MB Trading Futures - Introduction

When you open an account with EFX or MB Trading, you sign documents and send money to MB Trading Futures. When i opened an account with efx, i think i never even read the word "efx" once on the documents.

Hey Guys ~

I wanted to let everyone know that I'll be leaving town tonight for the rest of the week, please understand if I am unavailable to reply to messages in the forums while I am gone.

I will be back in my office Monday July 9th.

If you need immediate assistance with anything, please feel free to contact our offices at 877.212.1112 {480.212.1112} or email Jason Miller at [email protected].

I hope everyone has a great week and Happy 4th of July to those in the States.

Sincerely,

Why don't you use the forum tools "Search Thread" and search for "Omega" and see what you find? It's 57 pages long, do you think it hasn't been mentioned?

Vaguely, yes. But nothing definite. And I was referring to the EFX website, as I wrote in my original post.

But if you think about it, with commission, and monthly charting fees, it really isn't all that cheaper on the spreads. It CAN be, but not necessarily.

I'm not trying to give Justin a hard time, it just seems that a definitive answer isn't going to happen. We have narrowed release date down to a year, not a quarter, as I would hope would be come available.

I stll think EFX is on the right track but untill the bugs are worked out and the intigrated charts I will stay with my current broker, also EFX needs a java platform so it will run on a MAC........ I refuse to install windows on my MAC.....sacrilidge

Hello fellow traders:

I felt an obligation to other traders to share how EfxGroup decided to handle my situation on Sunday... I will not add anything else than a copy of my emails (most recent first) with them.. draw your own conclusions:

**********************************************************************
edited due to breach of email disclaimer
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Ok, I am not quite sure what I did but I will respect the rules and place my conversation in a dialog form and omit names:
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Hi XXXX,



Here is a summary:



I called xxxxx between 19:30-19:50 est and reported that my attempt to cancel my tto was not being executed by Navigator. He informed me that they were having problems with the platform but his screen showed that it had indeed been cancelled...so I was ok with that after that I tried to exit my trade GBP/USD at a -4pips loss but again it Navigator was not executing it.... I called him again and he acknowledged the fact that it Navigator did not executed and that there was nothing else he could do for me.... that once I was able to exit to make a note of it and call monday morning and speak to a supervisor because he did not the authority to credit me for Navigator's inability to execute my order...



So that is what I did and as it turned out instead of losing 4 pips, I ended up losing 8 pips. This afternoon I spoke with xxxxx from MB and he said that I needed to speak with EFX's customer service.



That is it in a nutshell.



Please , I hope this does not turn into a long and ardous process... you have the evidence so there should be no problem solving this issue.



Thank You



You can call me at xxxxxx if I am not in...please leave a message and I will promptly call you.

..............................................................................

Moneda:

Unfortunately, no credits are being issued for Sunday’s delayed open per the President of MBTF. It was not the fact that the Navigator was not executing, but the fact that our maintenance delayed our open. We do our best to open at 5 pm on Sundays but sometimes the market is not ready at 5 pm. We do our best to make trading open as soon as it is available. Our liquidity providers caused the delay and it was out of our hands and it was opened as soon as practicable. This is not like trading in the equities market; there is not one destination that the pairs trade on; it is all done between the banks (liquidity providers) and the ECN electronically. I am sorry for any inconvenience this may have caused.

If you have any concerns, please email me and I will forward it directly to a higher authority.

Best Regards,
XXXXXXXXX

EFX Group
........................................................

XXXXXX,



Sorry to hear about your company's decision....this did not happen at 5pm it was late at night but nevertheless I am sure that EFXgroup will find the "correct" response to my situation.. I guess as a consumer I have no other options that to at least inform other traders at Forex Factory about how EFX Group decided to handle my situation...a mere 4 pips=$12.00...wow! that tells me something about customer service...



Thank You for your attention

.....................................................................................

Moneda:

I was writing about the Maintenance time (Our Open) which occurs at 11:58 pm EST. Like I said, unfortunately, no credits were given in this situation.

Sorry again,

XXXXXX

.....................................................................................

XXXXXX,

Just to be clear...my situation occurred hours before.

................................................................................................

The only statement that I mistyped was the time…..it was during the maintenance time which was 11:59 pm EST if you could also post that I mistyped the times. That was an error on my behalf.

Sorry for any inconvenience this may have caused.

Best Regards,

xxxxxxxxx

................................................................................

i will like to see or read what your talking about, try to post it here without violating forum rules.

Has anyone else noticed any problems with overcharges with daily rollover premium? My charges have gone up significantly (more than double) and the rates on the platform (watchlist) haven't changed at all.

I'm curious if it's just my account? I normally don't check this, but I'm glad I did. It appears to have started in late June.

I've called, and was told to send an e-mail. The person who can
investigate is off for the 4th of July. I'll keep you posted if anyone
is interested.



Frank

If your positions were open from last week, then it must be the weekend's rollover premium charge(every broker charges you the weekend's rollover premium on Wednesday 17:00 EST). This is the industry standard

The charges doubled every single day since June 26th. So, it wasn't due to the weekend increase. Today, the charge was over 5 times what it should have been, so that wouldn't account for 3 weekend days.

Thanks,

Frank

What symbol and quantity, and what did they charge you for 1 day? I personally dont hold positions overnight, so i couldnt tell..

I have a gbp/jpy short position. I have 30,000 units short that I've held way too long. I was charged $28.74 today for this position.


