETF
Complete List
More than 200 ETFs are available commission free in one place or another, offering access to just about every asset class available:
Originally Posted by TraderNumber7
No dealing desk on what FXCM calls its "Mini Account" since 2006, when FXCM has been in business - how long exactly? - is nothing to pound your chest about. At the same time, you never mentioned the so-called "Standard Account" or the 100K account. Is that No Dealing Desk execution, too - 100% of the time? Back-To-Back Off-Setting? Who are you kidding, here - me? You know perfectly well that if it were true STP then there are no such deals sub-lot deals, don't you. Interbank does not deal in partial lots, Jason. So, this brings us back full circle to the question of whether or not your firm "Intervenes" at the 100K (Standard Lot) level?
Your information here is incorrect. The banks providing liquidity to FXCM take mini lots of 10k in addition to 100k standard lots. Your statement may have been correct in the early 2000’s when you traded with FXCM, but this is no longer true. Technology progresses.
I’m happy to announce that we are also preparing to offer No Dealing Desk execution for our micro clients as well. When we first launched FXCM Micro, we planned to offer No Dealing Desk execution. However, the banks would not stream prices in micro lots. This was simply unheard of in the foreign exchange industry. Our FXCM Micro traders have since placed over 30 million trades totaling 200 billion in notional volume, and the banks have changed their minds. Where there’s a will, there’s a way, and the banks have realized the opportunity in taking even these trades. As one of the largest forex brokers, the amount of volume we bring to the table allows us to negotiate this type of service to pass along to our traders.
Let me ask you this, Jason, since Drew is not here right now; is there an inbound Pricing Algorithm that drives any of the outbound Bid/Ask prices shown on the FXCM Trading Platform, that in anyway shape or form, alters Interbank Bid/Ask levels from Liquidity providers that make up the pool FXCM uses to satisfy order requests from its customers? Yes, or no.
If the "Best Bid Engine" is not manipulating the prices your customers see in their FXCM Trading Platform (the one I know nothing about) then what does the word "Manipulation" really mean, Jason?
Do you think the best bid and offer price magically sorts itself out on its own and then displays this information on the platform? Of course not, the pricing engine looks at the 10 bid and ask prices being quoted, and then the best bid/ask price is streamed onto the platform.
Quick example. Let’s suppose there are 2 banks (to keep things simple) each providing liquidity in GBP/USD.
Bank A is quoting 1.5043 bid and 1.5045 ask Bank B is quoting 1.5042 bid and 1.5044 ask
So the best bid/offer engine sees two prices being quoted on each side (bid and ask). It then identifies the best price out of the selection which is 1.50430 bid from Bank A and 1.50440 from Bank B. The spread is 1 pip. At this point, a fixed pip mark-up is added to the bid/ask and streamed onto the platform. Assuming there is a 1 pip mark-up on GBP/USD, the final pricing you see on the platform would be 1.5042/1.5045 for a 3 pip spread on GBP/USD. FXCM is compensated for it’s services through a mark-up on the spread as explained on the website and what you pointed out. This is the fee paid for using FXCM’s services.
On the FX Trading Station II, this entire process in the pricing engine occurrs with 10 separate banks providing liquidity. I’ll go into further detail about the off-setting process of No Dealing Desk execution further below.
Here is another question, Jason - if I were an FXCM customer having just placed an order with FXCM through the FXCM Trading Platform, does the platform send my order Straight Through to Interbank for direct counter-party off-setting, without my order being constrained, amalgamated and/or consolidated with ANY other FXCM order from ANY other FXCM customer and/or ANY other block of capital originating from within FXCM itself?
I’ll give a detailed example of how NDD execution works on the backend.
Suppose you want to buy GBP/USD and the current market price you see on the platform is 1.5045 and assume that the mark-up on the buy price is 1 pip. Therefore bank A is offering to sell GBP/USD at the price 1.5044 and FXCM is charging and additional pip so you see the price 1.5045 on the platform.
When you press the buy button, the order is sent to FXCM, and FXCM routes the order to Bank A to execute a trade at the price 1.5044. If liquidity is still available at that price the trade is executed. Confirmation is sent back to the platform and you see an open long (buy) position at the price 1.5045. The bank has a short position at the price 1.5044 and FXCM has made a pip on the trade.
If your trade can’t be executed with Bank A at the price you clicked on, then one of two things can happen: slippage or trade rejection (depending on the type of order submitted). Let’s assume this is an At Best market order which will be filled at the best price available. If Bank A sends back a message that the order can’t be filled at the price 1.5044, then the order will be executed at the next best available price. Bank B is offering to sell to you at the price 1.5045. The order is sent to Bank B and executed at the price 1.5045. You have a long position at 1.5046 (due to the 1 pip mark-up), Bank B has a short position at the price 1.5045, and FXCM made 1 pip on the trade.
Regardless of the amount you make or lose on the trade, FXCM is left with 1 pip. Your profit or loss is not FXCM’s loss or gain since we are not acting as a market maker on No Dealing Desk execution. Neither is slippage an additional gain for FXCM since the same pip amount is paid.
No dealing desk on what FXCM calls its "Mini Account" since 2006, when FXCM has been in business - how long exactly? - is nothing to pound your chest about. At the same time, you never mentioned the so-called "Standard Account" or the 100K account. Is that No Dealing Desk execution, too - 100% of the time? Back-To-Back Off-Setting?
If checking the website, one would discover there is no separation between mini and standard accounts. This is why I didn’t mention standard vs. Mini accounts. Since the banks will accept both mini and stanard lots on No Dealing Desk execution, there’s no need to separate the two accounts types. You can trade either lot size and combinations of the two from the same account. I imagine the same will occurr with micro lots once NDD goes into effect.
When you are done with that, we can also talk about the other statement on the FXCM website called: "No Entry-Order Restrictions," where at the bottom of the same webpage in the finer print it gets revealed that: "FXCM Trading Station allows for order sizes up to $50 Million per trade" as the maximum Order Entry. Well excuse me! Precisely what does "No Entry-Order Restrictions" mean if I can't execute via single-click on a lousy $50MM notional trade? That is a rather small trade size for some of us, Jason.
It says no entry order restrictions because you can place it within 1 pip of the forex market. Here’s the exact quote from the FXCM UK website “Place Entry Orders and Stops/Limits within 1 pip of the forex market. Any order whether it be market order or entry order has a restriction of 50 million notional per trade. Why is this the case? There is not unlimited liquidity at each price. If you place an order for 50 million, chances are you will be slipped. Just take a look at the depth of market on the Active Trader platform, and it will give you an idea. Banks are managing their risk as well by charging a higher price for trading as they take on the risk of a larger trading size. Most profesional traders will instead scale into their positions even if it’s 10 million at a time so as not to show their entire “hand” on what they are doing to the market.
Restrictions on stops, limits, and pending entry orders often occur with market makers or dealing desk brokers. This occurs because bank spreads are variable, while dealing desk market makers are normally fixed. Therefore, if a bank provides a 5 pip spread and the dealing desk broker is guaranteeing a 2 pip spread, the dealing desk broker will lose 3 pips on each trade. To mitigate this risk, restrictions on orders may be imposed. If the dealing desk broker chooses a restriction of 5 pips then they have mitigated their risk to 7 pips (5 pip restriction + 2 pip spread). Unless bank spreads widen past 7 pips, the dealing desk broker is protected. During news events and volatile markets, bank spreads can easily widen beyond this amount, which is why dealing desk brokers may heighten restrictions when the market is likely to move.
Now, holding a Trading Conference in New York City, would even bring me out to the party, Jason. That is precisely the kind of environment where serious minded Traders go to hold such conventions. Certainly, not Vegas. This is a serious business to some of us. Many of us don't treat our Trading business as a gambling venture - though some do.
I completely respect your opinion. Our decisions on the expo location are made on accessibility for our traders.
Originally Posted by Jason Rogers
Your information here is incorrect. The banks providing liquidity to FXCM take mini lots of 10k in addition to 100k standard lots. Your statement may have been correct in the early 2000’s when you traded with FXCM, but this is no longer true. Technology progresses.
This has nothing to do with "technology," Jason. I said that Interbank does not deal in fractional lots and the don't - nothing has change there.
Are you saying that FXCM offers Straight Through Processing to Interbank for its customers? We already know that's incorrect. ¿Por qué? Because I've already pointed out that FXCM manipulates the inbound Bid/Ask to fuel its revenue model. FXCM makes revenues by artificially widening the Bid/Ask to install its "commission like" cuota. Yet, FXCM Advertises that it does not charge a commission. Not only is this confusing to the Newbie, it is flat out incorrect in at least two (2) dimensions:
a) Cost Structure of the Trade to the Newbie.
b) Whether or not the Newbie is actually dealing direct with Interbank through its Intermediary via STP.
In the case of FXCM, neither can be true, as I will demonstrate later in this thread with some simple math and some rather interesting facts about the market players and what their turn-over is in this business.
Originally Posted by Jason Rogers
I’m happy to announce that we are also preparing to offer No Dealing Desk execution for our micro clients as well.
