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Thread: Interbank Spot: quotBank Reversalsquot Make it a Fools Game???

  1. #21
    souSesuzqiuorda
    Guest
    Apparently if your broker is great and that he likes you, then he will call you up and discuss issue with you BEFORE minding your transaction in your machine and leaving you open position.

    He then will generally offer you 2 choices:

    1) Come up to your price difference between what you paid and what counterparty thinks you should have paid
    2) Hurry commerce and leave you with open position

    you are able to decide.

  2. #22
    gxxcesCTtt
    Guest
    Quote Originally Posted by ;
    Say that the purchased eur$ at 1.5233 and the bank thinks the mkt was really at 1.5240/41, they will amended your trade up. As to exactly what price, that's around the bank and unless you are churning out commisiions for your broker, they are unlikley to maintain your case from a bank. .
    Banks aren't always wonderful to traders! They get so much flow they can pretty much do whatever they need. Remember there isn't any exchange and no one to punish them. You would have to swing a fairly major line to appear in their radar.

    I know some won't agree but I feel strongly that for the most part banks are essentially large fighting desks (not necissarily in a bad way) that are extremely good at hedging off risk and fitting orders.

  3. #23
    Tesxxess_7
    Guest
    Quote Originally Posted by ;
    Apparently if your broker is great and he likes you, then he will call you up and talk problem with you BEFORE deleting your trade from your system and leaving you with open position.

    Then he will generally offer you 2 options:

    1) Come up for the price difference between what you paid and what counterparty believes you must have paid
    2) bust trade and give you open position

    You can decide.
    I've been utilizing cnx for the past 3 yrs and with an avg monthly vol of over 2 yards that I have a tendency to do a fair number of trades. I've had trades amended freq enough to just accept it as part of trading place since the pro's far outweigh the disadvantages. I've not ever had a trade busted and come in to work the next day using an open position.

    I think when this occurs, the matter is no more using cnx but with how professional your broker is. Even for price alterations, who is to say the bank didnt adjust your buy lmt order from 45 to 50 rather than the 55 your broker said (while pocketing the 5 ticks for himself). There's more than 1 connection in the chain, you need to do your due diligence and make sure all links are solid, or at least know where the weakness are

  4. #24
    gruxxakx
    Guest
    Quote Originally Posted by ;
    I have had trades amended freq sufficient to simply accept it as part of trading place since the pro's far outweigh the cons.
    Why did you pick CNX over HSFXi? I know you cited depth on FXi being a problem in a previous thread, but I don't think that is the case anymore (judging by the reviews of others, and my own experience on live CNX packs versus the FXi demo feed). I have yet to hear of trades.

  5. #25
    Tesxxess_7
    Guest
    Quote Originally Posted by ;
    Why did you choose CNX over HSFXi? I know you cited depth on FXi having an issue in a previous thread, but I don't think that's the case anymore (judging from the reviews of other people, and my experience on dwell CNX packs versus the FXi demonion feed). I have yet to hear of trades being amended/reversed on FXi.
    An honest response would be, I'm more comfortable with it. I'm sure when I used hsfxi enough I would get some quirks with that. Having said that, the order matching there's more similar to that about futures exchanges and I have never heard of any orders being broken. The drawback of this is that banks have a tendency to post less quantity in my own experience. Additionally, occasionally liek the inflation report now, obtaining 20m out on cable was not a issue but as soon as the volatility increases significantly the liquidity on hsfx will tend to dry up. It is still better than other ecn's like lava though. The following note is that I trade through mend and cnx just seems more secure and contains a wider range of orders that I make use of for the trading style

  6. #26
    gruxxakx
    Guest
    Quote Originally Posted by ;
    an honest answer would be, I am more comfortable with it. I am sure when I used hsfxi enough I'd get some quirks with this. Having said this, the order fitting there is much more like that about futures exchanges and I've never heard of any orders being broken. The drawback of this is that banks tend to post less volume in my experience. Additionally, at times liek the inflation report today, obtaining 20m out on cable wasn't a problem however after the volatility increases considerably the liquidity on hsfx will tend to dry up. It is still better than other ecn lava though. The following note is that I trade through mend and cnx only seems more secure and has a larger range of orders that I make use of for my trading style
    Interesting, thanks for sharing your insight. Are you still with ManFX in Chicago to get CNX?

  7. #27
    Tesxxess_7
    Guest
    Quote Originally Posted by ;
    Interesting, thanks for sharing your insight. Are you with ManFX at Chicago to get CNX?
    As with platforms, I believe you should have your funds divide across diff brokers. IT doenst matter if you are using cnx on all as cnx is quite customisable so it will be diff depending on the broker you are with. Additionally, and much more importantly, you dont want your entire money to be in risk by placing them all at one broker, just like you would with your typical bank deposits. As of mid-march this year I pulled all my funds out of mf and have to put them back. In case you have money in a publicly traded broker such as mf, then you should take note when the stock price drops over 60 percent in the day and begin withdrawing! Having Said This, I am sure mf are perfectly secure, but then again, they said that about refco as well

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