Swap rate problems at MIG FX

If anyone is having a problem with the swap rates at MIG FX please post on this thread.

For example, at the moment they are charging negative swap on Long positions EUR/CHF.

This is very disturbing as it indicates they may have a funding problem during the current credit crisis?

Hi,

As you know swap rates are calculated based on real money market rates, these days momey market is crazy as an exapmle RBS, Barclays were paying 4% p.a. over night for USD, and half percent less for CHF, and ECB made liquidity intervention at 3.5% for euro, so CHF was more highly paid currency, and AS YOU UNDERSTAND THAT MIG PAYS REAL MONEY FOOR ROLLS, THEN IT CAN/t CHARGE LESS THEN IT PAYS.

p.s. for few weeks 3 month labor stays at 4,8% at the same time FED is just 1.5%!!!

regards,
Swissnet

Swissnet-

Thanks for your reply to my post. I agree, money market is crazy at the moment but MIG FX have always stated that their rollover is calculated on overnight interbank rate. This rate spiked up at the end of last month and a lot of brokers had to adjust their swap rates but since then it has dropped back and most brokers are now back to their normal positave/negative swap rates - give or take a bit.
MIG however have not changed their rates at all. It seems to me that they have been using the credit crunch as an excuse to charge their clients whatever they like. Today they raised their spread on EUR/CHF from 2 pips to 10 pips!

You do not need a broker like this when the going gets tough, if the market does not get you the broker probably will.

If you are not happy with MIGFX just change broker.
By the way I had 25 pips on euro/usd at Hotspot FXi, and very similar on Currenex from ODL securities/

Really,

I was trading on both HSFXI and on Currenex just not with ODL and I never saw a 25 pip spread. Thats funny too because I was up all night trading. Maybe next time you take a screen shot.

MIG has changed roll rates

Symbol

Short

Long

EURUSD

-1.09

0.82

USDJPY

-0.14

0.10

GBPUSD

-1.99

1.49

USDCHF

0.10

-0.50

AUDUSD

-1.07

0.86

USDCAD

0.32

-0.43

NZDUSD

-1.06

0.77

EURJPY

-1.40

0.86

EURGBP

0.17

-0.33

EURCHF

-1.35

0.84

EURCAD

-0.77

0.50

EURAUD

0.81

-1.58

GBPJPY

-2.35

1.63

GBPCHF

-2.11

0.89

GBPCAD

-1.68

0.97

GBPAUD

0.63

-1.11

CHFJPY

-0.39

0.13

AUDCAD

-1.01

0.79

AUDJPY

-1.54

0.59

AUDNZD

0.21

-0.57

AUDCHF

-1.30

0.83

CADJPY

-0.48

0.23

CADCHF

-0.39

0.22

NZDCHF

-1.09

0.84

NZDJPY

-1.05

0.74

EURNZD

1.27

-1.88

NZDCAD

-0.91

0.65

GBPNZD

0.76

-1.72

EURTRY

2.18

-3.80

USDTRY

2.45

-4.03

GBPTRY

2.16

-3.91

TRYJPY

-2.49

1.30

Hi, I know its not relavent fot the post....

I am following your post for some time now, and I wad impressed from your knowledge and your activity in the forum.

I am a hedge fund manger (medium size 10M) and we mainly trade fx (spot) using multi "blackbox" strategies that we developed ourselves. (Using MQL & Easy Languish) and our broker today is market maker.

Since, we got bigger I am looking to upgrade our platform & broker, maybe you can help me with this issue:

From you exp witch platform we need to check: do you prefer any one specific?

Hotspotfxi

Currnex

Lava

EBS

Reuters

Autobahn (DB)

Others…

Can you recommend me on a prime broker? Do we have to use a prime broker if we want that our fund will be in a safe place?

Do you have exp with algo trading & ECN? If yes, Do you have any "tips"?

Also, do you know a good framework to design and deploy proprietary algorithms? Openquant ,tickquest , EBS LAB….extra?

I know that’s its a lot of Q…I hope you will find the time & the mood to answer some of them…

All the best & Regards,

kotegh