stay away from bgc .... even their std cnx platfor mhas seriously dodgy prices
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Hi sccz97, what has been your experience with bgc's cnx?
We are currently using them to test one of our new traders who has a high-frequency auto scalper (that does not trade during news). Everything was fine the first week, but we have been experiencing more and more order rejections (as high as 50% last week) on their cnx hub. It's difficult to prove that some rigging is going on, so we're thinking of using an aggregated liquidity hub to see if it makes a difference.
Hi sccz97, what has been your experience with bgc's cnx?
We are currently using them to test one of our new traders who has a high-frequency auto scalper (that does not trade during news). Everything was fine the first week, but we have been experiencing more and more order rejections (as high as 50% last week) on their cnx hub. It's difficult to prove that some rigging is going on, so we're thinking of using an aggregated liquidity hub to see if it makes a difference.
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it's not all the time ... just the few little things. A colleague of mine used bgc's cnx offering for a while and there would be times when I'd joinig the bid but he could not see effects on his platform and vice versa. At other times (although I have also seen this on other cnx offerings so this might be a cnx issue) That prices seem to be a few seconds behind. THis is not to say that if the mkt has gone form 42 offered to 45 offered and your cnx is still showing 42 that you can lift the offer at the prices shown. Your order will just not get filled, and if you send a mkt order to buy it will be filled at 45. Please note that I have only experenced this during the most extreme mkt conditions but the issue does last for a number of minutes which reinforces my belief that no matter how good your broker has been and is, always havea backup broker.
Ther ehave ben times where the trade side of cnx has shut down but since the price stream still works, you wil be none the wiser until you try placing an order.
Hi sccz97, what has been your experience with bgc's cnx?
We are currently using them to test one of our new traders who has a high-frequency auto scalper (that does not trade during news). Everything was fine the first week, but we have been experiencing more and more order rejections (as high as 50% last week) on their cnx hub. It's difficult to prove that some rigging is going on, so we're thinking of using an aggregated liquidity hub to see if it makes a difference.
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I'd just like to add that imo, cnx via manfx (chicago) and fcstone are the best. If you want to add cnx to your existing roster of fx platforms then by all means use bgc as their comms are low and for the most part they are adequate. IF you are goign to be choosing just one ..... I would get cnx throguh someone else
