When I place a buy limit order in a light market where it's most noticeable, the price shoots up away really quickly. I realized what they are doing...they are putting an outsized buy or sell(I'm deducting it's a buy)order in-place of my actual order which never entered the market. I check the time and sales and there my trade never shows up. No trades will appear for thirty seconds and even longer both before and after the actual time of execution. Now the reason they are doing this and is a whole different subject is when they place a larger buy order of there own they are hedging. And due to technical reasons of liquidity price action will not breach my "position" in the market unless a large amount of volume actually pushes it up past my price..... They aren't actually routing my order into the market. Before you scream heresy I implore you to try this yourselves rather than just placing your order blindly without watching the minute chart or second if you have it.
CME is first come first serve. If you put a limit at a value where there is zero bids, yours will appear and you are 1st in line. IF many others eventually jump on, you will be filled first and before them. I don't know anything about currency.
We rarely face this problem because we use regulated brokers and regulated exchanges. We don't trade illiquid products and we don't trade CFDs. And we don't trade when the market is very quiet. Have fun playing with the market maker.
I'm pretty sure judged by what I've experienced and what I see that futures brokers also bbook their clients.
Currency brokers in the US are CFTC regulated and NFA members and they b-book all day. No routing to the market what-so-ever.
micro gold, comex @ 00.24.10 execution. My terminal time right now is 02.20.00, central US time is 9:20pm.