Looks like the major high street banks are getting in on the act.... http://www.stockbrokers.barclays.co.uk/barx/
Thanks for the link. I also don't understand why it has taken them so long, but it is a damn good move, fxcm and other crooks won't like this but for the retail trader it is really an impressive step forward. PS. It also doesn't look like it will be a Deutsche bank/fxcm scam platform.
I'm in the CPG (or FMCG if you like) industry and I can tell you that, even if you have a great idea for a product, you won't introduce it when the market is too fragmented (ie, too many small players with small share). It's a waste of time to come into a market with 10 or so players and try to grab the #2 or 3 slot. Before all this action with the new NFA capital requirements, there were what...30 or so players? More? Why waste the time getting in a market like that when all you come out as is "noise". Now that there's a few big boys and that's it, a whole new market is created. Not to mention all the customers looking for a new home. That's your "why", in my opinion.
Right, that certainly makes sense and explains their waiting strategy. From what I can gather the platform has been in the development stage for quite a while, it makes you wonder just how long the NFA cap req's have been in the pipeline. Having said that, its seems US clients are excluded I'm trying the demo right now and it actually has quite a nice feel to it and some useful functions (guess I need to read the manual first!) And the best part is client funds are segregated and are protected to a degree by the FSA. Looking good so far..... siki13 They're all dealing desk, manual or automated it amounts to the same thing. The upside is they are their own liquidity providers so it cuts out the middle man and his price shading. Personally I think it's a leap forward for the retail industry.
FX spreads aren't really competitive(nor are rolls and interest) - compared to ABN Amro's retail platform. ABN appears to be the only ibank who tries to be at least remotely competitive for retail traders. All the others (DB, RBS, UBS Citi..) just try to shove down horrible trading costs using their good name. No thanks.. On the institutional Barx you can trade Eur/Usd on a 0.8 pip spread during active hours - and they still make a profit. I wonder whats the point on quoting > 2 pips when there are so many better alternatives ( and some of them have a good name too).
Fair comment, so let's do a comparison, it might be interesting. As for spreads, there's one retail marketmaker quoting .9 on Eur/Usd for 1 unit upwards! But it's the price that orders get filled at which matters and how much they manipulate price, that .9 can easily turn into 4 or 5 pips + :eek:
Yes, what was that all about? I asked DB and they went quiet. What's the deal and what are they trying to hide?