Doesn't mean it's irrelevant since most of the currency trading is Europe based, just think it is a useless discussion for a board that is dominated by US (and in the P/R section... Canadian!) members. Q: What does Dodd/Frank allow for US residents in re: to opening brokerage/bank accounts overseas?
http://www.elitetrader.com/vb/showthread.php?threadid=118174 Well, if this isn't enough proof of dealer manipulation nothing is. Then again, even proof won't stop the forex penny traders and degenerate gamblers from continuing to flog themselves.
Well it has an API and a simple one and simple means fast. That's the most important thing IMO. So traders can develop their own software (autotrader/charts/GUI whatever). Don't care about pennytraders. The problem with them is that under 10k contracts can only be executed by broker only and not between banks or other trading institutions. And that's where people get screwed (re-guotes, waiting for the lot to fill up etc). Until now the only place that looked promising was Dukascopy but the API on LMAX is a lot better/easier/faster.
I like the philosophy behind LMAX and want it to do well. I've been a member of Betfair (the company behind it) since they started and was their first software solution provider. My coder and I are currently working on a one-click interface which will make trading on LMAX a much better experience, so watch this space sometime in February 2011 which is when we expect the software to become available.
Well, its obviously their longterm plan as Betfair have already bought a US company to try to push things along. I dont know exactly where they stand at the moment but I'm sure they're greasing every palm they can to get legislation moving along in what is a very slow process. The obvious way round is to set up a UK bank account and trade using a remote server. That's not a difficult process.