Dear all,
Currently I am on the middle of a quest to find a new broker.
I trade G10, make a few trades a week, and with relatively large clips. I usually hold positions for a few hours and never less than a few minutes. I trade manually through a GUI and don't have preferences in regards to platforms, anything that enables me to do market and limit orders suits me fine and to see market depth (doesn't even need to be on the same piece of software), being able to see VWAP prices is good too. I do not need research, I do not need charts, I do not need tools.
I want to start a new relationship with a $500.000 deposit. I will trade 15M clip sizes and do half a yard a month in volume. I need leverage of at least 50:1.
I want to be able to trade larger sizes as business grows, and I am not too thrilled about changing venues frequently. Ideally, I am looking to work with a broker that can quote me at least 100M on a 3-4 pip VWAP spread range on GBP/USD and other major pairs. I don't mind trading using RFQ.
My company is incorporated in a somewhat uncommon jurisdiction and it does not have any kind of licenses, but it is allowed to trade on the financial markets with its own capital.
At some point I imagine that I will have to move my business to the bigger banks to get the best pricing possible for larger clips. And in fact, I already tried to contact a few of them, but I did not had much success. Some outright refused to do business with me, 1) because it was a cold call and they wanted their compliance team to go through my company docs before we talked, 2) because of the jurisdiction I am incorporated at, and most of the others did not return my contact.
I am not entirely sure when it is the right time to move my business to banks, and to which banks exactly, and I am having a bit of trouble navigating this scenario.
Some of the banks I contacted were: Deutsche Bank, Barclays, BNP Paribas, Nomura, Citi, Wells Fargo, Morgan Stanley, RBC, RBS...
If someone has experience in dealing with this kind of institution and has already walked this road, I would be grateful if you could provide me with advice as to whom to work with, and when to make the move to do business with these institutions.
Besides that, I have been talking with quite a few people on the industry searching for a great product. Some of the companies are:
LCG - From what they tell me, their price is very good, but I cannot see a live feed for anything else than top of book. Also, for some reason they don't tell me what their VWAP prices are for clips larger than 20M.
FIXI - Not great pricing
Velocity Trading - Not great pricing
GTX Gain Capital - Good Pricing and depth
Dukascopy - Good pricing and depth
FC Stone - Good pricing and depth
CFH Clearing - Not great pricing
Saxobank - Not great pricing (maybe they have something else that I am not aware of)
FXCM Pro - Interesting pricing and solution. but I still have to check it in greater detail
Invast - Decent pricing
Are there any other institutions you would recommend me talking to?
Out of the three better pricing streams I could get, which were Dukascopy, GTX Gain Capital, and FC Stone, are there any red flags? I am somewhat worried about having execution difficulties, if someone could share experiences, I would be grateful.
Any comments are welcome.
Currently I am on the middle of a quest to find a new broker.
I trade G10, make a few trades a week, and with relatively large clips. I usually hold positions for a few hours and never less than a few minutes. I trade manually through a GUI and don't have preferences in regards to platforms, anything that enables me to do market and limit orders suits me fine and to see market depth (doesn't even need to be on the same piece of software), being able to see VWAP prices is good too. I do not need research, I do not need charts, I do not need tools.
I want to start a new relationship with a $500.000 deposit. I will trade 15M clip sizes and do half a yard a month in volume. I need leverage of at least 50:1.
I want to be able to trade larger sizes as business grows, and I am not too thrilled about changing venues frequently. Ideally, I am looking to work with a broker that can quote me at least 100M on a 3-4 pip VWAP spread range on GBP/USD and other major pairs. I don't mind trading using RFQ.
My company is incorporated in a somewhat uncommon jurisdiction and it does not have any kind of licenses, but it is allowed to trade on the financial markets with its own capital.
At some point I imagine that I will have to move my business to the bigger banks to get the best pricing possible for larger clips. And in fact, I already tried to contact a few of them, but I did not had much success. Some outright refused to do business with me, 1) because it was a cold call and they wanted their compliance team to go through my company docs before we talked, 2) because of the jurisdiction I am incorporated at, and most of the others did not return my contact.
I am not entirely sure when it is the right time to move my business to banks, and to which banks exactly, and I am having a bit of trouble navigating this scenario.
Some of the banks I contacted were: Deutsche Bank, Barclays, BNP Paribas, Nomura, Citi, Wells Fargo, Morgan Stanley, RBC, RBS...
If someone has experience in dealing with this kind of institution and has already walked this road, I would be grateful if you could provide me with advice as to whom to work with, and when to make the move to do business with these institutions.
Besides that, I have been talking with quite a few people on the industry searching for a great product. Some of the companies are:
LCG - From what they tell me, their price is very good, but I cannot see a live feed for anything else than top of book. Also, for some reason they don't tell me what their VWAP prices are for clips larger than 20M.
FIXI - Not great pricing
Velocity Trading - Not great pricing
GTX Gain Capital - Good Pricing and depth
Dukascopy - Good pricing and depth
FC Stone - Good pricing and depth
CFH Clearing - Not great pricing
Saxobank - Not great pricing (maybe they have something else that I am not aware of)
FXCM Pro - Interesting pricing and solution. but I still have to check it in greater detail
Invast - Decent pricing
Are there any other institutions you would recommend me talking to?
Out of the three better pricing streams I could get, which were Dukascopy, GTX Gain Capital, and FC Stone, are there any red flags? I am somewhat worried about having execution difficulties, if someone could share experiences, I would be grateful.
Any comments are welcome.
