FXCM 将收购HotSpot FXr ，并推出新的ECN模式平台 Active Trader

coollyw

原帖由 linx 于 2009-2-1 04:53 发表
Hotspot FXr和Hotspot FXi都是在Hotspot一家公司的名义下提供的服务，没有单单为了一个Hotspot FXr要重复准备资本金一说

呵呵linx好像一直对hotspot有意见哦。。。
Hotspotfxi是卖平台，不单独提供流动性的，所以不是交易商，不需要准备金。FXr就不一样了。

coollyw

原帖由 hiro 于 2009-2-2 15:33 发表


基于以下2点：

1、收购 HSFXr 一天后就公布了 Active Trader 。

2、所有 HSFXr 的客户都接到通知，将于09年2月13日前，转到 Active Trader 平台继续交易。

我大胆猜测这个平台很可能就是 FXCM 给 HSFXr ...

Hotspot没有提到过都转到Active Trader去啊，我今天再问问。。。

coollyw

妈呀，刚发了邮件，不到一分钟就回了。所有的账户都转过去，也不管是不是25K，正在考虑是否转呢？纠结啊

coollyw

都到FXCM的信，要点
Your commission schedule will remain the same. （一样，优惠了？）
which allows you to trade directly on the rates provided by thebanks to FXCM. Every trade is directly offset with a major financialinstitution, eliminating a major conflict of interest between clientand broker.（真正的ECN模式？）


Dear Client:
       Friday,you received an e-mail from Hotspot FX notifying you of their intentionto transfer your account to FXCM. We welcome your business and areworking hard to ensure a smooth transition of your account to FXCM.
     HotspotFX, a subsidiary of Knight Capital Group, Inc., will no longer beoffering forex trading to retail traders. The firm has selected FXCM tocontinue to serve your brokerage needs. FXCM is one of the largest and most financially strong forex brokers regulated in the United States.
         Thestandards and requirements for offering currency trading services tonon-institutional clients in the United States are increasing. Theminimum amount of firm capital that a Forex Dealer Member (FDM) mustmaintain has increased by three times over the past year and will berising again in the next three months. FXCM has one of the largestamounts of firm capital with over $100 Million and is a majorbeneficiary of these higher requirements.* FXCM started in the UnitedStates and now has international offices in London, Hong Kong, Paris,and Sydney.
         ACTIVE TRADER: Your account will be transferred to our Active Trader division. FXCMoffers multiple platforms to meet the needs of our clients, includingFXCM Active Trader (USD only), FXCM Standard (multiple currencydenominations), and MT4 (USD only). You will be automatically set-up onFXCM's Active Trader platform, our Web-based level 2 equivalentplatform. Learn More
      TheActive Trader platform, like Hotspot’s trading platform, providespricing transparency. There is a five level display of market depth.The deep liquidity available through FXCM’s Active Trader platformcomes from the firm’s long standing relationships with many of theworld’s largest banks and financial institutions. Your commission schedule will remain the same. We invite you to watch our video tour of FXCM's Active Trader platform. View Video
       AGENCY EXECUTION / NO DEALING DESK EXECUTION**:FXCM's Active Trader platform is based on our No Dealing Desk Executionmodel, which allows you to trade directly on the rates provided by thebanks to FXCM. Every trade is directly offset with a major financialinstitution, eliminating a major conflict of interest between clientand broker.

coollyw

FXCM的新的mail：
重点：没有OCO order，不知道为什么，这个应该是基本功能啊，难道希望客户两边打？只有stop和limit，和客服确认过，stop的方式是touch。
杠杆为200：1，如果真是所说的ECN，那么是ECN中杠杆最大的了。
All orders on the FXCM Active Trader platform that are sent to thebanks providing liquidity orders are not considered executed until thebanks provide FXCM a confirmation of the trade being done, which isoften rapidly done.
这个啥意思？说明可能会有延迟和滑点？为以后找借口？
Upon logging into the Active Trader platform, you will notice some immediate differences compared to the Hotspot platform.  
         FXCM has additional order types on the Active Trader platform.
      

• Youhave the ability to link and attach stop and limit orders to an openposition and also when placing resting orders to enter into the market.An advanced feature on the Active Trader platform allows you to pre-setstop and limit orders on market orders so you can place the full orderwith 1-click.
• Hedging feature is available on theActive Trader platform. You can go long and short with the samecurrency pair at the same time.†
• On the FXCM Active Trader platform, you will not be able to place OCO orders to enter the market.‡

       FXCM offers higher leverage.*
         FXCM Active Trader can have up to 200:1 leverage; $50 controls a 10,000 unit position.
                        FXCMActive Trader platform will automatically close your position(s) uponreceiving a margin call, occurring when your equity drops below therequired margin to hold your position(s). (For example, ifyou are long 1 million euros, the margin requirement would be 5,000 USDand you will be closed out of your position if the equity of youraccount fell below 5,000 USD.)
                  FXCM has a minimum order size of 10,000 units of currency and all dealsmust be in a minimum increment of 10,000 units of currency.
                   Important Note: Onthe day your Hotspot account is moved to FXCM, all your open positionsincluding conditional orders (stops, limits and entries) associatedwith your open positions will be transferred to FXCM. Your leveragewill be set to 200:1 once moved.*
          All orders on the FXCM Active Trader platform that are sent to thebanks providing liquidity orders are not considered executed until thebanks provide FXCM a confirmation of the trade being done, which isoften rapidly done.
Formore in-depth questions about the Active Trader platform, you can visitour Active Trader forum for Hotspot transition clients. View Forum

coollyw

原帖由 redstart 于 2009-2-12 17:29 发表


任何交易需等银行确认后才能认定订单执行生效，这是在interbank市场做交易的做法，没有异议。去CU的PB开户都有这样明确的一条。也正因为这一点，一些客户不是很买账（比如明明赚钱的单子，银行来一句不认可，这单 ...

为啥Hotspotfxi就概率小很多？Hotspotfxi开户合同上有没有这一条？

coollyw

原帖由 redstart 于 2009-2-12 20:35 发表
做fxi也要通过PB，当然也有类似条款。

CU和FXI的优劣网上也有很多评论。概率低是用户反映的，我本人没有实际经验。

其中对CU抱怨最多的就是这条政策“银行随时有可能取消你的成交订单”

取消订单是啥意思呢？如果下了Market单，或者设了S/L单，发到银行，银行取消了，到底是指什么意思呢？应该是会再重新发一遍，然后滑点吧？否则像S/L的单子直接取消了，岂不是吓死人？

coollyw

我觉得可能关键还是平台的技术问题和与银行连接带宽的问题吧，如果市场波动剧烈，可能发送的速度来不及，发到银行单子就失效了，应该是指这个意思吧？

coollyw

不算trade-break吧？FF上有人这样分析：
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。

coollyw

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/ ... 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.