AMP TRADING has filed an official complaint with NFA against Infinity Brokerage

Discussion in 'Events' started by AMP_Global, Feb 13, 2009.

  1. AMP_Global

    AMP_Global ET Sponsor

    It has been brought to our attention that Infinity Futures brokers are providing misleading and inaccurate information regarding AMP Futures and trading engines in general; specifically Zen-Fire (See Below) in order to compete for the potential clients. In response to such unprofessional behavior; AMP TRADING has filed an official complaint with NFA against Infinity Brokerage.

    This chat message was emailed to AMP by a prospective client. (Names have been removed for confidentiality)

    Trader: I just got a chat with a person from Infinity Futures. Could you confirm the information he gave me: Trader: what about AMPFutures?...... Infinity Broker: Their orders do not go directly to the exchange Infinity Broker: Stop orders rest on your computer, not at the exchange. Best Regards Trader

    To put to rest some of the untrue comments regarding data feed Zen-Fire and TT (Trading Technology) servers; here are the technical facts about AMP. Any information provided by this firm regarding Zen-Fire and its functionality (or alleged lack of functionality) should be dismissed.

    If a broker suggests that Zen-Fire (or any electronic trading engine for that matter) does not send orders to the exchange, it is time to find a new broker. This may seem like a ridiculous point to address, but surprisingly it has happened often enough and was done with enough conviction that some traders began to believe it. Though it is absurd to believe that a trading engine is not sending orders to the exchange, there are firms that use the claim to try and convince traders to try an alternative product.
    To set the record straight, Zen-Fire allows traders to route all exchange supported orders directly to the exchange without intervention from the broker or any other 3rd party. (Exchange supported orders vary by exchange, but for Globex the order types include Market, Stop Market, Stop Limit and Limit orders.) The orders reside at the exchange until they are cancelled or filled. Transit times from a small sample showed the average time to send an order to the exchange, once received by the engine, to be <1 millisecond. To be clear, the orders are being sent to the exchange, and they are being processed on average in less than 1 millisecond. (Audit trails are available by request to verify the information.)

    In conclusion, AMP Trading is not currently seeking financial retribution for the misleading and unethical sales practices performed by Infinity Brokerage; however this type of behavior has been going on too long and is not acceptable.
    Please be aware of these sales tactics and we advise all traders perform extensive diligence before deciding on their preferred brokerage.

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