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LMAX = revolution?!?

  • #21
  • Dec 2, 2010 7:18am Dec 2, 2010 7:18am
Has anyone given them a try?
I have a Betfair account and will be interested to see what they can do with the retail Forex/Spread Betting market. Their betting exchange in the UK is a big player.
  • #22
  • Dec 6, 2010 9:50am Dec 6, 2010 9:50am
I signed up this weekend, I'll give them a try and see how I get on. I'll report back here.
"I made all my money by selling too soon"
  • #23
  • Dec 6, 2010 10:22am Dec 6, 2010 10:22am
Quoting Bleek
I signed up this weekend, I'll give them a try and see how I get on. I'll report back here.
nice looking forward to it ...


interview of LMAX chief executive

Inserted Video
  • #24
  • Dec 6, 2010 11:25am Dec 6, 2010 11:25am
Quoting PrymeTyme
nice looking forward to it ...


interview of LMAX chief executive

http://www.youtube.com/watch?v=p1XB4l8lrJs
Thanks for the link, hopefully it's not all spin and there's a whole chunk of reality behind what he says. It's a great idea on paper.

A few things I've noticed about spread thus far, come ~17:00 GMT spread appears to creep up past 1.1 to 1.5 pips, later in the evening the spread can hit 2-3pips, and through the night. Spread seems to tighten up 6-7 in the morning where it continues to trade 1-1.3 pips through the day.

Pretty good.

I actually don't mind the Java based charts either, they're simple, neat and functional, I trade completely naked. If you're into indicators and 'aids' then you'll probably find the charting limited, best option is to grab a mini account with another broker or bucketshop for their charting.
"I made all my money by selling too soon"
  • #25
  • Dec 15, 2010 7:57am Dec 15, 2010 7:57am
Quick update - I've made a number of trades now and so far so good, order execution has been instant without slip, no re-quotes thus far.

I spoke to the account manager and a few extra features are coming for the new year such as more order options, at the minute it's limit (tp/st for open orders) or market so pretty basic. I suggested price alerts would be a nice addition and would help compete against brokers and bucketshops.

If anything changes in relation to performance and order execution I'll be sure to let you all know - particularly as I ramp up contract numbers.
"I made all my money by selling too soon"
  • #26
  • Dec 15, 2010 8:41am Dec 15, 2010 8:41am
Seems to me that spreads for fx got a bit worse. gbp/usd used to be around 1 pip when they started. eur/usd and usd/jpy are a bit wider too.
  • #27
  • Dec 15, 2010 8:52am Dec 15, 2010 8:52am
Quoting shrike
Seems to me that spreads for fx got a bit worse. gbp/usd used to be around 1 pip when they started. eur/usd and usd/jpy are a bit wider too.
It really does depend on the time of day and liquidity, I'd expect to see spreads widen running up to Christmas.

The best I've seen today is 0.9 and the worst around 2.4, typically about 1.2-1.4 pips during busy periods. It does shift quite quick, but that's to be expected on an 'exchange'.
"I made all my money by selling too soon"
  • #28
  • Dec 15, 2010 8:57am Dec 15, 2010 8:57am
Quoting shrike
Seems to me that spreads for fx got a bit worse. gbp/usd used to be around 1 pip when they started. eur/usd and usd/jpy are a bit wider too.
The word you are looking for is "loss-leader."
  • #29
  • Dec 15, 2010 9:00am Dec 15, 2010 9:00am
Quoting IndyTrader
The word you are looking for is "loss-leader."
I would say that's unfair and it's too early to suggest otherwise, as I said spreads vary between 1-3 pips depending on market hours.

Only time will tell.
"I made all my money by selling too soon"
  • #30
  • Dec 16, 2010 10:45am Dec 16, 2010 10:45am
Here is a screenshot at today's NY time(16:35 GMT).
I guess the spreads are getting worse than before.
Attached Image (click to enlarge)
Click to Enlarge Name: fx_20101217_001.png Size: 58 KB
  • #31
  • Dec 16, 2010 11:14am Dec 16, 2010 11:14am
Quoting jagui
Platform is ugly, charting is worse. This is a third-party platform I've seen rebranded at some bank trading websites (one of my banks has this same platform, charting is probably the worst I've ever seen).
You're more concerned about how a platform looks than how it performs? If that's the case you need to re-access why you trade!

