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Attachments: LMAX = revolution?!?
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LMAX = revolution?!?

Quoting surfeur
I think at the moment there haven't any connector for LMAX on OQ.
I think it is not that difficult to code such a connector. LMAX has .NET.
Skype: tlcodelearncircle
Quoting Supertrader9
The bridge that armada used is primexm. They are the best mt4 bridge available that i have experienced. No slippage and fast orders about 125ms if you have server in central london unlike the slippy integral's mt4 bridge.
That is really good news. Thanks.
Quoting Marv
Funds go to Armada, but client funds are dealt with according to EU law (MiFID), not Estonian law. That meas all client funds are segregated accordingly.

I think margined funds also go to LMAX but I'm not sure about this one.
Thanks for the clarification. However, after casually reading through the documents I understand that client funds are segregated according to EU law but the funds deposited by trading clients are protected/insured by the particular country where those funds are deposited. For example, if you are a direct client of Lmax or introduced to Lmax by an affiliate like fxmtf.com, your trading account deposit funds are sent directly to Lmax in the UK so those funds are protected by the Financial Services Compensation Scheme (FSCS) in the UK up to £85,000 for deposits and £50,000 for investments. However, if you join Lmax through a partner such as Armada in Estonia, your funds are deposited with Armada in Estonia and protected by Estonia's Investor Protection Guarantee Fund up to 20,000 euro per investor in any one investment institution.

Business environment in Estonia: In Estonia foreign investors have rights and obligations equal to those of the local entrepreneurs and foreign investments are protected by international agreements as well as the Estonian law.

Here is a link to a list of the websites of all EU countries that have a Foreign Investor Compensation Scheme. There you will find the compensation limits for each country: Foreign schemes for investor compensation

Although the FSA and all other regulators follow the MiFID directives and segregate clients funds by two methods, they however do not ensure that firms do daily reconciliation of client segregated funds. On the contrary, although they may check that firms have systems in place to do the daily reconciliations, they mostly just accept the firms reconciliation reports but usually do not double check them unless there is reason to believe that firms are misreporting, but by that time is it usually too late. At that point the investor compensation schemes will make up the shortfall up to the limit set by individual countries in the EU. This was the case with both Lehman Brothers Europe as well as WorldSpreads Limited in the UK. So it's good to know how secure your funds are. There is no need for an individual retail trader to keep more than £50,000 on deposit with any forex broker.
I doubt the estonian compensation scheme will pay in case of a default of Armada. They are not registered as securities firm/broker. They write in their FAQ that they are a "registered public company in the Republic of Estonia operating under European Union legislation and its internal systems (dealing, accounting, client deposits) are in compliance with MiFID".

That quote says it all really.
P.S. all participants are listed on your link of the compensation fund, and Armada is not a member.
Quoting global3
Thanks for the clarification. However, after casually reading through the documents I understand that client funds are segregated according to EU law but the funds deposited by trading clients are protected/insured by the particular country where those funds are deposited. For example, if you are a direct client of Lmax or introduced to Lmax by an affiliate like fxmtf.com, your trading account deposit funds are sent directly to Lmax in the UK so those funds are protected by the [url="http://www.fscs.org.uk/what-we-cover/eligibility-rules/compensation-limits/"]Financial...
If you want to have a significant account with a broker then only trade with a broker providing trading with bank guaratee. You may choose your own bank with your own name. Its a tripartite agreement between you, the broker and the bank. LCG offers this and they offer mt4. Their minimum isn't really big. So you can go with them.

But if you have millions you can trade using a prime broker. Even when trading with a prime broker you can use mt4 too to connect to their liquidity.
  • Post #1,227
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  • Edited Jul 14, 2012 12:05pm Jul 13, 2012 7:43pm | Edited Jul 14, 2012 12:05pm
Quoting shrike
I doubt the estonian compensation scheme will pay in case of a default of Armada. They are not registered as securities firm/broker. They write in their FAQ that they are a "registered public company in the Republic of Estonia operating under European Union legislation and its internal systems (dealing, accounting, client deposits) are in compliance with MiFID".

