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

I'm trading armada with the news and got only 0.6 pips stop orders slippage from a 10 pips jump. I guess even with their quite widened spread, partnering with citi isn't that all bad.
Be the market
Quoting alvseek
I'm trading armada with the news and got only 0.6 pips stop orders slippage from a 10 pips jump. I guess even with their quite widened spread, partnering with citi isn't that all bad.
where did u get the information that Armada is partnering with Citi?
Quoting fxking
where did u get the information that Armada is partnering with Citi?
From armada's website of course. Their main partner for trading is citibank and lmax. you could see that on client area or in the about armada markets...
Be the market
Quoting alvseek
From armada's website of course. Their main partner for trading is citibank and lmax. you could see that on client area or in the about armada markets...
if u r talking abt this,then i know but it seem that after Armada has added more LPs,their spreads for some pairs,seem worst than before,what do u think?
Quoting fxking
if u r talking abt this,then i know but it seem that after Armada has added more LPs,their spreads for some pairs,seem worst than before,what do u think?
i think they're adding liquidity for pairs that has low liquidity like some minor or exotic pairs. whilst they could just go on with LMAX spread plus liquidity from other LPs, they could offer more accurate price representation when execution happen if they widen their spread. Thus, a better slippage.

I prefer this because i ever trade with some 'very' reputable ECN brokers with low spread and often got 1-2 pips slippage on fast market and 4-7 pips stop orders slippage when trading news :/ .Hence, i didn't care too much about the widened spread.

Though im still not long enough trading with armada (as we know, some brokers only show the real market condition when they found a trader is making profit in the long run), so yeah, my trading condition on armada must be evaluated again later. or maybe someone in here are already have a happy long profit with armada?
Be the market
Hey why don't you guys go make an Armada thread. This thread is titled LMAX and I don't really care what some sh*tty MT4 Broker in Estonia has for liquidity partners.

Much appreciated.
Cap
Quoting The Captain
Hey why don't you guys go make an Armada thread. This thread is titled LMAX and I don't really care what some sh*tty MT4 Broker in Estonia has for liquidity partners.

Much appreciated.
Sorry if you feel annoyed. But if you don't know yet, every armada thread is sent to "under evaluation" because the admin think armada is just some introducing broker for lmax. So please be tolerant, whether you like it or not, this thread was always contain discussion from both brokers (+fast brokers too) and will be continue to do so as long as any "armada" titled thread is thrown out to bin
Be the market
Quoting retty
Hey, guys

based on your live experience with LMAX, if you put EUR/USD limit order within the spread (lets say buy limit order 0.1 pip higher then current highest bid price on order book) for a small amount (lets say 10 contracts, or 100K units), if the price does not move, how fast will your order get filled? I want to stress here what this order is filled not because the market moves, but purely because someone in LMAX made a market order to sell. I am interested to know how fast will this order get filled during active trading sessions (London...
I would really want to know the answer to this. This is the only info which can give you a clue on whether it is possible to act as a market maker (that is place limit orders within or near the spread and expect some value out of it) on LMAX yet.
Quoting retty
I would really want to know the answer to this. This is the only info which can give you a clue on whether it is possible to act as a market maker (that is place limit orders within or near the spread and expect some value out of it) on LMAX yet.
I don't really understand what you really want to know, but of course it won't get triggered. Not only on demo, on live, limit orders won't get triggered too until the price touch limit. Moreover, you couldn't buy a limit order when the price is below you, it just become another stop order and therefore couldn't be bid on the market.

