My question is for FCM-Reform:
FCM-Reform,
Hello and thank you for being here!
1) When will FXCM publish the names of all its Liquidity Providers?
One of the problems that has existed in the forex business for years, has been the duplicity with which many forex brokers operate with in spite of telling their customers (traders) that their trades are being sent to the interbank market and that they are seeing interbank rates on their trading platform.
When a broker acts as the counter-party to any customer trade, then that trade is no longer making its way to interbank. So, here is my second question:
2) Given the push on your part for more transparency offered to the trader, when will FXCM publish a periodic report that shows the transaction history of each trade, including who the counter-party was at the time of trade execution?
It is my belief that such a report, or accounting process/procedure, or reporting procedure would greatly enhance broker credibility and make it clear once and for all that the counter-party to ever trade the customer executes, does indeed come from a liquidity provider within the broker's pool.
Lastly, can you explain how your brokerage delivers prices to the trader's desktop that are different than the prices actually being seen in interbank via the Reuters data feed, as well as other institutional interbank data feeds such as DTN? If you look at a Reuters, or a DTN feed during anytime time period, you will note significant differences in the prices that are available for execution.
I like the idea of more transparency, too!
Thank you!
StealthTechnology
FCM-Reform,
Hello and thank you for being here!
1) When will FXCM publish the names of all its Liquidity Providers?
One of the problems that has existed in the forex business for years, has been the duplicity with which many forex brokers operate with in spite of telling their customers (traders) that their trades are being sent to the interbank market and that they are seeing interbank rates on their trading platform.
When a broker acts as the counter-party to any customer trade, then that trade is no longer making its way to interbank. So, here is my second question:
2) Given the push on your part for more transparency offered to the trader, when will FXCM publish a periodic report that shows the transaction history of each trade, including who the counter-party was at the time of trade execution?
It is my belief that such a report, or accounting process/procedure, or reporting procedure would greatly enhance broker credibility and make it clear once and for all that the counter-party to ever trade the customer executes, does indeed come from a liquidity provider within the broker's pool.
Lastly, can you explain how your brokerage delivers prices to the trader's desktop that are different than the prices actually being seen in interbank via the Reuters data feed, as well as other institutional interbank data feeds such as DTN? If you look at a Reuters, or a DTN feed during anytime time period, you will note significant differences in the prices that are available for execution.
I like the idea of more transparency, too!
Thank you!
StealthTechnology