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LMAX = revolution?!?

  • #1,461
  • Nov 14, 2012 6:20pm Nov 14, 2012 6:20pm
Quoting shrike
Try that: http://pastebin.com/vnkrvXV6
Thanks for posting that. Interesting.
FXGears.com
  • #1,462
  • Edited 8:50pm Nov 14, 2012 6:28pm | Edited 8:50pm
Quoting shrike
Jack: Agreed on the usage of the term "ECN".

But you do not need to form an MTF if you want to run a ECN (or whatever you want to call it) in Europe. There are plenty of OTC executing venues in Europe that do not have this status. Not entirely sure why they did it. Probably for marketing reasons, or maybe to stay ahead of the regulatory curve.

I don't agree that its just a marketing buzzword. Its true that different MTFs can have different matching algorithms. I think the biggest difference is that there needs to be a public rulebook where...
I wasn't suggesting it was "just" a marketing buzzword, only that most retail traders might get the wrong idea (or slightly skewed truths) thanks to the way these things are marketed to them on the retail end.

Also, just to be clear, I didn't say an ECN has to form an MTF within Europe.. I said if an ECN wants to operate under MiFID (as a full exchange) they must do so as an MTF since that's the classification MiFID has for them. Sure an ECN can operate in Europe and not be an MTF, and many brokers in Europe say they trade on ECNs, but since they are only brokering the trade and pass it off electronically to some other network, they themselves aren't an MTF, and thus wouldn't register as one.

Again, it's the terminology and the way it's been confused and blurred in this industry... maybe I'm more strict about it since the equities world is very clear about such things.
FXGears.com
  • #1,463
  • Nov 15, 2012 2:34am Nov 15, 2012 2:34am
Quoting shrike
Try that: http://pastebin.com/vnkrvXV6
Thanks a lot
Be the market
  • #1,464
  • Nov 15, 2012 2:43pm Nov 15, 2012 2:43pm
Quoting BennyB
This just came in. I asked Armada chat how the spreads have become better in recent weeks. Their answer:
Armada and LMAX spreads have improved because one major bank was just added as a new LP. Additional coming soon. We hope our clients like it

So, Santa Claus really exists, guys
LMAX spreads have been all the same (excellent) very often the majors are zero spread, especially eurusd.
  • #1,465
  • Nov 16, 2012 6:11am Nov 16, 2012 6:11am
Quoting BennyB
This just came in. I asked Armada chat how the spreads have become better in recent weeks. Their answer:
Armada and LMAX spreads have improved because one major bank was just added as a new LP. Additional coming soon. We hope our clients like it

So, Santa Claus really exists, guys
I thought Armada had better spreads than LMAX because they added their own liquidity on top of that of LMAX ??
  • #1,466
  • Nov 16, 2012 6:42am Nov 16, 2012 6:42am
Can anyone tell me if it is true what LMAX have on their site, that they have been up 100% of the time they were supposed to, i.e. no crashes during trading hours?
  • #1,467
  • Nov 16, 2012 9:13am Nov 16, 2012 9:13am
Quoting SupraSense
Can anyone tell me if it is true what LMAX have on their site, that they have been up 100% of the time they were supposed to, i.e. no crashes during trading hours?
100% uptime since when ?
  • #1,468
  • Nov 16, 2012 5:35pm Nov 16, 2012 5:35pm
Quoting Forexeurusd
100% uptime since when ?
If you go to http://www.lmax.com/ and click on Examine our execution performance - here

It talks about how many m/s to fill orders, but also says 100% up time.
  • #1,469
  • Nov 18, 2012 3:44am Nov 18, 2012 3:44am
Does anyone know of any UK based LMAX IB's that offer leverage above the standard 1:100?

M
  • #1,470
  • Nov 19, 2012 2:27pm Nov 19, 2012 2:27pm
Quoting MarkW1979
Does anyone know of any UK based LMAX IB's that offer leverage above the standard 1:100?

M
I have not seen one...
  • #1,471
  • Nov 21, 2012 6:52pm Nov 21, 2012 6:52pm
Quoting BennyB
This just came in. I asked Armada chat how the spreads have become better in recent weeks. Their answer: Armada and LMAX spreads have improved because one major bank was just added as a new LP. Additional coming soon. We hope our clients like it So, Santa Claus really exists, guys
LMAX spreads have become better in the past weeks, that's right even during asia session. But Armada spreads still suck: i rarely see 0 pip spreads anymore, much less ticks and many pairs the spread is still 50% - 100% higher than LMAX. Looks like Santa Claus has forgotten about Estonia. lol
  • #1,472
  • Nov 22, 2012 9:45am Nov 22, 2012 9:45am
Quoting No-Luck
LMAX spreads have become better in the past weeks, that's right even during asia session. But Armada spreads still suck: i rarely see 0 pip spreads anymore, much less ticks and many pairs the spread is still 50% - 100% higher than LMAX. Looks like Santa Claus has forgotten about Estonia. lol

I have just compared spread of the majors between the two and see NO difference...
  • #1,473
  • Nov 24, 2012 6:00am Nov 24, 2012 6:00am
i hav to say LMAX feed is the best in the industry....
  • #1,474
  • Edited 6:24am Nov 24, 2012 6:12am | Edited 6:24am
I got this email from LMAX a couple of days ago about multicharts:

Dear MultiCharts Trader,

As part of our constant drive to improve your trading experience, we are pleased to announce from 19th November 2012 you will be able to start using MultiCharts 8 and have the ability to trade Micro Lots with your LMAX Exchange account.