How it looks is irrelevant, it's fully functional and quick to use, I actually like the uncluttered no bull shit look.
"I made all my money by selling too soon"
  • #32
  • Dec 16, 2010 11:21am Dec 16, 2010 11:21am
Yes platform is fine. They should bring in more marketmakers, 3 LPs is not enough.

Maybe the initial very tight spreads were some sort of promotion. They had a solid ~1 pip spread on gbp/usd for the first few weeks, which is the lowest i have seen anywhere. Then again, spreads are wider than usual at Oanda too, maybe its a general phenomenon in fx right now.
  • #33
  • Dec 16, 2010 12:35pm Dec 16, 2010 12:35pm
Quoting shrike
Yes platform is fine. They should bring in more marketmakers, 3 LPs is not enough.

Maybe the initial very tight spreads were some sort of promotion. They had a solid ~1 pip spread on gbp/usd for the first few weeks, which is the lowest i have seen anywhere. Then again, spreads are wider than usual at Oanda too, maybe its a general phenomenon in fx right now.
Quite possibly time of year, low liquidity compared to 'normal'.

I'll be keeping an eye on the spreads in to the new year, they do seem to tighten up nicely in the morning and slowly widen through the afternoon into the evening.
"I made all my money by selling too soon"
  • #34
  • Dec 16, 2010 3:04pm Dec 16, 2010 3:04pm
I rarely trade this late in the day, but I was bored.

I took a long on Cable an hour or so ago, spread was 2.4 pips. Instant fill, again.

Just checked in and the spread is now 5 pips or so. It does appear to really widen late into the evening and night (GMT)!
"I made all my money by selling too soon"
  • #35
  • Dec 16, 2010 8:19pm Dec 16, 2010 8:19pm
Quoting shrike
Yes platform is fine. They should bring in more marketmakers, 3 LPs is not enough.

Maybe the initial very tight spreads were some sort of promotion. They had a solid ~1 pip spread on gbp/usd for the first few weeks, which is the lowest i have seen anywhere. Then again, spreads are wider than usual at Oanda too, maybe its a general phenomenon in fx right now.
Here is a SS at today's Tokyo session(2:00 GMT).

I agree with you, shrike.
They advertised well. Early Christmas? No, I don't think so.

We should see more carefully how it goes.
Attached Image (click to enlarge)
Click to Enlarge Name: fx_20101217_002.png Size: 56 KB
  • #36
  • Dec 17, 2010 6:59am Dec 17, 2010 6:59am
2 o'clock in the morning? No wonder the spreads are poor, there won't be any traders online - remember this is a UK product.

Here are the spreads as of 1300 hrs (GMT) today.
Attached Image (click to enlarge)
Click to Enlarge Name: lmax_spreads.jpg Size: 425 KB
"I made all my money by selling too soon"
  • #37
  • Dec 17, 2010 8:50am Dec 17, 2010 8:50am
Bleek,
You don't understand what shrike said.
In fact their spreads were very tight and competitive at any session for the first few weeks.

Of course we can wait for the next year if traders are so busy to say Merry Christmas.

The screenshot was taken at 14:30GMT today.
Seems EU and GU are good enough, however, I must say the averages are getting worse even if in London/NY session.
Attached Image (click to enlarge)
Click to Enlarge Name: fx_20101217_003.png Size: 57 KB
  • #38
  • Dec 17, 2010 9:46am Dec 17, 2010 9:46am
I pretty much only trade Cable these days, on your screenshot it's a 0.5 pip spread - which is excellent and suits me just fine.
"I made all my money by selling too soon"
  • #39
  • Dec 17, 2010 10:07am Dec 17, 2010 10:07am
Quoting Bleek
I pretty much only trade Cable these days, on your screenshot it's a 0.5 pip spread - which is excellent and suits me just fine.
Yes, EU is not bad,too. And JPY pairs suck.
UK product? That's great
  • #40
  • Dec 18, 2010 3:25am Dec 18, 2010 3:25am
Quoting ptarmigan
Bleek,
You don't understand what shrike said.
In fact their spreads were very tight and competitive at any session for the first few weeks.

Of course we can wait for the next year if traders are so busy to say Merry Christmas.

The screenshot was taken at 14:30GMT today.
Seems EU and GU are good enough, however, I must say the averages are getting worse even if in London/NY session.

yea

but consider.. that not LMAX those provide the spreads .. but the traders do
so if everyone is trading EU and GBP .. u got tight spreads there ...

more traders mean tighter spreads ...


cheerz..
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