Sorry if this isn't what you mean anyway
Be the market
Quoting alvseek
it won't get triggered. Not only on demo, on live, limit orders won't get triggered too until the price touch limit.
If LMAX is real exchange (like stocks etc.), if you place a bid within a spread, price stays the same, but somebody makes market order to sell, my limit order to buy will get filled, even though market price itself did not move in itself (well it moved a little bit because I got filled, but my bid was not touched by current ask, current ask stayed the same). What I am asking is how long you would have to wait for that to occur (i.e. how active is LMAX market).
Quoting retty
If LMAX is real exchange (like stocks etc.), if you place a bid within a spread, price stays the same, but somebody makes market order to sell, my limit order to buy will get filled, even though market price itself did not move in itself (well it moved a little bit because I got filled, but my bid was not touched by current ask, current ask stayed the same). What I am asking is how long you would have to wait for that to occur (i.e. how active is LMAX market).
I'm still not sure what you mean, but if what you mean is comparing FX (ECN) to some US exchange then it's a bit different. You know, in ECN fx there's no single dealer intervention or market maker who set the spread. So the spread is the bid-offer itself, hence it could go even 0 spread sometimes. Also, it could go 10-50 pips spread, but it won't happen often because market maker and bank would almost take the spread bet. And yes, this mean the price 'should' go to your price first and then get executed, even just by a fraction of a second.

Moreover, in LMAX MTF, your order will be placed in the same pool as other institutional or even prime brokerages orders. So there's no such thing as 'getting filled by orders from another LMAX trader' because it's already anonymous in the market. This is only the 'theoretical' structure they provide though. what really happen in the back office could be different.

CMIIW

and again, sorry if this isn't what you mean
Be the market
Quoting alvseek
I'm still not sure what you mean, but if what you mean is comparing FX (ECN) to some US exchange then it's a bit different. You know, in ECN fx there's no single dealer intervention or market maker who set the spread. So the spread is the bid-offer itself, hence it could go even 0 spread sometimes. Also, it could go 10-50 pips spread, but it won't happen often because market maker and bank would almost take the spread bet. And yes, this mean the price 'should' go to your price first and then get executed, even just by a fraction of a second.

Moreover,...
bro,if u dont mind i ask u these questions?
1.whats the difference between trading with LMAX itself and thru Armada?
2.do u have these 2 accts,to see the filling and execution of orders?
3.since LMAX is based in UK and Armada is based in Estonia,does that means LMAX is safer,even though quotes r getting to Armada? will Armada be liable if they starts to play tricks?
Thanks!
retty: because lmax doesn't publish times&sales data (except on Reuters, if im not mistaken), its hard to tell how often that would happen. But i think your expectations are unrealistic. LMax is still rather small, according to their interviews they match between 1 and 3 billion a day across all instruments. Its not like on NYSE, where there are multiple trades per second in stocks like aapl. I would assume customer trades are alot less frequent on lmax than that.

With an avg spread of 0.4 in eur/usd and given how fast and how frequent the market moves over this distance, i guess you would have to be quite lucky that one of your static limit orders would be filled by a retail client. Are you trying to earn the spread as a point&click trader? I think its rather hopeless, the spreads are way too small, quotes update way too often and theres by far too little client order flow on lmax. But then again, even on an exchange with alot of orderflow and rebates for liquidity provision, its nigh impossible for manual traders. 5 years ago it may have been different.
Quoting shrike
retty: because lmax doesn't publish times&sales data (except on Reuters, if im not mistaken), its hard to tell how often that would happen. But i think your expectations are unrealistic. LMax is still rather small, according to their interviews they match between 1 and 3 billion a day across all instruments. Its not like on NYSE, where there are multiple trades per second in stocks like aapl. I would assume customer trades are alot less frequent on lmax than that.

With an avg spread of 0.4 in eur/usd and given how fast and how frequent the market...
No expectations, just doing research. Can not say I would like to earn spread, just to possibly reduce trading costs while earning at least part of the spread (using API to update order when market moves). Well I guess it is too much to ask at this point while they are still small. Although is it safe to assume that market orders only come from LMAX costumers and never come from liquidity providers? If it is true, then I guess liquidity provders constantly modify their orders in order to move with the underlying forex market current price for the instrument.
Quoting fxking
bro,if u dont mind i ask u these questions?
1.whats the difference between trading with LMAX itself and thru Armada?
2.do u have these 2 accts,to see the filling and execution of orders?
3.since LMAX is based in UK and Armada is based in Estonia,does that means LMAX is safer,even though quotes r getting to Armada? will Armada be liable if they starts to play tricks?
Thanks!
sure, i don't mind, though maybe you won't find a satifying answer.
1. It's different. It's the routing process: Armada is using primexm service as bridging while lmax is using built-in or api.

