Miami........ I researched the quote issue you saw on Sunday and can confirm that we were experiencing a line outages to several of the larger banks we connect too. As such the quotes that were displayed were the resting limit orders of TDFX retail clients. As more banks came on line and the lines were stabilized the TDFX quote began to populate and narrow. Please note that you can absolutely post your orders at any time. Certainly a lack of liquidity is frustrating yet at the same time as the banks came on line the liquidity and spread narrowed. As TDFX continues to grow you will notice issues like this less and less. We expect that retail order flow will become the predominant liquidity source and reliance on banks will become far less than it is today. I also wanted to include a screenshot of our quotes from this morning. This is typical of what everyone should expect to see during normal trading sessions............. Regards, Steve
Lon Eagle........... When did you have an account with EFX? I have to assume it was some time ago? TDFX is an STP system and was one of the first of it's type. It improves with age and the technology changes have been significant. In addition to the technology as the liquidity grows so does its quality or fill. If in fact it was some time ago I invite you to try the system again, I assure you it has come a long way in the last year or so. Regards, Steve
Pippi........... As you know MBT is a direct access brokerage and uses TDFX ECN technology. The quotes you are seeing are coming from banks, institutions, and traders like yourself. We simply pass them directly on just as we receive them. During times of news, where there is high volatility, we can see some banks sometimes get queued with their quotes in the refresh. When this happens we pull the bank from the wheel until their quotes refresh. This is why you might see an inverted quote for a moment. I can assure you that our processing of the data is extremely fast but this can happen when we pass data directly to you from the banks. Please keep in mind there is no central exchange, nor order handling rules. We believe in best execution not just displaying the "best quote". If a bank does not honor their quote because they are actually behind then we remove them from the montage until an orderly market is reestablished. Regards, Steve
I have, thanks! But my point was say the euro was showing 20 17 and you tried buying at 17 you would not get the fill at that price. Using a limit order you could say pay 25 and try and get filled. I am not saying you should get the fill ( I believe all users should display ethics in line with the ACIB code of conduct) but the implication was you could benefit from the backwardation when in fact you can't - you get (or got) filled at a price not on display. Steve - I will have another look as it was a while ago. However at the time I was told the software was robust and assured prices never froze. It did several times in a very short period of time.
Lon Eagle.......... Understood. I certainly want to meet all your expecations and more. I won't say that there will never be any technical issues but candidly we have built something very unique and with that comes many moving parts. Simply put, I wanted to let you know that this has come a long way and will continue to get better and better with each day. Regards, Steve
I have used this MBT system for 3 months. Before that a deal desk (4 years), then to a Currenex outfit (well over a year) then MBT. If you have the least bit of a clue of how FX trades as well as the various system types in the market place (I think I have tried them all). Then you can come to no other conclusion than MBT with TDFX as being top notch and with no other firm even close to this system. Quotes don't stick, banks do but it beats a deal desk pulling a quote or worse leaving a quote to watch their own clients stack up while they stop filling during news. Just to let the market turn and basket fill all their clients at an immediate loss. Or various electronic firms that use MT4 or COES (-rip) or others who press the magic +10 pip spread widener button. You folks that complain show your greenness. Yes, gas prices are high but its not the gas stations fault. Yes quotes stick or get wide and its not MBT's fault (though MBT has had system problems, name of the game). When you begin to understand the market your playing in you too will come to the conclusion I have, the MBT/TDFX system is the future of FOREX. Show me a better one and I will gladly put my order flow on it and try it out. You cant though, at least not yet. PP
Please let me know who you were using to trade via Currenex. What were the problems? Why is EFX better?
So are you saying that it has actually happened to you, perhaps as part of your trading style, when using the platform that when say the euro was showing 20 17 you used a limit order to buy at 25 rather than 17 or lower?