The reason that it was and is still unheard of in the Forex, is that the real Interbank System, composed of some of the world's largest banks, model funds and commercial financial institutions (just to name a few), have never dealt in fractional lots - period. This entire concept of fractional lot transactions, is based entirely on the fact that "Brokers" are manipulating incoming prices seen by their Customers on their respective trading platforms (FXCM included) to include a "mark-up" and to business proposition for what had not been in existence just 18 years go, called the Retail Forex Spot Market/Industry.
You've found a way to carve out a niche and execute a business case. I've got no problem with that. What I have a problem with, is the fact that you've been telling people for years that FXCM carries its Customer direct to Interbank, which is totally incorrect. There is no "Mini Lot Notional Value" concept and/or language being used between the institutions that make up Interbank and that deal with each other daily. The primarily deal in fractions of Yards not Mini Lots.
Firms like FXCM and others, take multiple positions from various customers and push them through an aggregation algorithm that consolidates desperate customer positions into singular blocks that can be transacted in the real Interbank market. If you don't do this or can't do this, then you are forced to either build your own proprietary pool of liquidity and then market the heck out of it as "Bank" driven, or you must reside your firm to being a PayPal Bucket House and exploit other marketing niches such as the Mini and Micro Lot worlds, where the people you engage don't typically have a clue about what they are doing and/or why they are doing it.
This means that BEFORE any individual FXCM customer gets off-set anywhere near Interbank, FXCM must either 'batch' the trade into an aggregate and THEN pass it along as a block [if calculations permit], or trade against it as the in-house counter to the customers position. That Trader has no idea that their trade has been "pooled," "aggregated" and/or "transformed" into a larger block, with their original trade often times never seeing the light of day at the actual Interbank level on an individual basis and I can think of one of your current ASP customers right now who does this very thing to their own Customer transactions.
Now, this "Mini Lot" concept that FXCM offers, is made possible not because Interbank deals in "Mini Lots," but because FXCM "might have" worked a deal with its proprietary pool members, to accept smaller fractional sizes. But, FXCM does not make a market for every single player in Interbank, not even close. FXCM has a proprietary list of liquidity providers under its own platform and many of them are NOT large scale Interbank players, while some, I am sure, might be.
Do you think that I can enter a trade on Deutsche Bank's Autobahn FX platform, or the UBS FX Trade platform, or the Barclays BARX platform, or the HSBCnet FX Network platform, or the Standard Chartered CT platform; in fractional, so-called "Mini Lots?" To the contrary, FXCM and the rest of the firms like it, have put together a proprietary pricing pool, that in no way should be confused by the Newbie as having much to do with Interbank pricing depth and breadth. FXCM has put together and maintains a Retail FX Price Pool. That is not - I repeat - not truly representative of Interbank in any real depth or dimension.
Of course, simply posting the full names of the "Banks" that FXCM uses, would be a good start to ending this debate. But, how many times has that request been completely ignored.
Originally Posted by Jason Rogers
Our FXCM Micro traders have since placed over 30 million trades totaling 200 billion in notional volume,
Hello? That's approximately 0.00015 trades per notional dollar. Do you see anything wrong with this picture?
Originally Posted by Jason Rogers
and the banks have changed their minds. Where there’s a will, there’s a way, and the banks have realized the opportunity in taking even these trades. As one of the largest forex brokers, the amount of volume we bring to the table allows us to negotiate this type of service to pass along to our traders.
Ok, fine - but stop tell the Newbie that you are offering STP to Interbank, that's all! Stop telling them this because it is not true. You take positions in-house against your customers and/or you manipulate the Bid/Ask of your proprietary liquidity pool, before you extract your "commission like" cut and pass their trade on for proprietary off-setting within your proprietary liquidity pool. But, to continue to author the story as if FXCM was just like UBS or Standard Chartered Bank, is simply not correct and it confusing the heck out of the Newbie trying to wrap their head around this subject for the first time.
Originally Posted by Jason Rogers
Do you think the best bid and offer price magically sorts itself out on its own and then displays this information on the platform? Of course not, the pricing engine looks at the 10 bid and ask prices being quoted, and then the best bid/ask price is streamed onto the platform.
Well, sure - after you "mark-up" the spread to collect your "acts like a commission" cut, while never once marketing FXCM as a commission based FX Broker. That's my point, Jason. You don't offer Level and Transparent type pricing with market depth and market breadth that shows the FXCM customer where the "best Bid" price is located along with its real volume . This is what a Broker attempting to offer real clarity would offer its Customers, IMO.
Originally Posted by Jason Rogers
Assuming there is a 1 pip mark-up on GBP/USD, the final pricing you see on the platform would be 1.5042/1.5045 for a 3 pip spread on GBP/USD. FXCM is compensated for it’s services through a mark-up on the spread as explained on the website and what you pointed out. This is the fee paid for using FXCM’s services.
Yeah, well - I don't buy the "Fixed Pip" argument - not for one millisecond. Where is it fixed? How does FXCM determine what the "Fix" should be? And, define "Fixed" anyway, Jason? I mean, is it fixed for "today" but not "tomorrow?" Is it fixed for "this week" but not "next week?" Is it fixed for "this hour" but not during the news driven hour? Who fixes the "mark-up" at FXCM, exactly?
Fee for Service? Sure, I've got no problem at all with FXCM making an honest buck. My problem comes when you Broker's widen the spread near the Stop on purpose, just so the Stop itself gets triggered when you took the other side of the trade. Look, I'm not one of these Stop Hunting Theorists. That makes no sense to me. However, I do believe in Stop Trigger Approximations (my term, don't bother looking it up) by Brokers who see a clustering of Stops at or near a specific location/level, and then who use their so-called "Trade Management" Add-On (server side model) to "Widen The Spread" at or near the "cluster" to take-out what the actual Interbank market NEVER ticked.
Now, FXCM might not be a "Stop Hunter," but are you telling me that FXCM is not a Stop Trigger Approximation artist in disguise? You can deny it if you want - I would not be surprised if you did. I'm just here to let the Newbies in on what I think after many years in this business - that's all.
Originally Posted by Jason Rogers
On the FX Trading Station II, this entire process in the pricing engine occurrs with 10 separate banks providing liquidity.
Can you name these "Banks" so I can verify their Charter and their existence in the BIS triennial report?
Why is this the case? There is not unlimited liquidity at each price.
Jason, this was a $3.2 Trillion per day market in 2007, with a 3 year growth rate of approximately 69% and no end in sight for that rate of growth. It was projected to be over $5.4 Trillion per day at the end of 2010, by a very reputable source. So, let's do some fairly uncomplicated mathematics here, shall we.
Using $5 Trillion per day, $50 million yields a quotient of precisely 0.00001% of total daily notional turn-over. Now, before you go math guru on me, let me adjust this figure DOWN by saying that of course, not all $5 Trillion turn-over in FX is strictly pair/spot based transaction totals. Excluding swaps (because they represented more than half the growth rate between 2004 to 2007), outright forward contracts (which grew by 80% internally the same period), hedging activity, etc.; you are left with just spot, which grew by itself by 59% for the exact same period of 2004 to 2007, setting the stage for the 2010 expectations. Note that spot growth was greater from 2001 to 2004, than from 2004 to 2007. [I'm presenting all values in USD for ease of use.]
Let's move on to Banks - real Banks, Jason.
In 2007, the dispersion of FX turn-over with the Banks that make up the vast majority of real liquidity in the Interbank system, shows that the U. K. Hong Kong, Singapore and the United States, led the turn-over activity with 75% of the total turn-over being led by Banks from ten (10) different countries. Not merely "10 Banks" but 10 different countries. In 2007, the four most turned-over currencies were the: USD, EURO, JPY and the GBP with NZD, CAD, CHF, CNY and a few others picking up the rear.
The Daily turn-over by pair was as follows for 2007, Jason:
EURUSD = $840 BLN per day USDJPY = $397 BLN per day GBPUSD = $361 BLN per day AUDUSD = $175 BLN per day USDCHF = $143 BLN per day USDCAD = $115 BLN per day
Excluding EURJPY, EURGBP and EURCHF (the Triple "A" Ball Club) whose grand total Daily turn-over for 2007 was a combined $188 BLN per day alone and the remaining USD/Other and EUR/Other whose Daily grand total turn-over was a "tiny" $684 BLN per day, you are left with a boiled down representation of mainstream FX Daily turn-over of a very "small" $2.031 Trillion PER DAY.
Now, all joking aside about small numbers. If you scale that number up by approximately 59% growth [projected], you end up with between $2.031 to $3.229 Trillion PER DAY being traded in FX Spot ONLY between 2007 and the projected 2010 event horizon.
Now, can you explain to us exactly WHY FXCM, with its "Banks" offering the best liquidity anywhere in the Retail FX business food chain, has decided to classify a lousy $50 million notional, as something that would most likely trigger a "slip and fall" merely because it was clicked into the market at one time? Given the scope of the numbers just put up here, does this make any sense to you?
$50MM is approximately 0.000024% of $2.031 Trillion. So, you are saying that FXCM's "deep pool of liquidity" is not capable of a singular transaction that nets less than a fraction of a fraction of a fraction of 1% of the total spot market? And, that if you attempted to enter the market at one time with such massive sums, it would immediately trigger not "Apocalypse Now" - but Apocalypse Right Now among the "Banks" in the FXCM pool?
