The three platforms I can personally vouch for are: CTS T4, CQG Integrated Client, and Trading Technologies with a very important caveat: you have your trading account with a major direct clearing FCM like RJ O'Brien, Advantage, Rosenthal-Collins... (a few others also) and you set up your trading platform using the FCM's support desk. The FCM support desk will set up your platform gateway and fix adapter quite nicely with their own proprietary settings - and that is critical. Also, if you're running a strategy like AutoSpreader, Synthetics, or Algo the FCM support desk will be most valuable. Those IT guys do it for Hedge Funds, Proprietary Trading Groups, Banks, and all types on independent traders. The big Chicago FCM's pay their key IT support people very, very well. They can make or break a big FCM. About nine years ago, I had a few very sophisticated clients who were clearing NewEdge and they were running a fairly complex multi-legged inter market spread strategy (multiple exchanges, cash and futures) using CQG IC and they had some problems. Those issues eventually got resolved. The current CQG Spreader Core can leg synthetic spread orders in about a millisecond and it's quite good.
Very good answers indeed, but what is the FCM charging you in margin and commission? I now it is a sliding scale as far as routing- yes there are too many checks n balances for retail MOST IMPORTANTLY you left out- counter party crossing your trades and seriouls execution conflicts of interest. It is actually possible for an FCM to use another fcm with a prop desk to take the other side of your order and they know everything. so when your stops get hit.. they really do know where you put them ,.
It makes sense that the IB would need to check that you're order is within their risk parameters since they're on the hook for it. I always assumed they integrated that functionality with the FCM's checks. If not it's definitely a business opportunity for an FCM that offers that functionality to their IBs! One other advantage I can see is if you do deal with discount brokers like Interactive Brokers (just to confuse the term IB!). If you're retail with a couple million dollars you're crap to them and good luck getting an intelligent human to answer the phone let alone pay attention to your issue. If you're working through an IB then they are a several hundred million customer to Interactive Brokers and more likely to get results. However I know you'll say the solution to that is just avoid Interactive Brokers and I couldn't agree more on that!
By design EVERY futures exchange order is one FCM order matched with another FCM’s order. Your statement about prop desks KNOWING where stop orders are located is a bald-faced lie btw. I’ve worked at prop desks for several years (including two FCM’s) and they are completely separate operations - physically located elsewhere and there is no exchange of order information. In fact, last time I checked only one Chicago FCM had a prop desk. An FCM can only cross its own order flow IF it is the best customer price AND there is a delay in the order entry to allow other FCM orders to improve their price. That is a built in exchange order matching algorithm - it’s a literal firewall. But what IS known is a very long history of unsavory practices in the Forex cash markets.
Honestly, SIG, I’ve had at least a hundred clients open direct clearing FCM accounts with quite nominal amounts of money. Introducing Brokers are around because they market and they advertise.
They give at least all the needed information. Account size, commission, intrady margins... On the websites from FCM's you find nothing. You need to give your email adress and a lot of other information and then they start to call you to see how far they should go to have you as client. No transparancy and no general public information (Account size, commission, intrady margins...). Gives me the impression that you cannot trust them. On the websites from RJ O'Brien, Advantage, Rosenthal-Collins... I could not find account size, commissions, intradaymargins, prices for using platforms...
You are a pretty rude and it is hilarious when you are extremely vague.. you say.. there is only one fcm but you didn't name it and you say that you worked a prop desk (and u quit cuz u sucked at it) and you didn't name it either. One it was nto a bald faced lie and 2 it is in your FCM paperowrk if you actually read it. Wedbush among many other CLEARING FCM's work or take the opposite side of the orders of most discount brokers.. so yes they do know your orders and a lot more info and also in your paperwork you agree to off exchange matched trades as well if you really dig down deep. CME disclosure paymet fo rorder flow = CME DISCLOSURE ON PAYMENT FOR ORDER FLOW When firms provide execution services to customers, either in conjunction with clearing services or in an execution only capacity, they may, in some circumstances, direct orders to unaffiliated market makers, other executing firms, individual floor brokers or floor brokerage groups for execution. When such unaffiliated parties are used, they may, where permitted, agree to price concessions, volume discounts or refunds, rebates or similar payments in return for receiving such business. Likewise, on occasion, in connection with exchanges that permit pre-execution discussions and “off-floor” transactions such as block trading, exchanges of physicals, swaps or options for futures or equivalent transactions, a counterparty solicited to trade opposite customers of an executing firm may make payments described above and/or pay a commission to the executing firm in connection with that transaction. This could be viewed as an apparent conflict of interest. In order to determine whether transactions executed for your account are subject to the above circumstances, please contact your executing firm account representative
YOu do a trade and it is matched.. so long as the opposite party ahs a good relationship with the celaring firm or if they clear for themselces then thjey have acccess to all teh information about that trade becasue they are teh counter party. The imessages attached to your order are tehn intantly cleared and analyzed by the opposing coutner party. So .. it is not ilegal because the trade that just happened is now historical even though it happened a half second ago.. You can experiment with stop and stop limtis at yuor fcm by using a demo accoutn versus a real account and at the same tiem palce the orders in teh same market and you will see that the mkt indeed moves down to get your stop..obviously it needs to be 4 to 6 levels out. but to say it is abald faced lie.. is laughable. because you think you are teh grand wizard huh.. omnipotent . that kind of attitude will make you go broke with the mkt.. if it hasn't happened already