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Prime of Prime Broker

  • #581
  • May 10, 2016 9:01am May 10, 2016 9:01am
I'm confused with this thread. What are you looking for here? Brokers suitable for HNW? Brokers with own tech/API? No CFD, no conflict of interest, true multi-asset brokers? Cause what I know about PoP is not exactly same to the conclusion that comes out of this thread.
  • #582
  • Jun 15, 2016 7:13pm Jun 15, 2016 7:13pm
Quoting cichy
I'm confused with this thread. What are you looking for here? Brokers suitable for HNW? Brokers with own tech/API? No CFD, no conflict of interest, true multi-asset brokers? Cause what I know about PoP is not exactly same to the conclusion that comes out of this thread.
Hi, could you elaborate a bit on what you mean?
  • #583
  • Jun 16, 2016 4:06am Jun 16, 2016 4:06am
Here's very simple definition: http://www.investopedia.com/terms/p/primeofprime.asp

Now, following this definition, almost every retail broker is a PoP. Maybe that's why the list of PoP brokers in this topic looks so confusing.

To me it needs more than just that...

To me what takes to be PoP:
- broad connectivity on the market (with Prime Brokers among) with proper depth
- Lower entry level than PB
- API connectivity on the client side
- with specialized offer for institutional clients (not just - 'yes we welcome institutional clients')
- price aggregation and maybe flow aggregation/some sort of smart routing
- microlots most often

Otherwise we have companies like Hantec or FxPro on this list which are nothing more than just bucket shops to me.

Regards
  • #584
  • Jun 17, 2016 2:26am Jun 17, 2016 2:26am
Thanx for the definition Helps me to understand the subject of the discussion.
  • #585
  • Jun 18, 2016 12:54pm Jun 18, 2016 12:54pm
I talked with an institutional startup signal provider the other day, he experienced a 20pips slippage on the EUR/USD in prime trading hours - at one of the prime of prime brokers on the list at first page.

So this is not about the broker, but about the setup you have with the broker. I know offshore brokers who are doing their best to run a fair business, with very competitive spreads and solid liquidity, and I know the opposite - it isnt about which regulation a broker has either. Even professionals get "caught" with the wrong "setup", multiple times, till they find the right "setup". This is how this sector works, you have to find you way around ;-)
Financial Trading Without Programming
  • #586
  • Jun 18, 2016 2:37pm Jun 18, 2016 2:37pm
Quoting cichy
Here's very simple definition: http://www.investopedia.com/terms/p/primeofprime.asp Now, following this definition, almost every retail broker is a PoP. Maybe that's why the list of PoP brokers in this topic looks so confusing. To me it needs more than just that... To me what takes to be PoP: - broad connectivity on the market (with Prime Brokers among) with proper depth - Lower entry level than PB - API connectivity on the client side - with specialized offer for institutional clients (not just - 'yes we welcome institutional clients')...
Thanks for the explanation, do you know of any brokers which fit your description?
  • #587
  • Jun 19, 2016 5:32pm Jun 19, 2016 5:32pm
Quoting 24HourTrader
{quote} Thanks for the explanation, do you know of any brokers which fit your description?
Invast Australia.
  • #588
  • Jun 19, 2016 7:40pm Jun 19, 2016 7:40pm
Quoting lasty
{quote} Invast Australia.
Thanks, will have a look.
  • #589
  • Edited 11:30pm Sep 6, 2016 6:17pm | Edited 11:30pm
In my opinion US POPs are safer and therefore better as the regulator requires them to have at least $20m in the bank while the min. capital in other countries are way lower, that's why there are more POPs and retail fx brokers in the UK, AU, NZ, etc.

FXCM Pro is not bad. Currenex, Hotspot, EBS, Bloomberg Tradebook and FastMatch are all available plus they also offer single bank platforms from Citi, UBS, BNP, DB, GS and RBS. Leverage is the usual 1:50. All this for a $250k deposit. Not half bad. A few years ago FXCM wanted to sell their Pro business but they couldn't. Since then the market has changed and POPs are becoming more and more important so FXCM invested quite a lot into their Pro service. They also offer custodial bank account with BofA so you don't have to keep your funds with them, it can stay on your name.

GainGTX is also good as they require just $100k. Not sure if they offer custodial though.

Btw I would never consider any UK or AU POP which doesn't offer custodial bank account to hold your deposit. Segregated accounts means nothing if they're secretly trading with your funds. Yes, indeed, BofA, GS or JPM can trade with your money too but they will be bailed out.

Any other POP in the US other than FXCM Pro?
  • #590
  • Sep 6, 2016 7:50pm Sep 6, 2016 7:50pm
Quoting davidwuk
Any other POP in the US other than FXCM Pro?
FC Stone, ADM Derivatives
  • #591
  • Sep 6, 2016 11:33pm Sep 6, 2016 11:33pm
Quoting shrike
{quote} FC Stone, ADM Derivatives
Thank you!
  • #592
  • Sep 6, 2016 11:41pm Sep 6, 2016 11:41pm
What about InteractiveBrokers? They're not a POP for sure but what's their business model? Doesn't look like an ECN. Maybe STP!? Who is their PB for Fx? Liquidity? I heard that they charge ridiculous margin fees for overnight positions as they apply the same fees as for stock trading. Is this true? Spread with 10m or larger clips on EU?