Frank

Justin,

Why the SWAP for Wednesday has gone up significantly?

Justin is away for the holiday, however I will look into this ASAP.

Thank you!

- Jason

Are you seriously asking about why the swap on Wednesday is higher? It's always higher, it includes the weekend. Forex is a two day forward settlement.

This is not true. Most ECNs do not include weekends on Wednesdays.

Yes, they DO.....

"Dear Valued Client,
MB Trading Futures (MBTF) would like to take the opportunity to clarify our policies relating to rollover interest and the costs you may incur for carrying mini and standard positions. Rollover interest arises from holding a currency pair overnight which may result in debit or credit interest posted to an account. Foreign currency trading involves borrowing one currency to buy another whereby the borrowed currency is charged debit interest and the purchased currency is paid interest. The net difference of the two numbers results in a credit or debit interest charge (rollover), if held overnight.

MBTF deals in spot Forex market transactions, whereby the actual value date is two business days forward. Rollover involves exchanging the current position for a position expiring the following settlement. Industry practice is if a trade is executed on Tuesday, then Thursday would be considered the value date. An exception occurs if a position is opened and held overnight on Wednesday. The normal value date for Wednesday would be Saturday, but because banks are closed on Saturday the value date is actually the following Monday. Positions that are held overnight on Wednesdays will earn or incur an extra two days of interest. Additionally, positions with a value date that fall on a holiday also incur or earn additional interest.

To avoid rollover interest debits or credits on your positions, simply make sure your position is closed prior to 5pm EST (the established end of the market day).

To view the current rollover percentage rate(s) on your open positions, right click on a column header in your Positions window in the MBT Navigator. Select "Add/Remove Columns" and drag the "Buy Prem." and "Sell Prem." columns into the header row within your Positions window.

"Buy Prem." is the rollover rate for long positions and "Sell Prem." is the rollover rate for short positions. Once you have obtained the rollover rate you can then determine the dollar value of the Rollover debit or credit interest by using the following formula:
Daily Premium Formula
Volume (in USD) * [ (Premium Rate / 100) / 365 ]
Example
100,000 EUR/USD | Premium Rate of -1.83
(100,000*1.3426) * [( -1.83 / 100) / 365] = ($6.73)
or
(100,000*1.3426) * (-1.83% / 365) = ($6.73)
Rollover debit or credit interest can be viewed on the Cash Activity report via the following website log in:
https://www.mbtrading.com/fx/secure/"

Just a quick update regarding the situation/problem with the swap/rollover premium I mentioned earlier. Everything should be resolved asap I was told.

Once again, this is another example where it was nice to have EFXgroup on the side of the client. They were able to help get the problem addressed a little quicker and stayed in communication with me. They were very interested to know and investigate if there was a problem, and if so, how can it get resolved ASAP.

I'll know for sure on Monday, and I'll keep you posted if anyone is interested.



Frank

Hi all ~

I’m back from vacation (which was nice, thanks). Looks like a fairly uneventful week last week, but I just cruised through the boards here and wanted to answer some of the points made while I was away.

@Moneda – The reason that your original post was pulled is because direct e-mails between yourself and our office come with an attachment that says that they are private communications that cannot be displayed publicly for legal reasons. It’s best in the future to just describe your situation rather than post a confidential e-mail chain with that disclaimer.

There was an issue while I was away with rollover premiums, and they have all been corrected. We are updating our rollover policy on our website today to reflect current language on how it works.

Some of you may recall that I have said many times in the past that we originally gave up a little in our interest rates with the banks to get more liquidity. We designed ourselves to be a trading platform first, which is how we can offer you a lot of liquidity at less than a pip between the bid and ask on the EURUSD and GBPUSD for much of the day. However, as expected, we have come to the point that improvements can be made in rates. I would expect an announcement shortly that many of our rates will be changing (for the better), which will make the situation more appealing for some of you carry-traders.

It needs to be understood that the interest rate situation with forex and the banks can be a little strange to begin with. While I expect that most of our rates will be more in-line with expectations for carries, you’ll probably find one or two pairs where we are better than someone else and one or two pairs where we are worse. That’s just how it works. Either way, this should improve the situation and more than offset the issue last week.

@zamans98 – Swap rates for Wednesdays are always based on 3 days of interest (Friday, Saturday, and Sunday after 2-day settlement). This is how forex always works.

@Everyone regarding the Dead Pool junk. I’m happy to say that the net sum of the damage caused by whomever floated that board over a week ago about the new minimum capital requirements and our “impending implosion” was that, to the best of my knowledge, we lost two clients. Yep, two people closed their accounts stating that they were worried that we were in trouble. Good to know that people can see through the junk that gets tossed out there, but I just wanted to let those of you that were concerned that we might see an exodus know that people are smarter than that. Didn’t happen.

@clockwork71 – As has been discussed on these boards, Omega is slated for development and release in 2007. This is a major software development (not just a Nav update, we started from scratch). Based on where the product is currently at, we feel very comfortable with a 2007 release, and I don’t mean December 30. It will be sooner, and there will be a public Beta at some point.

Now that I’m back from vacation, I’m going to see if I can set up a webinar in the next week or two with one or two of the architects of Omega over here to answer the questions that can be answered. Either that, or I’ll get fired for trying. Always thinking about you guys!

Justin-

Please don't get fired. You're one of the calming voices of the industry.