How to trade in the Interbank directly?

margin permitting yes.

 

I've been wanting to find out for quite some time: Any examples of commissions from the big banks to trade through EBS Prime?

And also, are the spreads on pairs such as EURJPY coming closer interbank than the Globex futures? TIA.

 

Frege know about this thread too....



http://www.elitetrader.com/vb/showthread.php?s=&threadid=60285

 

Has anyone tried Citibank?

http://www.citibank.com.hk/

click on investments,
Foreign Exchange Services (Get Details)
Foreign Exchange Margin Trading (Get Details)

 

I didn't know Citi offered such a small minimum account size for entry, but I can't see any of myriad posters on this board who are seeking a minimum of 1% margin be willing to deal on more than 6%.

 

How ironic, isn't it? I say that because most retail forex traders, except the most skilled / experienced ones, would be better off, in terms of probability of becoming consistently profitable, with account leverage externally capped at 15:1 or even less.

Averaging P&L of just 10 pips a day, or 200 pips a month in Euro at 15:1 produces returns of approx. 1.25% a day, 25% a month (not compounded) and 300% - 1,355% a year, depending on compounding frequency (from never to monthly).

Most traders, if they possess the right mindset, are capable of getting to a point where they net at least 200 pips every single month. As long as they don't handicap themselves by folly such as excessive leverage... anything beyond single digits per currency position, in my book.

 

I totally agree. Nobody needs more than 2% margin in my opinion, yet it is one of the main things people mention in the search for a broker.

 

Hi,

Anybody here trade with interbank directly? Can you point me to some readings or references on how exactly currency trading is transacted? What is the minimum amount? I understand that you basically need to rollover your position everyday if you wish to trade longer term by engaging in swaps like spot/next etc.

 

The reply I received stated that Citi HK will not take on US citizens as clients.

 

riskarb,

Do you work at a bank such that you have access to EBS? My partner and I have been looking for an interbank/open platform for some time (tried COES..but there were issues) now onto IB's IdealPro. Our system REQUIRES there to be multiple bid/ask quotes from multiple parties.

If you know of any could you let me know. Min deposits are not a problem so long as we can get access to an API for a few months to confirm that the platform is appropriate.

Thanks,
Granville