Is this proof positive that FXCM is mostly a Bucket Shop and not a real STP Interbank Intermediary? Have I not just driven the last nail into the coffin of FXCM being a true STP "FX Broker?" What's the other logical alternative explanation for why FXCM considers $50MM to be Apocalyptic and virtually guaranteed to trigger a "slip and fall" routine?
Originally Posted by Jason Rogers
If you place an order for 50 million, chances are you will be slipped.
Yes, indeed. Slipped right into no execution land. And, WHY? Because FXCM can't handle 0.000025% of the total spot market? Is that a justification for getting "slipped," or an excuse for getting "slipped?" Or, maybe it is just more proof that when you trade with FXCM, you can't possibly be trading the real Interbank market to anywhere near its depth, breadth and/or liquidity.
Originally Posted by Jason Rogers
Most profesional traders will instead scale into their positions even if it’s 10 million at a time so as not to show their entire “hand” on what they are doing to the market.
Professional Traders. Are you certain about that?
We are not talking about Cost Basis (equity) here. The numbers that I refer to above are taken straight from BIS and they represent notional value in USD not individual transaction Cost Basis to make the deal. So, "scaling" a lousy $10MM notional is definitely not the same thing as scaling $10MM Cost Basis with its associated leverage.
Tell me, who would possibly be so overly concerned with somebody coming to market with a small $50MM notional at one click, other than Bucket Shops and Brokers taking the other side of your trade?
Do you think Citibank cares about my $50MM notional coming to market in one click? These guys are tossing around billions per day. So, how is it that FXCM, with all of its glorious "liquidity" can't manage a drop in the proverbial "Bucket" with a singular click - unless it had to balance its own books with the opposing risk involved in the trade itself? Sooner or later, you were going to walk right into this trap.
Originally Posted by Jason Rogers
Restrictions on stops, limits, and pending entry orders often occur with market makers or dealing desk brokers. This occurs because bank spreads are variable, while dealing desk market makers are normally fixed. Therefore, if a bank provides a 5 pip spread and the dealing desk broker is guaranteeing a 2 pip spread, the dealing desk broker will lose 3 pips on each trade. To mitigate this risk, restrictions on orders may be imposed.
Which is some of the finest nonsequitur reposition that I've seen from you yet in this thread, as it has absolutely nothing to do with the mathematics that I just put before you and the viewers of this thread.
Originally Posted by Jason Rogers
If the dealing desk broker chooses a restriction of 5 pips then they have mitigated their risk to 7 pips (5 pip restriction + 2 pip spread). Unless bank spreads widen past 7 pips, the dealing desk broker is protected. During news events and volatile markets, bank spreads can easily widen beyond this amount, which is why dealing desk brokers may heighten restrictions when the market is likely to move.
Translation: Bucket Shops that trade against you, will widen the spread such that it prices the Trader right out the door, "when the market is likely to move."
Originally Posted by Jason Rogers
I completely respect your opinion. Our decisions on the expo location are made on accessibility for our traders.
I still prefer the Broadmoor over the Vegas strip for serious minded business. And, I respect the fact that at least you opened up this thread and was willing to take some criticism on behalf of your employer. However, I think that I have sufficiently proven beyond a shadow of a doubt, that FXCM is a Bucket Shop. A gloriously decorated Bucket Shop, but a Bucket Shop nonetheless.
Thank you for dropping your quarter in the machine and selecting my favorite tune - The Forex! I look forward to your many replies as this is getting really good!
__________________ TradeSMART . by Always Managing your Positions.
Originally Posted by TraderNumber7
Are you saying that FXCM offers Straight Through Processing to Interbank for its customers? We already know that's incorrect. ¿Por qué? Because I've already pointed out that FXCM manipulates the inbound Bid/Ask to fuel its revenue model. FXCM makes revenues by artificially widening the Bid/Ask to install its "commission like" cuota. Yet, FXCM Advertises that it does not charge a commission. Not only is this confusing to the Newbie, it is flat out incorrect in at least two (2) dimensions:
I’m saying what was explained in the previous detailed post and example. FXCM’s platform receives liquidity from 10 banks. As someone places a trade, each order is individually executed back to back through an affiliate with one of those banks. The orders are not aggregated as you incorrectly described. (More thoughts further below in my post on why I think your use of the term "Interbank" as a noun is misleading, as compared to the interbank market which is not a centralized location or platform with which you can offset trades).
On any page of FXCM’s website where it says there are no commissions, it also states that FXCM is compensated through the spread. And it also states there is a mark-up no the spread which is how FXCM is compensated http://www. fxcm. co. uk/execution-advantage. jsp .
Do you think that I can enter a trade on Deutsche Bank's Autobahn FX platform, or the UBS FX Trade platform, or the Barclays BARX platform, or the HSBCnet FX Network platform, or the Standard Chartered CT platform; in fractional, so-called "Mini Lots?"
Each bank or institution can setup minimum trade sizes or balance amounts on their own platform whether it be EBS, Reuters, Autobahn, etc. These aren’t platform for the average retail traders. If FXCM wanted to set a minimum trade size of 1 million per order for traders to execute via NDD, we could as well. But our platform doesn’t restrict this. We have agreements with each of the banks individually on the lot sizes they will accept, liquidity, and spreads offered. That is how we are able to offer No Dealing Desk (or STP if you may) execution on lot sizes as small as mini lots and soon to be available on micro lots as well. You reference “the Interbank” as though it is a specific platform or centralized exchange where the rules are setup for minimum trade size and that’s final. If you’re trading through a specific platform that requires this, then I agree with you. However, we deal on an individual basis with the banks in the interbank market to provide liquidity on the platform.
Ok, fine - but stop tell the Newbie that you are offering STP to Interbank, that's all! Stop telling them this because it is not true. You take positions in-house against your customers and/or you manipulate the Bid/Ask of your proprietary liquidity pool, before you extract your "commission like" cut and pass their trade on for proprietary off-setting within your proprietary liquidity pool.
No where do we say the trades are going to “Interbank” because this is not a centralized market and the interbank market is a collection or network of banks. Neither have I used it in my explanation because it’s not a centralized location or platform. Out of the banks providing markets FXCM deals with 10 banks which provide liquidity for our NDD execution. And your statement that FXCM takes positions in-house against customers is not true for NDD execution. On NDD, whether a trade profits or loses does not have an impact on our bottom line. Please see previous post again for detailed explanation on step by step how NDD execution works and how FXCM is compensated.
Can you name these "Banks" so I can verify their Charter and their existence in the BIS triennial report?
Personally I think it’s a good suggestion and I look forward to the time when it happens. At the moment, non-disclosure agreements prevent us from doing so. Until then, if you would like to see the liquidity provided at each price point, I would suggest taking a look at the Active Trader platform. It has level II type depth of market for you to see the total amount of liquidity being provided by specific banks at specific price points quoted on the FXCM Active Trader platform.
Now, can you explain to us exactly WHY FXCM, with its "Banks" offering the best liquidity anywhere in the Retail FXbusiness food chain, has decided to classify a lousy $50 million notional, as something that would most likely trigger a "slip and fall" merely because it was clicked into the market at one time? Given the scope of the numbers just put up here, does this make any sense to you?
TN7, your post leads one to believe that the “Interbank” is somewhere you can open an account and automatically gain access to $2.9 trillion a day in notional volume. This centralized location doesn’t exist. I would agree with you that a large amount of volume is transacted on platforms where banks trade with each other excslusively or on other platforms where you have to have starting amounts in the millions and minimum trade sizes above 100k. However, those same banks also provide liquidity to additional platforms such as FXCM’s FX Trading Station II. The market is decentralized which means the banks aren’t providing liquidity through one exclusive location or platform restricting minimum trade size. Therefore FXCM can make exclusive arrangements. FXCM’s No Dealing Desk execution enables you to have your trades, even 10k mini lots, offset against multiple banks rather than trading directly against your broker.
No Dealing Desk executions eliminates the conflict of interest caused when you trade directly with a market maker taking the opposite side of your position. When trading with a market maker, there’s the potential for the broker to profit directly from your losing trades which means it’s in your brokers best interest for you to lose money.
No Dealing Desk execution offsets each trade directly with a bank or financial institution eliminating this conflict of interest. Instead revenue on FXCM’s NDD execution is driven by volume and not client losses. Each time a trade is placed, we earn a mark-up through the spread. The more you trade, the more mark-ups we make. If you wish to call it a commission so be it; however, no additional commission is charged beyond the spread as you may have in other markets. Our cost is incorporated into the spread (Note: the active trader setup provides reduced spreads with a commission instead).
Last edited by Jason Rogers; Mar 5, 2010 at 6:09pm.
I’m saying what was explained in the previous detailed post and example. FXCM’s platform receives liquidity from 10 banks.
Good Evening Jason!
You keep referring readers to the United Kingdom. FXCM is not based in the United Kingdom. FXCM is based in the United States and subject to CFTC rules and regulations.
Try this website: http://www. fxcm. com. Go look at the marketing copy and read it carefully. "No Dealing Desk Means No Dealer Intervention." No Entry Order Restrictions." "No Conflict of Interest Between You and FXCM - We Want Profitable Traders!" Then read the tiny print Daggers and Bullet Points at the bottom of the site.
This is ALL deceptive Marketing no matter how much you attempt to nonsequitur your way out of this. And, nobody understanding anything about this business is in agreement to the contrary.
