Currenex, HotSpotFxi, Lava - Pimps for the Banks? - No Scalpers

Discussion in 'Forex Brokers' started by danger66, Dec 21, 2006.

  1. Danger66,

    What maximum size has one of your traders ever done with the condition of
    split second executions at the price he
    clicked ?
    #51     Dec 22, 2006
  2. Fxsomebody,

    Then please quote the correct numbers !

    What's the average size of those 80%
    customer to customer transactions ?
    #52     Dec 22, 2006
  3. Nick, we are not trading on CX yet, despite having all our agreements with a few brokers in place. The set up we have at another firm is a rig similar to CX in principle, where you have a few banks posting liquidity. The greatest size we did there was $3.5 million a clip before we got shut down on 11/29/06. We made good money despite the fact that we were getting over 65% of our trades rejected. Some executions were at the price clicked, but most where within 2-pips from the market price (as specified by us). It takes time for the order to reach its destination after you press buy or sell. If this is being done on a fast market, you can't expect the price to be the same even 100ms later.
    #53     Dec 22, 2006
  4. 65 % of trades rejected ?!

    This sounds as Metatrader style !?
    #54     Dec 22, 2006
  5. Banks trade currency futures and CME and other exchanges all day long. I've traded with and been in some of the biggest foreign exchange dealing rooms in the world (ABN Amro for one). They have professionals who do nothing all day but execute futures business to offset their spot exposure.

    The whole dynamic for foreign exchnage trade is changing rapidly and as we enter 2007 you will see even more of a shift into futures. The CME recently set records for contracts traded per day and open interest. Leo Melamed is the founding father of FX futures and he's quoted in the recent Fortune Magazine stating FX futures are what he trades still to this day.

    Watch in early 2007 for the launch of FXMarketspace. This joint venture between CME and Reuters is going to be huge.
    #55     Dec 22, 2006
  6. siki13


    Who are the brokers you two talking
    Is it white label like fxsomebody suspects?
    #56     Dec 22, 2006
  7. Yes, white label
    #57     Dec 22, 2006
  8. As you know, the most recent (5th) annual Euromoney Foreign Exchange Poll, published last May, shows that Currenex is behind both Hotspot FXi and FXall in market share among multibank platforms. This is true both in terms of 1) overall turnover and 2) spot only turnover, without forwards and swaps.

    Are you saying that the market share data has changed significantly in the last few months, do you take issue with EM's methodology, or something else? Thanks.
    #58     Dec 22, 2006
  9. 168


    a person who trade 10m per clip or above should know everything by now.
    #59     Dec 22, 2006
  10. sccz97


    Until recently when retrieving the trade details from the cnx platform you provided the cpty to the trade. Whilst I am most def not representive of the total set of cnx users, I do tend to trade more during fast mkts when you yourself have stated where most cnx transactions occur. I can state for a fact that >90% of the trades were with a bank and not another cnx user
    #60     Dec 22, 2006