HotSpotFXi is a centralized ECN - a communal liquidity pool of dozens of banks & institutions.Currenex is more a front-end platform.It is not centralized, instead there are multiple bank "hubs" (networks) that employ Currenex, each of varying spreads & liquidity.The Currenex software gives the banks a "last look" feature similar to the requote issue you mention above.
因为Currenex是分散化的，通过节点连接，每个节点的点差都不一样，所以银行可以进行优选最有利的单子成交，如果有人的报价比你更好，那么你的单子就被挤掉了。 一段时间没来看，这里好像还挺热闹啊～～呵呵～
貌似 FF上的 Trader KGB 对平台颇有研究，尤其是ECN。
关于订单成交问题，我想所有采用 ECN 交易模式的 FCM 或者 清算银行本身，应该都有“有权取消用户的已成交订单”的协议，这是行规。但取消订单是有前提条件的，比如订单成交在一个明显错误的价位，或者投机者利用撮合规则的漏洞进行利益输送等等。
当交易者的订单合理成交并盈利时，清算行即使作为交易对手，也没有任何权力修改或者取消这个订单（如果清算行存在信用问题那另当别论）。但作为CurrenEX的合作清算行在事先会有一个“Last Look”（CurrenEX的叫法），是决定是否接下一笔大单的最后确认。如果某清算行不愿意接，那么就直接requote，单子被转到其他清算行或以最近的价格成交。
很显然，“Last Look”破坏了ECN 严谨的撮合规则，但清算行作为流动性的提供方，他们也要控制风险，因此也比较无奈。 很容易想象，如果CurrenEX采用的算法是decentralized，那么Requote和 Trade Break的概率 一定比采用centralized算法的HSFXi 要高很多了。
但需要说明一点，在任何外汇交易的ECN模式下，发生这种事的概率都是微乎其微的。说这些只是为说明白一个道理而已～～ 有点跑偏了，本主题应该是讨论Active Trader 的……
回复 33# 的帖子
找到一篇老文章，05年的，有讲一些平台的结构的。http://www.financetech.com/news/showArticle.jhtml?articleID=163700882
重点：Currenex，FXall在终端都是非匿名的，采用客户端结构，银行是交易端，如果是最早期的单银行连接的话，就是客户端先向银行询价，然后银行再以此报价，最后根据报价成交。或者银行可以考虑另外的报价，或者不成交，这应该就是通常说的Currenex的 last look option，不过当Currenex引入多家银行竞争，这种情况就会好很多，但是每个节点上还是客户端结构。
Hotspotfxi和Lava FX都是采用的匿名系统，对等结构，每个端口都是平等的，彼此不可见，互相报价，直接成交，所以Hotspotfxi和Lava FX requote的概率就会小很多，而且比较受对冲基金的青睐。
Multibank dealer-to-client platforms, such as FXAll, Currenex and State Street's FX Connect, however, offer both RFQ and a constant stream of prices from multiple competing banks. But dealing is usually not anonymous, which can prove disadvantageous for buy-side managers that are attempting to conduct large trades without tipping their hands to the marketplace.
The latest FX trading market model to emerge is the anonymous, prime-broker model, typified by Hotspot FXi, which launched in 2000. In this model, all counterparties are anonymous to each other until after a bid has matched an offer and the trade is consumated. The fact that buy-side firms trade through a prime broker and do not reveal themselves during the trading process makes the platform an appealing choice, and its exchange-like structure may make for an easier transition for unaccustomed equity traders. Celent's Burns says Hotspot FXi's clientele is 80 percent hedge funds and CTAs.
Lava Trading, which runs a quote aggregation service across equity ECNs, also entered the FX market in October with Lava FX, continuing its anonymous model from the equities market. Its plan is to migrate to an ECN-collation service, but it currently has eight banks on the service quoting prices within Lava. Buy-side firms also can trade directly with each other through Lava, but this is an unfamiliar model in FX trading. 学习了，如果哪位英语好的朋友有兴趣，可以和london capital group fx pro 联系一下，他提供currenex ,hotspotfxi,lava ，我本人英语说不好，写不好，有好东西也联系不上。
这个公司是伦敦交易所上市公司，代码是lcg ,比igmarkets 小，但是spreadbet 是竞争对手，实力没问题，就是不知道接受中国客户不？
http://www.capitalforexpro.com/bankPortal_otherPlatforms.php#