Originally Posted by Jason Rogers
Each bank or institution can setup minimum trade sizes or balance amounts on their own platform whether it be EBS, Reuters, Autobahn, etc. These aren’t platform for the average retail traders.
Well, no kidding (lol). Tell me, do you think these Banks with FX trading platforms have a reason, or no reason at all, for not allowing fractional lots in the form of "Mini" and/or "Micro" on to their systems?
Originally Posted by Jason Rogers
If FXCM wanted to set a minimum trade size of 1 million per order for traders to execute via NDD, we could as well.
No FXCM can't - and do you want to know why?
At $1MM notional, all it would take is 50 traders entering the market at roughly the same time (what are the odds of that happening) to run the FXCM maximum size limitation through to its trigger. Another 50 traders (total 100) and you've got double the trouble of getting these people filled. Triple it, quadruple it, etc. Get the picture.
The little Dagger Fine Print text at the bottom of the www. fxcm. com website, telling people that there is a $50MM notional single order limit, is not there merely because the order comes from a singular trader. It is there for a completely different reason. Therefore, what's the difference is one (1) trader executes on $50MM notional at once - vs - 50 traders executing on $1MM notional, likewise, at once - on the exact same pair? Liquidity is not allocated per trader - there is no headcount given to liquidity, is there. The first traders to the party, get the fresh pumpkin spice - the rest get what others pick over. Otherwise, why place any limit at all on single click orders?
Now, I know what your answer is going to be before you give it, so let me do the honors for you.
You were about to say: 'Well, just because the platform has a $50MM notional limit per click, does not mean that our Banks don't can't handle more volume. It simply means that our Banks don't typically take the opposite side of positions larger than $50MM notional at one time. That's why you have to enter another Market or Entry Order, if you intend to get filled in excess of $50MM notional.'
How did I do? Pretty good? Yeah, well - here's the problem with that:
The Daily turn-over by pair was as follows for 2007, Jason:
Originally Posted by TraderNumber7
EURUSD = $840 BLN per day USDJPY = $397 BLN per day GBPUSD = $361 BLN per day AUDUSD = $175 BLN per day USDCHF = $143 BLN per day USDCAD = $115 BLN per day .
Now, can you explain to us exactly WHY FXCM, with its "Banks" offering the best liquidity anywhere in the Retail FX business food chain, has decided to classify a lousy $50 million notional, as something that would most likely trigger a "slip and fall" merely because it was clicked into the market at one time? Given the scope of the numbers just put up here, does this make any sense to you?
now, until you answer this question, all else is nonsequitur reply. This was the central, most compelling dagger in the side of FXCM not being a Bucket Shop, by logical extension and you just blew right by it, like it never even existed.
Originally Posted by Jason Rogers
But our platform doesn’t restrict this. We have agreements with each of the banks individually on the lot sizes they will accept, liquidity, and spreads offered.
Well, if this is true, then it only helps to further explain why your limited notional value exists and why FXCM is closer to a Bucket Shop, than a true STP FX Intermediary. If you have such agreements, then by logical extension you must (mathematically) also have reduced liquidity per pair, at any given size and at all times.
By your own definition, some of your liquidity providers are offering less volume per pair, which only makes it harder to provide enough liquidity to handle singular trades in excess of $50MM notional. Yet, this still soars in the face of a market with more than $2.031 Trillion in combined turn-over (not including the projected increases for 2007 to 2010) in spot alone!
So, all you FX Brokers out there with notional value restrictions on single trades, are going to have to go back to the drawing board and derive a different excuse for why you are restricting single order trades down to $50MM notional, because claiming that 0.000025% of the total market, is somehow going to cause a "liquidity problem," stretches incredulity to say the least.
The fact of the matter is that $50MM notional is a tiny trade that in no way should automatically trigger the a "slip." FXCM boasts that it offers the most liquidity among all FX Brokers. Yet, it has difficult not slipping a tiny order of $50MM notional. That is logically unsustainable.
Originally Posted by Jason Rogers
You reference “the Interbank” as though it is a specific platform or centralized exchange where the rules are setup for minimum trade size and that’s final. If you’re trading through a specific platform that requires this, then I agree with you. However, we deal on an individual basis with the banks in the interbank market to provide liquidity on the platform.
I think I defined what I mean by Interbank with this earlier statement:
Originally Posted by TraderNumber7
The reason that it was and is still unheard of in the Forex, is that the real Interbank System, composed of some of the world's largest banks, model funds and commercial financial institutions (just to name a few), have never dealt in fractional lots - period.
So, in that definition, I don't think I made a reference to a "central clearing." In fact, later in the post, I made clear that the Currency Market has no central clearing and no time & sales. I'll stick with my original definition.
Originally Posted by Jason Rogers
No where do we say the trades are going to “Interbank” because this is not a centralized market and the interbank market is a collection or network of banks.
You should have continued by saying: '. that provide the vast majority of Forex liquidity for turn-over by retail traders in retail currency transactions.' Then your statement would have been more complete. Claiming that the "Interbank is not a centralized market," does nothing to remove its existence from reality. Of course, it exists. In fact, you defeated your own statement at the end when you declared the Interbank to be a "network of banks." I think you might be splitting hairs here.
The overriding implication for any FX Intermediary to any prospective new customer (Newbie Trader), is that they (the FX Intermediary) will carry their customer's trade to the Interbank System. I mean, really. If that is not the overwhelming suggestion and understanding that traders have coming into to this business, then what else could be. For the Retail Trader, Interbank is synonymous with Forex.
However, historically, Interbank transactions excluded Retail turn-over and predominantly included Bank-to-Bank turn-over.[/b] In fact, if you read (and I strongly suggest that you do) the BIS report, you will not that these types of Bank-to-Bank transactions account for approximately 50% of all currency turn-over in 2004 and actually increased as a percentage in 2007.
However, for the majority of the Banks that make up the Interbank System, Interbank is indeed much more of a "noun" than you might think. Inside Banks (if you have ever worked in one) this term is often times used just like a "noun" between the Bank's various trading desks, or between one Bank branch and another, who might be engaged in trading with each other.
Originally Posted by Jason Rogers
Neither have I used it in my explanation because it’s not a centralized location or platform.
Well, maybe should have used it in your explanation, because FXCM most certainly uses the term "Interbank" the same way I do here (Paragraph 2, Sentence 3): http://support. fxcm. com/fxts/user-guide. It reads: Size and Sophistication dictate a Market Maker's access to Interbank prices.
Now, that was taken directly from the FXCM User Guide on your Web Portal. FXCM, clearly is telling its users by logical implication and extension that their orders are being taken to the Interbank System. Did you think I was just making this stuff up? I pulled it directly from the FXCM site. FXCM, does sell the notion, concept and the implication, but it does not deliver on the promise. How do we know? Because you can't fill an order that represents a lousy 0.000025% of the total Interbank Market. That - is how I know. If FXCM was truly taking the Newbie to Interbank, then this trade size would be no problem at all, single click, or a hundred clicks, it would not matter at 0.000025%.
Again, what FXCM is selling is logically unsustainable given the mathematics.
Originally Posted by Jason Rogers
And your statement that FXCM takes positions in-house against customers is not true for NDD execution.
There is no such thing as Spread Manipulated Non-Dealing Desk FX Brokers. Either charge a straight commission and step out of the way as you pass the order through to Interbank, or manipulate prices inbound from liquidity sources, take positions against your customers because you don't have access to enough liquidity and simply be Bucket Shop by definition. Either way, I'm ok with it, just tell the truth about it.
Originally Posted by Jason Rogers
Personally I think it’s a good suggestion and I look forward to the time when it happens. At the moment, non-disclosure agreements prevent us from doing so.
Having an NDA with a Bank that provides market liquidity to your trading platform, that states: "FXCM shall not disclose the identity of The Bank of New York, Melon Bank" at any time during the lifetime of this contract," is a very convenient way of getting out from under the question, but not a very thoughtful one.
Were you aware FXCM's competition and the fact that they actually embed the list of banks that provide liquidity to their platforms into the face of their website? Why don't these FX Intermediaries have NDAs that prevent them from informing their customers who they do business with? Again, logically unsustainable and really, in truth, this one makes no sense at all. If your competition can do it, then you can do it.
Originally Posted by Jason Rogers
Until then, if you would like to see the liquidity provided at each price point, I would suggest taking a look at the Active Trader platform. It has level II type depth of market for you to see the total amount of liquidity being provided by specific banks at specific price points quoted on the FXCM Active Trader platform.
Yes, I did actually look at FXCM's ATP and you know what struck me the most? The total lack of liquidity! I then compared the FXCM ATP liquidity to two of your competitors that also offer some DOM-'like' features and FXCM was lagging far behind on most clicks in the liquidity department. I then thought about how many times I've heard the phrase: 'FXCM offers some of the most liquidity in the Retail Forex industry. ' I realized, after seeing the DOM, that FXCM offers no more (sometimes less) liquidity than some of your competitors. So, yes, I did go check out ATP and while the look & feel might attract the Newbie Scalper, I found the Order Ticket functionality to be sincerely lacking.
