The spot FX market is not centrally cleared and it is not regulated hence there is no way to ascertain that what you see on your screen is the true market price. And to say otherwise would not be accurate. what are the five largest FX ECN you know off?
I haven't figured out where you're going with this, or why? I don't care. I have figured out, LeeD is obviously a very patient (person). And quite knowledgeable on the subject. I've always thought the whole idea of opening up the "cash market" to under capitalized "wanabe traders" was nothing more than the big institutions "whoring" out their data, with a "can't lose" guarantee of offering (originally) spreads of 5pts between the B/A. And then (touting) the (illusion) of "no commissions." But that's just me When forex first went public I thought, why would anyone enter the market $50.00 in the hole! How can they trade without (volume) data? Back then you could see prices all over the map at the same moment in time on different platforms! If a guy could do "then" what your asking to do "now" ...WOW, a scalpers DREAM... I CONFESS I tried it (cash mrkt).... back then, the platform I traded on posted the prices in Euros not Dollars (that was common). That f'd with my head too! None of "it" made any sense to me(it still doesn't) Soon I was back to the CME and never went "there" (cash mrkt) again... At the every least, when I trade thru the CME "somebody" is "in charge" (regulations) Keep looking, I hope you find what your looking for. Here's a rabbit hole you can run down http://www.100forexbrokers.com/stp-ecn-brokers Good trading <*)))><
Since you guys seem very knowledgeable maybe you can shed some light and enlighten the rest of us ..............It is said that ECN Broker is a broker who gives you a direct access to display your order in the market?! well, where is that market?!
Here are the 6 largest foreign exchange ECNs (in no particular order): FXall (Accelor) + LavaFX (acquired by FXall) FX Connect (State Street) + Currenex (acquired by State Street) 360T Baxter-FX ICAP (EBS) HotSpot FX A few links for further reading: Euromoney FX survey 2010 London FX ForexForte vCapFX Went Fishing, thanks for the kind words!