2. No longger. my experience with lmax was not long so i couldn't judge this matter. Nevertheless the slippage is about the same, mostly positive.

3. From my point of view, nothing is safer. even with cftc, nfa, asic, or fsa. Bad broker will always be devilish, no matter what is the regulator. Good broker will always be angelic, even without regulator. Any brokers won't be liable if they starts to play tricks.

you see, the answer is not satisfying. But let me assume that you're interested why i'm choosing armada instead the lmax itself, let me explain.

Differences.
The main difference between Armada and LMAX or other IB for LMAX, for me, is MT4. I always use my customed MT4 script heavily. Yes i could migrate all the script and template to multichart if i want, maybe takes a week, but when armada is already offering the primexm bridge with a better commission, the hassle isn't just worth it.

would it be differ? of course, primexm bridging will be differ with built-in. but even built-in is differ with api. The most important thing is that i don't feel any 'profit-changing' differences if i'm with armada. Moreover, lmax had ever try to offer the same MT4 primexm bridging. But as i say before, i'm not that old best friend with armada. Things could change and need more evaluation in the long run (1 year at least maybe?).

Reliability.
Estonian. That's what everyone afraid of. I couldn't make the broker feel the pressure of 'mighty and reputable' regulator if he's messing because it's estonian and I don't know much about its country. But hey, if i use UK broker and it's gone bankrupt, the same thing would occur, my money would gone.

but what if something going fishy? Well, they could hid rotten fish, but they couldn't hide the smell. From my experience 'all is well' currently. And if things goes strange i could always get out from it instantly. If the money couldn't be withdrawn... well, that's the reason you don't put all eggs in one basket.

Last words.
The fact that armada isn't an actual broker made my decision. They route the orders to lmax and citi and all they get is the rebate/commission. What could be wrong when they're just a multi introducing brokers? taking the deposit money and run? Well if they intend to do that, i'm sure their website and customer service will be a crack.

well, just my cent and a half, sorry if it's too long
Be the market
Quoting alvseek
sure, i don't mind, though maybe you won't find a satifying answer.
1. It's different. It's the routing process: Armada is using primexm service as bridging while lmax is using built-in or api.

2. No longger. my experience with lmax was not long so i couldn't judge this matter. Nevertheless the slippage is about the same, mostly positive.

3. From my point of view, nothing is safer. even with cftc, nfa, asic, or fsa. Bad broker will always be devilish, no matter what is the regulator. Good broker will always be angelic, even without regulator....
dont worry bro! u r really a big help in this,pls come back as often as u could,to post on LMAX and Armada,for good and bad.Meanwhile,enjoy your weekend!
Quoting m.m.m.
At about 10:11-10:13 GMT Armada had again a disconnect (news time - italian bond auction results).
Been with them for about 2 months now and this has happened already several times. Seems they play their games. How I hate this sh*t.
did u live chat with them to find out the cause?
Quoting fxking
did u live chat with them to find out the cause?
No. But, as I said, this is a reoccuring thing. There was also another member who complained about this in this thread some time ago. Therefore it is likely to be a frequently occuring event..
Quoting m.m.m.
At about 10:11-10:13 GMT Armada had again a disconnect (news time - italian bond auction results).
Been with them for about 2 months now and this has happened already several times. Seems they play their games. How I hate this sh*t.
Do you have the exchange account? Or the market maker account? (classic)
Quoting Demos4x
Do you have the exchange account? Or the market maker account? (classic)
Via PrimeXM-LiveUK.
Note: This happens at very specific price-points. Turning points, so to speak (i.e. today's happened just shy of R2 of daily PP, EURUSD). They prevented me two times now form taking a trade. Smart.
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