Even at the Retail level, you should be offering: If Then, Or, And, Not and Else logic to your OCO order ticket functionality. This should not have to be considered Robot and/or EA territory requiring a full blown API intervention. Things like this would support the new statement on the FXCM website, that FXCM seriously wants "Profitable Traders!"
Originally Posted by Jason Rogers
I would agree with you that a large amount of volume is transacted on platforms where banks trade with each other excslusively or on other platforms where you have to have starting amounts in the millions and minimum trade sizes above 100k.
No - make that $300k to $500k. Deutsche Bank would only have a phone conversation with me about Autobahn FX and wanted $25MM to open an account - I'm a few Mio short right now (at this very moment). Also talked to Barclays about BARX and they indicated that they have some small accounts in the $300k to $400k opening balance range, but they typically don't want that business - they prefer at least a couple Mio. I'm presently waiting on call backs from UBS and Standard Chartered, to see what their requirements are and I have not yet made any contact against New York Melon, but plan to as well.
Originally Posted by Jason Rogers
However, those same banks also provide liquidity to additional platforms such as FXCM’s FX Trading Station II.
Not at $1BLN notional per trade. I'm certain this is not the case on FXCM II and I don't even have to recheck my homework on that one.
Originally Posted by Jason Rogers
Therefore FXCM can make exclusive arrangements. FXCM’s No Dealing Desk execution enables you to have your trades, even 10k mini lots, offset against multiple banks rather than trading directly against your broker.
LOL - come on, Jason. I like you, Ok. You've won my respect, you really have! But, seriously, don't sell me on the idea that "NDD" is real to the Interbank level through FXCM Trade Station II! I'm sorry, FXCM does not have arms that reach that high, Jason. Don't let them brainwash you over at Old Slip Road. You walk right in there tomorrow and straight the entire office out.
BTW - does Leticia still work for you guys, or did you send her back to Paris and hire Timothy instead?
Look, here's the deal. You were one of the first on the Retail block - I'll give you that, congratulations! You went out and acquired more traders than most, initially. You made some "promises" to some "commercial and institutional sources of liquidity," that you would deliver the goods. Some stayed with you over the years and some left you (I bet you did not know that I knew that). You obtained more credit from some banks and eventually told them that you wanted to build more deposits and the only real way to do that, would be to declare FXCM as the new No Dealing Desk King of the world.
So, you got a Bank or two, or three, or four together (10, I'm not buying it, yet) and sold them on the idea that this could be a way for them to tap into the "Retail" space, where they don't already have Retail Trading platforms or the back-office ramped up to handle the load themselves. So, they "extended" you some "favors" but limited and restricted the liquidity to the Nth degree. You got to call yourself "NDD" and they go to tap into the "Retail" without the upfront cost of developing that market on their own.
Now, Jason - if you try to rebut that basic story line in any real significant way, your stock price will drop like a rock with me, personally - because I really do like your attitude and disposition.
Face it! The story outline I just wrote, is most likely spot on, is it not? You get a "little" and they get a "little." Quid pro quo, but certainly NOT Interbank grade business, Jason - most certainly not.
Originally Posted by Jason Rogers
No Dealing Desk execution.
No Dealing Desk, No Dealing Desk, No Dealing Desk, No Dealing Desk - come on, Jason. It is like Vaporware was to the old software industry. We are talking Tiny Town, here. If you say, No Dealing Desk, one more time, I'm going to puke.
It is NOT broad Interbank, Jason and it does not scale. That is the entire point of this exercise for me. To make sure the Newbie does not run off half cocked, thinking that they are actually out there trading with real Interbank rates that are not being manipulated with widening spreads and aggregation algos. Just like I said in the other thread - there are three markets levels here we call Forex:
Hybrid High Retail Mark-Up, Lots of Scams with Little Pass Through to Interbank, if at all (Tiny Town).
Commercial Wholesale Mark-Up, Business/Commerce Transactions. (Where the Adults Live & Work)
Interbank Par Based Bank Hedging against Massive Dissimilar Portfolio Holdings Across the Board. (Where Entire World's Collide - Literally)
These are the most fundamental layers of our industry, Jason. FXCM's product line fits the Tiny Town model - pure and simple.
__________________ TradeSMART . by Always Managing your Positions.
Originally Posted by SimpleTrader09
I am curious about your maths on volume TradeNumber7, so perhaps you will explain to me, because I have also asked a question about why the volum ein forex is touted as so large, yet appears relatively small. I'm in no way an expert on this, and 10m notional is far more than I trade in one go, never mind 50m. But back to the maths. Suppose we take Cable, and you suggest it has/had notional volume 360 billion per day. Lets also suppose for simplicity that we will consider 20 hours of trading in the day. This leaves a notional volume of 18 billion per hour, which leaves a notional volume of 300 million per minute, or 50 million every 10 seconds.
The forex market is not traded over one central exchange, so your access to that liquidity is dependent on the amount of liquidity being offered through the platform you are using. Also, I understand how you divided average liquidity to equally spread it out; however, volume will be higher during peak trading hours so it will not always be so evenly divided.
Originally Posted by SimpleTrader09
Very interesting discussion. I do tend to agree with a lot of TradeNumber7's points that FXCM are being somewhat misleading. However, in this day and age, it seems standard to exaggerate what you're offering and then cover your ass in the small print.
I am curious about your maths on volume TradeNumber7, so perhaps you will explain to me, because I have also asked a question about why the volum ein forex is touted as so large, yet appears relatively small. I'm in no way an expert on this, and 10m notional is far more than I trade in one go, never mind 50m. But back to the maths. Suppose we take Cable, and you suggest it has/had notional volume 360 billion per day. Lets also suppose for simplicity that we will consider 20 hours of trading in the day. This leaves a notional volume of 18 billion per hour, which leaves a notional volume of 300 million per minute, or 50 million every 10 seconds.
Now in light of this maths, the 50 million limit seems more than reasonable. After all, FXCM only claim to have 10 banks as liquidity providers, and not all business is done electronically, an old fashioned phone call accounts for a large % right? 50m every 10 seconds is the average done for the ENTIRE market. Of course I understand there will be greater liquidity at different points in the day and at particular price levels, it is not evenly distributed. But you can click in one second. Several traders can all trade at once. Why do you consider 50m as a paltry sum under these considerations? How much is really offered on the interbank market at one click?
I am confused, because like you tradenumber7, I imagined the market to be huge, and a typical retail trader shouldn't be reaching the max trade size so soon, but then given the maths divided down over time, and the number of trades out there I'm surprised they can even offer as much as 10m in one go.
Well, let's look at that. How big would a $500,000.00 cost basis trade be on the NYSE, NASDAQ, AMEX, LSE, TSE, HKSE, ASE, Euronext, etc. There are two dozen major exchanges in the world for equities and in none of them would a $500k underlying transaction, melt-down the exchange, or call for restrictions by an intermediary because liquidity was lacking (I'm not referring to the OTC or Pink Sheet markets where $500k might make you the market).
Now, let's place some contrast on this discussion to highlight a couple of points. The Average Daily Dollar Volume traded for all U. S. equities markets in January 2010, was $28.1 BLN. The Average Daily Notional Dollar Volume traded for all Currencies was $30.8 BLN on HotSpot FX alone, for January 2010.
A $500k cost basis trade would not be enough to invoke a liquidity problem in the non-otc and non-pink sheet traded stocks in the U. S. Yet, this same $500k cost basis trade (at 100:1 leverage), entered through the FXCM trading platform, would trigger a virtual guarantee (according to their rep here) that you get "slipped." Yet, the EURUSD alone turns-over $860 BLN per day, which is 27.9 times larger (approximate).
What Jason is saying is true. FX liquidity does fluctuate. However, this is almost like saying, the sky is blue, or the ocean is filled with water. Fluctuation in FX liquidity can be easily seen by simply opening up any charting package you prefer and turning "On" the volume indicator using a simple 1 hour chart. You will see the specific times when the volume for any currency pair is light or heavy.
The reason the volume surges in FX is so noticeable and pronounced, has nothing to do with average and/or overall lack of volume and everything to do with the corresponding opening and closing of equities markets around the world. ¿Por qué? Because the largest component of FX turn-over still happens to be Bank led and Banks are open during the normal business hours associated with a particular country. That time-frame also overlaps the respective nation's equity market trading hours. Most of us around the world, conduct our FX trading during some period of high, medium of low FX volume - not because it is lacking overall, but merely because of the time-zone differentials between one equities market around the world and another. Still, regardless of time-zone, the EURUSD will turn-over about $860 BLN with the next 24 hours, alone.
Again, more detailed proof that what most FX traders don't realize, is that they are not trading into the very deep liquidity that exists within the Interbank system, when they use a classic Retail FX Intermediary. En pocas palabras. Therefore, how does any Retail FX Intermediary guarantee you the best FX rates, when they are not offering you access to the deep end of the Interbank pool?
Retail Wholesale Interbank
That's the current state of things right now in this business.
The problem I have with the whole thing, is that Newbies are getting snowed by unscrupulous FX Dealers, Market Makers, FCMs and Brokers, who are selling them the false hope that their Retail pricing actually matches that which is found in the deeper end of the Interbank liquidity pool. Your Retail Broker is telling you that a lousy $500k cost basis trade will virtually guarantee that you get "slipped," in light of what we know about the size, depth and breadth of the real Interbank market, regardless of time-of-day driven volume tides.