That quote says it all really.
So who will pay in case of a default of Armada or for any other company offering FX trading services in the EU?
I am considering Lmax. I read there were problems with Lmax-Multicharts integration.

1. Are there still problems? Did the integration change for the better or worse? Can someone elaborate please?

2. Can I use the regular MC version with Lmax or do I need to get the Lmax-branded MC?
1.Lmax doesn't support native stop orders...so MC emulates them sending a market order when your stop price gets triggered...you realize the risk to this with your stop loss orders....datafeed also isn't good ...too many spikes in MC charts...
2.You can use your MC if you are an owner...is this case you don't have to pay for API monthly fees.


Quoting Karl_Vosp
I am considering Lmax. I read there were problems with Lmax-Multicharts integration.

1. Are there still problems? Did the integration change for the better or worse? Can someone elaborate please?

2. Can I use the regular MC version with Lmax or do I need to get the Lmax-branded MC?
ΕΣΟ ΕΤΟÎΜΟΣ
Quoting trader65
2.You can use your MC if you are an owner...is this case you don't have to pay for API monthly fees.
Okay, so this saves me $60 per month. Thanks for the information.

Anoyone else has something they wish to share on Lmax MC?
you can always open a demo account with them to test MC integration....

Quoting Karl_Vosp
Okay, so this saves me $60 per month. Thanks for the information.

Anoyone else has something they wish to share on Lmax MC?
ΕΣΟ ΕΤΟÎΜΟΣ
Quoting trader65
you can always open a demo account with them to test MC integration....
Yes, I know I can. But it is always better to ask. If the integration has flaws then there is not much sense in bothering to try the demo.
thinking of opening an account with LMAX

it was 12mths ago that the words below were published so its now crunch time,

are things going well over there at LMAX, anyone in the know?
.
Attached Image (click to enlarge)
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Apparently LMax volumes are in a up-trend. Still not really a cash-cow, but its heading in the right direction.

http://forexmagnates.com/lmax-2012-r...-pl-improving/
things are looking better, at least........

Quoting shrike
Apparently LMax volumes are in a up-trend. Still not really a cash-cow, but its heading in the right direction.

http://forexmagnates.com/lmax-2012-r...-pl-improving/
Quoting trader65
1.Lmax doesn't support native stop orders...so MC emulates them sending a market order when your stop price gets triggered...you realize the risk to this with your stop loss orders
Actually LMAX can be persuaded to support "native stop orders" via an API, but you have to get down to the bare metal to do it.

Of course there is still slippage to contend with!

Jim
Quoting TradingGurus
Actually LMAX can be persuaded to support "native stop orders" via an API, but you have to get down to the bare metal to do it.

Of course there is still slippage to contend with!

Jim
Yeah - i noticed that - its in the protocol but not the Java API - it looks easy to add though - did you ever try it?

However, it looks like the most glaring omission in the API (or the protocol) is the ability to move/change orders when they are active (SL/TP etc) - looks like you need to use FIX for that - unless i missed something
I used to have an account with them...but experienced requotes during news time that shouldn't happen. Also lots of cfd instruments were missing...
Quoting trader65
2.You can use your MC if you are an owner...is this case you don't have to pay for API monthly fees.

I think that is not correct. Looking at the LMAX website under Account Comparison there are separate charges for API access and Multicharts. Each separately is $60 per month unless you do minimum number of trades.

So even if you bring your own Multicharts if you do not trade at 250 lots per month you will be charged $60 for API access. If you don't have your own Multicharts and use the LMAX license then it will be $60 + $60 = $120 for both.
We're all stories in the end. Just try to make it a good one.
Hi Ian,

Quoting ianj1
Yeah - i noticed that - its in the protocol but not the Java API - it looks easy to add though - did you ever try it?
Yes, I have tried it, and even used it anger. (Custom Java API!)

Quote
However, it looks like the most glaring omission in the API (or the protocol) is the ability to move/change orders when they are active (SL/TP etc) - looks like you need to use FIX for that - unless i missed something

I've used that sort of thing in anger too, and without resorting to FIX, but it's rather messy. I haven't delved into the depths of "position in queue" issues as yet for example.

Cheers,

Jim
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