What about FC Stone and ADM Derivatives? Min. deposit, spread, liquidity, platforms, custodial bank account, last look, fees ?
  • #593
  • Oct 3, 2016 9:46am Oct 3, 2016 9:46am
Well. Baxter seems no longer can offer their PoP service at the moment as it seems they have lost their ABN PoP.
  • #594
  • Oct 3, 2016 4:54pm Oct 3, 2016 4:54pm
Quoting sam-uk12
Well. Baxter seems no longer can offer their PoP service at the moment as it seems they have lost their ABN PoP.
Prime Broking banks have certainly reviewed their credit policy and this will become a major issue for those in the prime of prime space.

Those brokers who have strong balance sheets are in a favourable position.
  • #595
  • Nov 26, 2016 10:44am Nov 26, 2016 10:44am
It seems Baxter-FX changed a lot recently. I can see now that they clear through FXCH. Baxter-FX now offers FXALL, Currnex and Hotspot. Does here anybody trade with Baxter-FX? Is it a serious broker or is it out of business? I've searched for a long time a broker that offers FXALL and I tought I found the perfect one with Baxter-FX but it seems everything is not clear with it anymore...
Does anybody here know a broker that offers FXALL? Thanks...
  • #596
  • Feb 27, 2017 9:25am Feb 27, 2017 9:25am
Any updates from the pioneers here would be appreciated ?
Once You See, You Can't Unsee But You Will Get The Odd Poke In The Eye
  • #597
  • Feb 27, 2017 10:06am Feb 27, 2017 10:06am
Quoting davidwuk
What about InteractiveBrokers? They're not a POP for sure but what's their business model? Doesn't look like an ECN. Maybe STP!? Who is their PB for Fx? Liquidity? I heard that they charge ridiculous margin fees for overnight positions as they apply the same fees as for stock trading. Is this true? Spread with 10m or larger clips on EU? What about FC Stone and ADM Derivatives? Min. deposit, spread, liquidity, platforms, custodial bank account, last look, fees ?
AFAIK, Interactive Brokers is operating in an agency model - for cash equities, options and futures (including FX futures and options) that would be STP/ECN I think. What about CFDs and spot metals and FX (in general OTC market)? They could be either market maker or agent to some prime broker (who can be making the market himself).

Although, they are not classical PoP they are LP of choice for many asset managers, small funds and brokers due to direct market access (DMA) and very good pricing. However, their front end terminal is pain for many...

Cheers!
  • #598
  • Feb 27, 2017 6:03pm Feb 27, 2017 6:03pm
Anyone experience with Global Prime?

https://www.globalprime.com.au/about...rime-of-prime/
  • #599
  • Jun 26, 2017 4:26pm Jun 26, 2017 4:26pm
Quoting TraderSorrow
{quote} Great Idea. I shall update our Grand list. 1. ABN AMRO 2. Saxo Markets 3. ADS Securities 4. CFH Clearing 5. INTL FCstone 5. Sucden Financial 6. JFD Prime 7. AxiPrime/FIXI 8. AdvancedMarketsFX 9. Pepperstone 10 IcMarkets 11 EVFX 12 CapMarFx 13 ETX Capital Group 14 RJ O'Brien 15 Dukascopy 16 Invast 17 Baxter FX 18 Gem FX 19 FCI Markets 20 FXCM 21 Gain Capital 22 PriceMarkets 23 TopFX 24 GlobalFutures 25 IG Markets/Accendo Markets 26 EuroPacificBank 27 Oanda Institutional 28 DivisaFX 29 VarengoldBankFX 30 SFX Markets... 31 Mayzus... 32 HantecFx......
Just Updating the list for Old Time Sakes. Filtered through a lot of bad PoP/Brokers.

1. ABN AMRO
2. Macquarie
3. Saxo Markets
4. CFH Clearing
5. INTL FCstone
6. Sucden Financial
7. JFD Prime
8. AxiPrime/Fixi
9. Gain Capital
10.ISPrimeFX
11.BaxterFX
12.CapMarFx
13.DivisaCapital
14.Invast
15.PriceMarkets
16.EVFX
17.Finotec
18.AdvancedMarketsFX
19.StaterMarkets
20.FXCM Pro
  • #600
  • Jun 29, 2017 2:33am Jun 29, 2017 2:33am
Quoting Dkam
Anyone experience with Global Prime? https://www.globalprime.com.au/about...rime-of-prime/
Just read Global Prime product disclosure statement especially the Payment and Client Money section and the counterparty risk and than make up your mind.

Regards,
1GoodTrade
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