0.000025% of total market might be difficult to get filled on Saturday or Sunday (before the London open), but Monday through Friday (prior to U. S. close), it simply should not ever be a problem. I trade beyond this level and don't have a problem getting filled, yet FXCM is telling you that you will virtually write your own "slip" rule, if you do the same on their platform.
Newbies need to be aware of this as they make the journey to the Meca of all that is FX, 'Lost' Vegas, for some 'serious' trading talk. A little truth in advertising never hurts the customer and customers should be educated about their buying decisions. That's all I'm pointing out here - nothing more and nothing less.
__________________ TradeSMART . by Always Managing your Positions.
Originally Posted by TraderNumber7
Good Evening Jason!
You keep referring readers to the United Kingdom. FXCM is not based in the United Kingdom. FXCM is based in the United States and subject to CFTC rules and regulations.
Try this website: http://www. fxcm. com. Go look at the marketing copy and read it carefully. "No Dealing Desk Means No Dealer Intervention." No Entry Order Restrictions." "No Conflict of Interest Between You and FXCM - We Want Profitable Traders!" Then read the tiny print Daggers and Bullet Points at the bottom of the site.
I'm surprised at how little you know about FXCM despite your claims otherwise.
FXCM has multiple locations throughout the world. If your account is open through our US entity (www. fxcm. com ) then you are subject to CFTC rules and regulations.
FXCM has an entity in the United Kingdom, FXCM UK www. fxcm. co. uk. which is regulated by the Financial Services authority, firm registration number 217689. You can find a complete list of our locations and registrations on FXCM UK's website http://www. fxcm. co. uk/international-offices. jsp. It seems like you have a lot to review. Maybe we should start at getting the small stuff correct before discussing the bigger items.
Originally Posted by Jason Rogers
Your information here is incorrect. The banks providing liquidity to FXCM take mini lots of 10k in addition to 100k standard lots. Your statement may have been correct in the early 2000’s when you traded with FXCM, but this is no longer true. Technology progresses.
I’m happy to announce that we are also preparing to offer No Dealing Desk execution for our micro clients as well. When we first launched FXCM Micro, we planned to offer No Dealing Desk execution. However, the banks would not stream prices in micro lots. This was simply unheard of in the foreign exchange industry. Our FXCM Micro traders have since placed over 30 million trades totaling 200 billion in notional volume, and the banks have changed their minds. Where there’s a will, there’s a way, and the banks have realized the opportunity in taking even these trades. As one of the largest forex brokers, the amount of volume we bring to the table allows us to negotiate this type of service to pass along to our traders.
Do you think the best bid and offer price magically sorts itself out on its own and then displays this information on the platform? Of course not, the pricing engine looks at the 10 bid and ask prices being quoted, and then the best bid/ask price is streamed onto the platform.
Quick example. Let’s suppose there are 2 banks (to keep things simple) each providing liquidity in GBP/USD.
Bank A is quoting 1.5043 bid and 1.5045 ask Bank B is quoting 1.5042 bid and 1.5044 ask
So the best bid/offer engine sees two prices being quoted on each side (bid and ask). It then identifies the best price out of the selection which is 1.50430 bid from Bank A and 1.50440 from Bank B. The spread is 1 pip. At this point, a fixed pip mark-up is added to the bid/ask and streamed onto the platform. Assuming there is a 1 pip mark-up on GBP/USD, the final pricing you see on the platform would be 1.5042/1.5045 for a 3 pip spread on GBP/USD. FXCM is compensated for it’s services through a mark-up on the spread as explained on the website and what you pointed out. This is the fee paid for using FXCM’s services.
On the FX Trading Station II, this entire process in the pricing engine occurrs with 10 separate banks providing liquidity. I’ll go into further detail about the off-setting process of No Dealing Desk execution further below.
I’ll give a detailed example of how NDD execution works on the backend.
Suppose you want to buy GBP/USD and the current market price you see on the platform is 1.5045 and assume that the mark-up on the buy price is 1 pip. Therefore bank A is offering to sell GBP/USD at the price 1.5044 and FXCM is charging and additional pip so you see the price 1.5045 on the platform.
When you press the buy button, the order is sent to FXCM, and FXCM routes the order to Bank A to execute a trade at the price 1.5044. If liquidity is still available at that price the trade is executed. Confirmation is sent back to the platform and you see an open long (buy) position at the price 1.5045. The bank has a short position at the price 1.5044 and FXCM has made a pip on the trade.
If your trade can’t be executed with Bank A at the price you clicked on, then one of two things can happen: slippage or trade rejection (depending on the type of order submitted). Let’s assume this is an At Best market order which will be filled at the best price available. If Bank A sends back a message that the order can’t be filled at the price 1.5044, then the order will be executed at the next best available price. Bank B is offering to sell to you at the price 1.5045. The order is sent to Bank B and executed at the price 1.5045. You have a long position at 1.5046 (due to the 1 pip mark-up), Bank B has a short position at the price 1.5045, and FXCM made 1 pip on the trade.
Regardless of the amount you make or lose on the trade, FXCM is left with 1 pip. Your profit or loss is not FXCM’s loss or gain since we are not acting as a market maker on No Dealing Desk execution. Neither is slippage an additional gain for FXCM since the same pip amount is paid.
If checking the website, one would discover there is no separation between mini and standard accounts. This is why I didn’t mention standard vs. Mini accounts. Since the banks will accept both mini and stanard lots on No Dealing Desk execution, there’s no need to separate the two accounts types. You can trade either lot size and combinations of the two from the same account. I imagine the same will occurr with micro lots once NDD goes into effect.
It says no entry order restrictions because you can place it within 1 pip of the forex market. Here’s the exact quote from the FXCM UK website “Place Entry Orders and Stops/Limits within 1 pip of the forex market. Any order whether it be market order or entry order has a restriction of 50 million notional per trade. Why is this the case? There is not unlimited liquidity at each price. If you place an order for 50 million, chances are you will be slipped. Just take a look at the depth of market on the Active Trader platform, and it will give you an idea. Banks are managing their risk as well by charging a higher price for trading as they take on the risk of a larger trading size. Most profesional traders will instead scale into their positions even if it’s 10 million at a time so as not to show their entire “hand” on what they are doing to the market.
Restrictions on stops, limits, and pending entry orders often occur with market makers or dealing desk brokers. This occurs because bank spreads are variable, while dealing desk market makers are normally fixed. Therefore, if a bank provides a 5 pip spread and the dealing desk broker is guaranteeing a 2 pip spread, the dealing desk broker will lose 3 pips on each trade. To mitigate this risk, restrictions on orders may be imposed. If the dealing desk broker chooses a restriction of 5 pips then they have mitigated their risk to 7 pips (5 pip restriction + 2 pip spread). Unless bank spreads widen past 7 pips, the dealing desk broker is protected. During news events and volatile markets, bank spreads can easily widen beyond this amount, which is why dealing desk brokers may heighten restrictions when the market is likely to move.
I completely respect your opinion. Our decisions on the expo location are made on accessibility for our traders.
god your replies are just rubbish. you just dribble crap over and over again.
TraderNumber7 good going champ great posts agree with you 100% FXCM is NOTHING MORE THEN MARKETING SPIN.
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Kengeter: “Acquisition is a strategic fit as it broadens Deutsche Börse’s asset class spectrum”/ Significant synergies, cross-selling and innovative product development planned
Today Deutsche Börse completed the acquisition of 360T, following the approval of relevant antitrust authorities and the German Federal Financial Supervisory Authority (BaFin). The trading platform remains under the regulatory supervision of BaFin and operates under the existing management team. Moreover, 360T’s CEO Carlo Kölzer will join Deutsche Börse’s Group Management Committee.
360T will be the centre of competence of Deutsche Börse Group’s global FX strategy. The 360T management is mandated to further develop and expand its highly successful business model as it will be empowered by the broad capabilities of Deutsche Börse Group.
The future set-up of 360T within Deutsche Börse Group will be designed to maintain and further improve its innovative drive and customer focus. Existing legal agreements with and obligations of 360T remain unaffected by its integration into Deutsche Börse Group.
Deutsche Börse CEO Carsten Kengeter said: “360T’s impressive growth trajectory since its inception and its dynamically evolving position in the FX market makes it a substantial addition to broaden our asset class spectrum. It is a great strategic fit. The deal underpins part of our ambition to become the global market infrastructure provider of choice.”
Carlo Kölzer, CEO of 360T said: “The combination of 360T’s in-depth FX industry experience and diverse customer base, in conjunction with Deutsche Börse’s larger scale, strength and credibility will allow us to become the global leader for listed and OTC FX trading and clearing. In a market where participants increasingly look for transparency, reduced capital costs, cutting edge trading and clearing solutions, our offering will be the most trustworthy and holistic one. The acquisition follows the trending FX industry logic towards global integrated infrastructure providers, adhering to the highest regulatory standards.”
Key synergies of the deal comprise a new ECN-type trading venue for FX spot and potentially derivatives instruments, enhancement of the operational capabilities in FX exchange-traded derivatives and optimised distribution through 360T’s global sales force. The transaction is expected to be immediately accretive to cash earnings per share without synergies and will meet customary ROI targets upon realisation of the mid-term synergy targets.