The comprehensive MultiCharts 8 package is a 64 bit application, enabling you to use all of the available RAM in your computer to take advantage of the following features:

  1. Trading in Micro Lots*
  2. Native entry stop orders
  3. High-definition charting
  4. Direct chart trading
  5. Multiple DOM windows
  6. Entry and Exit automated trading

To benefit from the many other new and improved MultiCharts 8 features, simply register and purchase with MultiCharts directly – select the Beta version of MultiCharts 8.5, then choose LMAX Exchange as the broker and proceed to use your usual LMAX Exchange login details.

For a full list of pricing and discount offers please click here.
For a limited time only take advantage of the MultiCharts Lifetime License Offer exclusively through LMAX Exchange.
Please note, your current version of LMAX MultiCharts will no longer function after the 1st January 2013 and all MultiCharts technical support will now be with MultiCharts directly.
Upgrade today, and we will rebate your trading account with $100 per month towards your MultiCharts license, if you maintain a balance of $5,000 in your account and place 500 LMAX Exchange contracts per month using MultiCharts**.
Kind regards

LMAX Exchange
https://static.lmaxtrader.com/uk/ima...bottomLogo.jpg http://img-ak.verticalresponse.com/m...s-features.gif
* 1 contract in MultiCharts represents 0.1 LMAX Exchange contracts (standard LMAX Exchange contract, 10,000 notional, will be 10 contracts in MultiCharts)
** T&Cs apply, please note we reserve the right to terminate or vary the rebate at any time.


and have signed up for a free trial with mc. First impressions are very good- it takes a bit of getting used to, but their chart trading is excellent, and a massive improvement from just using the web version. I tried mc out a year ago and there were a lot of teething problems with data spikes, so gave up on it, but this all seems to be resolved now, so I'd recommend it to anyone who can comfortably trade 250 round turn lmax lots a month to get the rebate. If you try it out, make sure to download the 8.5 beta version as this contains a lot of new stuff concerning LMAX, like the microlots.

There is no top. There are always further heights to reach. Jascha Heifetz
  • #1,475
  • Edited 4:52pm Nov 24, 2012 8:38am | Edited 4:52pm
Hi all,

I've just signed up with LMAX (via forextown IB), and hope to start EA trading on their MT4 platform next week. However, I was a little disturbed to read early posts on this thread which suggest stops won't be activated in extreme market conditions. Is this still the case? Does this mean an open trade with a sensible SL could theoretically wipe your account durning a flash crash, for example? Would money be safer in these circumstances in a 'standard' MT4 broker account like Alpari UK?

2) does anyone have tick rate info for their MT4 account?

3) Do they still shut down for half an hour per day, when stops won't trigger?

4) any other potential issues when trading EAs that users have experienced?

Many thanks (I apologise if these have been covered previously - I'm working through the posts gradually...)

Cheers,

TzK.
  • #1,476
  • Nov 25, 2012 12:24am Nov 25, 2012 12:24am
I would like to know the answer to this as well because it means kissing your forex account balance goodbye in a flash crash scenario.
  • #1,477
  • Edited 8:25am Nov 25, 2012 8:24am | Edited 8:25am
Quoting tzkennedy
Hi all,

I've just signed up with LMAX (via forextown IB), and hope to start EA trading on their MT4 platform next week. However, I was a little disturbed to read early posts on this thread which suggest stops won't be activated in extreme market conditions. Is this still the case? Does this mean an open trade with a sensible SL could theoretically wipe your account durning a flash crash, for example? Would money be safer in these circumstances in a 'standard' MT4 broker account like Alpari UK?

2) does anyone have tick rate info for their MT4...
Hello,
I am with LMAX with xx,xxx account and i can answer some of your questions from my experience so far

1)Until now my stop loss has been honored in every market condition.

2)You can extract all the data you need from API through Java or .NET

3) They take down the service for 5 minutes only now.

4) Until now i didn't had any problem with my ea
  • #1,478
  • Nov 25, 2012 11:35am Nov 25, 2012 11:35am
tzkennedy: wrong IB in my opinion - you can use fxmtf and pay less fees, and you don't have to wait for a month to get your rebates either.

The "untrusted market" passage is still in the current trading manual. I have yet to see this in action tho. Presumably this is for extreme situations, for example technical problems where they lose connectivity to liquidity providers and don't want to fill orders at absurd quotes. But details are murky, since lmax support doesn't want to elaborate what exact situation would constitute an "untrusted market" - just extremely wide spreads, but no specifics. It is probably prudent to have something like this in place, since a clearly fubar fill can wipe your account out too. But i dont like the lack of details of this procedure either.

I don't think its a problem in FX, maybe it is in index and commodity cfds. They have only a single LP making quotes for these products. I would advise not to trade those until they have more marketmakers.
  • #1,479
  • Nov 25, 2012 11:59am Nov 25, 2012 11:59am
Thanks for the IB tip shrike. I'm only using a couple of grand to start with to test the water with my EAs, see how they perform. If I decide to deposit more, I will re-join via fxmtf.
  • #1,480
  • Nov 25, 2012 12:18pm Nov 25, 2012 12:18pm
Can anyone verify if there would be any problem manually closing trades during a flash crash where stop losses are not honored? If manual closing of trades would not be a problem then regardless of your broker policy of not honoring stop losses in extreme market conditions then a simple trade management EA that closes all trades if you lose more than x% of your equity should solve the problem by preventing you from losing all of your account balance. Correct me if I'm wrong.
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