About 360T Group
360T is a globally established trading venue. Its fast growth confirms the company’s status as a provider of web-based trading technology for over-the-counter (OTC) instruments, integration solutions and related services. Since its inception in 2000, the company has developed and maintained a state-of-the-art multi-bank portal for foreign exchange, cash and money market products and FX/interest rate derivatives.
360T’s secure global transaction network enables clients to trade with greater transparency and enhanced control at every stage of the trading lifecycle. The company also offers licensing of a hosted white labelled trading technology between a scalable group of price takers and either proprietary price providers or a rich choice of back-to-back liquidity sources. 360T’s buy-side clients are national and multinational corporate treasuries, institutional clients (asset managers, hedge funds, commodity trading advisors), brokers/dealers and banks. The company is authorised under German law and regulated by the German Federal Financial Supervisory Authority (BaFin).
Headquartered in Frankfurt am Main, Germany, 360T maintains subsidiaries in New York (360 Trading Networks Inc), Singapore (360T Asia Pacific Pte. Ltd.), India (ThreeSixty Trading Networks (India) Pvt Ltd.) and Dubai (360 Trading Networks LLC).
Further information: www.360t. com
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360T: Claudia Stirner phone: +49-69-900-289 112
Deutsche Börse: Dr. Frank Herkenhoff phone: +49-69-211-1 15 00
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Michael-Don Smith Frankfurt and London seal $30 billion trading tie-up. To counter U. S. threat? or to ensure LSE stays in Europe? https://t. co/e3M61n73vJ 6 days ago
British-Québec @LSEplc and @DeutscheBoerse to create a $30bn 'trading powerhouse' headquartered in London @globeandmail https://t. co/9VgGV51iOb 6 days ago
manoskappa RT @HandelsblattGE. Deutsche Börse, LSE push on with merger to make 2nd-biggest trading platform. But hostile bids are still possible https… 6 days ago
Christopher Cermak RT @HandelsblattGE. Deutsche Börse, LSE push on with merger to make 2nd-biggest trading platform. But hostile bids are still possible https… 1 week ago
Allison Williams RT @HandelsblattGE. Deutsche Börse, LSE push on with merger to make 2nd-biggest trading platform. But hostile bids are still possible https… 1 week ago
IT People DACH RT @HandelsblattGE. Deutsche Börse, LSE push on with merger to make 2nd-biggest trading platform. But hostile bids are still possible https… 1 week ago
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Carsten Kengeter Believes LSE & Deutsche Boerse Must Merge
The head of German’s stock exchange has said that unless the proposed merger between London Stock Exchange (LSE) and the German stock exchange Deutsche Boerse succeeds, American entities will take control of the LSE.
The two exchanges came to an agreement last week to merge as equal partners in a deal valued at £21 billion. The plan aims to reduce costs by almost €450 million a year and enable expansion into new markets. One of the major advantages highlighted has been the significant reduction in capital requirements after the merger.
Speaking on the deal, Carsten Kengeter CEO Deutsche Boerse said this was the best chance for survival for both exchanges.
In a statement, Carsten Kengeter said, If this merger does not take place, the European capital market architecture will probably soon be in American hands. And one does not need to be the CEO of the Deutsche Boerse to shudder at that thought. The clock is ticking in Europe. If we do not strengthen ourselves quickly, then the company will eventually be so weak that it can no longer act, but only react.
The Intercontinental Exchange (ICE) which is a U. S. exchange group has expressed interest in acquiring the LSE. According to UK takeover regulations, ICE has time until March 26 to roll-out a counteroffer. Other rival exchanges like the CME Group and the Hong Kong exchange are also evaluating the possibility of making rival bids.
As investors and politicians consider the ramifications of the deal, there have been concerns around the manner in which the merger was agreed upon, as there was hardly any attempt made to get in bids from other parties. One key investor has said that the LSE should have been put up for auction rather than enter a merger with nil-premium.
Lord Myners . the former City minister has asked regulators to look into the financial strength of the final entity as the merger would require merging operations of two of the largest bourses of Europe. He urged the regulators to examine the deal in light of ensuring the stability of the financial system.
It is understood that Xavier Rolet . the chief executive of the LSE has agreed to step down from his role after seven years in exchange for the new entity to have its headquarters in the UK. Rolet has clarified that the deal will proceed regardless of the result of the UK’s June referendum on whether to remain in the European Union.
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BSE's high-speed BOLT Plus crosses 1 billion in volumes
(BSE said its high-speed…)
MUMBAI: Leading bourse BSE today said its high-speed Plus platform has seen over 1 billion derivative contracts being traded since it began operations in November 2017.
The BSE had upgraded its technology platform in November 2017 to BOLT Plus, which is based on the Deutsche Borse's T7 trading architecture and is currently the fastest trading platform in the country.
"The cumulative volume of the exchange's derivatives markets surpassed 1 billion contracts since launch of the BOLT Plus platform," the BSE said in a statement.
Asia's oldest bourse launched its currency derivatives segment on the BOLT Plus platform on November 29, 2017 and had migrated its equity derivatives segment to the platform on February 8, 2017, while equity trading began on April 7, 2017.
For the January-April 2017 period, the combined average daily volume in equity and currency derivatives exceeded 3.28 million contracts, the statement added.
With 84.59 million traded contracts in the first four months of 2017, BSE has been ranked first in the world by the World Federation of Exchanges (WFE) in terms of the number of currency options contracts traded, the exchange said.
One of the key features of the system is its response time of about 200 micro-seconds and a throughput capacity of 5 lakh orders per second, making BOLT Plus faster than any other exchange in the country by at least 10 times.
"Our strategic partnership with the German exchange Deutsche Borse, including the integration of their T7 technology into the BOLT Plus platform, has given a new trading experience to BSE members with sub-200 microsecond latency and high throughput," BSE managing director and chief executive Ashish Kumar Chauhan said.
Over 900 brokers with more than 1,00,000 branches and millions of retail investors are on the BOLT Plus system.
By aligning the BOLT Plus with the German derivative bourse Eurex Exchange and the International Securities Exchange on a common trading infrastructure, BSE could trim its IT cost significantly," the exchange noted.
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Deutsche Boerse acquires stake in bond trading platform Bondcube
Deutsche Boerse acquired a stake in a startup bond-trading platform that is taking a non-traditional approach to liquidity. The platform, Bondcube, has designed trading protocols intended to encourage buy side firms to be liquidity providers.
A commonly cited statistic is that dealer inventories of corporate bonds have dropped more than 70 percent from pre-financial crisis levels as a result of regulations that changed bank capital requirements. To make up for lower dealer liquidity, several electronic platforms have introduced techniques aimed at encouraging buy side firms to post liquidity, rather than simply take liquidity as they are accustomed.
Bondcube's approach to the lower dealer inventory issue is summed up in the introductory sentence on its website: "Everyone says there is no liquidity any more. We disagree. True, bank liquidity is down, but what about buy-side liquidity?" the site says.
Bondcube characterizes its solution as an all-to-all dark matching approach.
"The perception of a lack of liquidity in the bond market arises because the existing trading infrastructure protocol means the buy-side can only request liquidity from the sell-side," says Paul Reynolds, CEO and co-founder of Bondcube. "To solve this problem, Bondcube enables all users, whether buy-side or sell-side to discover liquidity amongst each other, known as all to all."
Deutsche Boerse will provide commercial backing, infrastructure and IT support according to Gloria Pfaue, the Financial Times reported.
"Through this exciting move, Deutsche Boerse enlarges its client reach with direct access to the buy side whilst offering unique benefits to the sell side with no disintermediary effect," said Johannes Wessling, responsible for bond trading at Deutsche Boerse.
Bondcube is currently signing up participants to the platform and expects to go live with trading in the third quarter.
Deutsche Boerse did not reveal what size stake it has acquired but said that its investment was a "low sum in the single digits millions GBP."
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Turquoise (trading platform) +Search for Videos
'''Turquoise''' is an equities trading platform + (Multilateral trading facility + or MTF), created by nine major investment banks + in 2008. The aim was to provide dealing services at a 50% discount to traditional exchanges + . It is a hybrid system that allows trading both on and off traditional exchanges. The system was advertised as a "pan-European platform based in London + ".
On 21 December 2009, the London Stock Exchange Group + agreed to take a 60% stake in trading platform Turquoise, which had a 7% share of the market. Turquoise was merged with the LSE's trading facility Baikal Global.
Turquoise has expanded to include the trading of Option and Future Derivatives with its new Electronic Sola Trading + derivatives platform launched June 6, 2011, started with the addition of FTSE Index 100 Futures contracts and has expanded to have FTSE 100 Options contracts on September 26, 2011. This fast-growing, high-speed exchange has been recognized as the award winner of the "Best New Derivatives Trading Platform/Service" by the Financial News Awards for Excellence in Trading and Technology, Europe 2011. Since 30 September 2017 Turquoise Derivatives business was acquired by London Stock Exchange plc. * Chi-X + * Chi-X Europe + * London International Financial Futures and Options Exchange + * Euronext + * NYSE Euronext +
Changes To Broker Targets On Park City Group, Inc. (PCYG)
Latest Analyst Ratings:
07/08/2017 – Park City Group, Inc. had its “buy” rating reiterated by analysts at H. C. Wainwright.
05/22/2017 – Park City Group, Inc. had its “buy” rating reiterated by analysts at Brean Capital. They now have a USD 23 price target on the stock.
05/11/2017 – Park City Group, Inc. was downgraded to “sell” by analysts at Zacks.
The share price of Park City Group, Inc. (PCYG) was up +3.03% during the last trading session, with a day high of 9.06. 17240 shares were traded on Park City Group, Inc.’s last session.
The stock’s 50 day moving average is 8.64 and its 200 day moving average is 10.33. The stock’s market capitalization is 169.92M. Park City Group, Inc. has a 52-week low of 5.98 and a 52-week high of 14.50.
Park City Group, Inc. is a software-as-a-service provider. The Company delivers its services through software products designed, developed, marketed and supported by the Company. The Company’s product markets include multi-store retail and convenience store chains, branded food manufacturers, suppliers and distributors, and manufacturing companies. Its primary solutions are Scan Based Trading, Score Tracker, Vendor Managed Inventory, Store Level Replenishment, Enterprise Supply Chain Planning Suite, Fresh Market Manager and Action Manager. Its Business Analytics Group offers business-consulting services to suppliers and retailers in the grocery, convenience store and specialty retail industries. Its Professional Services Group provides consulting services to ensure its solutions are integrated into customers’ business processes. It has a portfolio of service offerings, including implementation, business optimization, technical services, education and advisory services.
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Best Forex Platform
The best forex trading platform will be the one that satisfies both brokers and currency traders. Brokers need a forex trading platform that is reliable, flexible to their needs and easy for their customers to use. Traders give more importance to user-friendliness as well as reliability of the forex platform.
Forex Platforms for Brokers
Large financial organizations who are the key players in forex market have custom built trading platform for their use. Currency trading is a multi billion dollar business for these financial institutions and they want the best forex platform to ensure good returns on their investments. Usually these big players in forex market will take a look at the forex platforms of their competitors and then aim to develop a forex trading platform which is better than others. The expenditure of building a custom forex platform is definitely high. Since software development is process that mostly takes longer time period than estimated their can be always time delay in creating a custom forex platform.
Unlike large financial institutions, smaller brokers cannot usually have the funds for developing custom forex software platforms. As an alternative, the small brokers could buy a forex trading platform that is ready to use out of the box. However, many of these out of the box solutions are not reliable and experienced traders will identify this and may stay away from brokers who are using these solutions. Currency trading is a big business and if a brokerage company is not ready to invest money on a reliable trading platform the traders will not have confidence in that broker.
Finding the middle ground that works well for Fx brokers is to obtain a readily available forex platform and then have a programmer customize it for you. The software engineer could include more forex charts and add some technical analysis options which are not available with other brokers. Of course those additional forx charts and technical analysis functions should be useful for the traders. You may also modify the visual aspect of the trading platform by including your company logo and change the colors of the interface to match the company website etc. Thus a trader will feel that the broker is offering a unique forex trading platform without the broker spending huge amount of money for custom forex framework software.
Forex Platforms for Traders
Traders primarily seek for ease of use and accuracy of information which can directly affect the profitability. Usually small individual traders will utilize whatever trading platform their broker provides. For many traders the platform is more important factor than the cost when selecting a forex broker. Many traders go for brokers with a bigger spread for the sake of the accurate forex charts and signals ( Forex Ambush 2.0 ) which they require to run a profitable forex trading system.
Many skilled traders who have developed their own profitable forex trading system might create automatic trading robots like Forex Derivative . The currency traders who employ automatic forex systems or forex EA for trading will need a forex platform on which their forex trading software can function. Nearly all of the widely used forex trading robots like Forex Autopilot and FAP Turbo are developed to run on the famous Metatrader 4 forex platform . Keep in mind that the trading robots can’t be installed directly on windows or Mac software. They require a forex platform like Metatrader 4 which is a software frame work which can be downloaded for free and installed on your PC prior to installing the robot.
Both manual trading systems like Forex Confidante and automated trading software have their advantages. Auto trading robots have the ability to open and close trades automatically when the software identifies a winning trade while manual trading works best when the market is controlled by human emotions. Many currency traders are now going for forex brokers who offer Metatrader4 platform since they can run these auto trading robots as well as perform live manual trading online.
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Frankfurt exchange operator Deutsche Boerse buying foreign exchange trading platform 360T
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List of Foreign Exchange Brokers
Foreign exchange, also known as FOREX or FX, brokers allow individuals and firms to trade currencies in the interbank foreign exchange market. Essentially, there are three types of retail foreign exchange brokers. The first type includes independent foreign exchange brokers such as Oanda and Saxobank. The second type is dominated by large, multinational investment banks like Deutsche Bank. The third type of brokers, which you should avoid, are scams. Due to a large number of shoddy brokers, work with well-established firms.
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Oanda
Oanda is one of the best foreign exchange brokers. Mention the name of the company to any foreign exchange trader and he will probably give positive or neutral opinion about this company. The company is based in Toronto, Canada. The broker is a registered Retail Foreign Exchange Dealer (RFED) with the U. S. Commodity Futures Trading Commission (CFTC) and a Forex Dealer Member (FDM) of the National Futures Association (NFA). The firm is incorporated in Delaware.
Saxo Bank
Saxo Bank is a technically a bank, though it engages in little activity other than foreign exchange trading. The company is based in Denmark. It offers a wide range of FX instruments, including spots and options. It also allows users to trade stocks and CFDs.
Banco alemán
Deutsche Bank is often cited as a leading foreign exchange trader in the interbank market. The largest bank in Germany, it is also among the biggest banks in the world. Its retail currency brokerage division offers competitive spread on 34 currency pairs. The spread on the EUR/USD currency pair stands at 1.7 pips, for example.
FOREX. com
FOREX. com is another well-established foreign exchange broker. The broker's website and trading platform comes in many languages, including Japanese, Chinese and even Russian. The firm offers a wide range of instruments to trade, including currencies, metals, oil and indices.
GFT FOREX
GFT FOREX is an independent broker. It offers more than 120 currency pairs to trade. The company allows customers to trade such exotic currencies as South African rand, Singapore dollar, Swedish krona and Hungarian forint.
Recursos
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Kenanga Investment Bank Berhad
Kenanga Investment Bank Berhad ("KIBB") is the largest independent investment bank* in the country by equity trading volume and value, as well as one of the top three brokerage houses in Malaysia.
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Kenanga Investors Berhad
Kenanga Investors Berhad ("KIB") performs regulated activities of fund management dealing in securities (restricted to unit trust), investment advice and dealing in Private Retirement Scheme under the Capital Markets and Services Act (CMSA) 2007.
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Kenanga Deutsche Futures Sdn. Bhd.
Kenanga Deutsche Futures Sdn Bhd ("KIIB") is the leading Futures Broking firm in Malaysia, winning "Top Overall Futures Broker Award" and "Top Equity Futures Broker Award" for 10 consecutive years from 2003 -2012 from Bursa Malaysia Derivatives Berhad, in recognition of its performance and contribution to the industry.
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Kenanga Capital Sdn. Bhd.
Kenanga Capital Sdn Bhd ("KC") carries out the business of financing the purchase of shares of listed companies, those approved for listing on the Stock Exchange pursuant to a corporate exercise and quotations on the Bursa Malaysia.
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Kenanga Investment Bank Berhad
Kenanga Investment Bank Berhad ("KIBB") is the largest independent investment bank* in the country by equity trading volume and value, as well as one of the top three brokerage houses in Malaysia.
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With the aim of diversifying our client's investment portfolio, we offer access to 15 foreign markets including those in Hong Kong, United Kingdom, Singapore and the United States through Kenanga’s global trading platform.
Benefits of the global trading platform include:
Trade on global markets efficiently, from Malaysia, by opening a trading account (for both local and foreign markets)
To place a global trading order, just call your remisier or trade online
All transactions will be settled in Ringgit Malaysia (RM)
Our clients have the option to settle the contract using HKD, SGD, USD or GBP currencies. Alternatively, they can instruct the bank to keep their sales proceeds in these three currencies for the ease of FOREX.
Diversification Of Investment Portfolio
Our clients can trade in more 15 markets in the US, UK, Hong Kong, Singapore, Australia, South Korea, Indonesia, Sri Lanka, Shanghai and Shenzhen
We complement night trading activities by offering a Night Dealing Desk. Call the Night Dealing Team to place orders for the US markets after midnight.
We provide access to more than 15 equity trading markets worldwide.
AMEX (American Stock Exchange)
NASDAQ (National Association of Securities Dealers Automated Quotation)
NYSE (New York Stock Exchange)
LSE (London Stock Exchange)
ASX (Australian Stock Exchange)
SGX (Singapore Exchange)
SEHK (Stock Exchange of Hong Kong)
INSE (Indonesia Stock Exchange)
SZSE (Shenzhen Stock Exchange)
SSE (Shanghai Stock Exchange)
CSE (Colombo Stock Exchange)
TSE (Tokyo Stock Exchange)
SET (Stock Exchange of Thailand)
KRX (Korea Stock Exchange)
KLSE (Bursa Malaysia)
Europe Markets
For more information, please email kentrade@kenanga. com. my
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