[Trader's Handbook] Draft articles, "out of pocket" discussions - page 23
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Afternoon!
I believe that post.
Swap operation
should be completely replaced with the information given in the attached file!
Respectfully,
Claw
I will add.
Adapt it into Word. as it can't be pasted directly from a PDF. There are broken lines.
I'll add.
Adapt it to Word. as it cannot be directly inserted from PDF. There are broken lines.
There is a file in Word, only it does not attach, where to send it, let pliz
Regards
Claw:
Swap operation
needs to be completely replaced with the information given in the attached file!
There is a Word file, but it is not attached, where to send it, please let me know.
Best regards
upload it in the same way and attach it here
zip it up similarly and attach it here
Forum on trading, automated trading systems and trading strategy testing
Traders Guide: Orders, Prices, Deposits, Funds, Currencies
hrenfx, 2013.06.17 12:07
Trader Protection.
An untrained, legally profitable trader in institutional FOREX can easily be "undressed", through the mechanisms of Off-market and LastLook. It is therefore wise to choose a place to trade through the most advanced aggregator, which is also adjacent to a strong legal department.
That is, in addition to the fact that the trader will be anonymous in the general flow of the aggregator. He will also get free professional legal assistance in dealing with cancelled trades. Free of charge, because the legal department is not defending the trader's rights, but the face of a much larger aggregator owner, on behalf of whom, among other things, this very trader has made deals. For this, of course, there must be a principled position of the owner.
P.S. Repeatedly passed stages in practice.
And the trader, respectively, may assert his rights under the contract only before his broker, and if the latter neighbours with a strong legal department, this IMHO may be a precondition for "undressing" of the non-law-educated trader).
If a broker-aggregator makes deals with PL by opening its own positions, combining and depersonalizing orders of its clients-traders in them, then logically it should bear all legal rights and obligations to PL.
There is a practice that does not care about such logic. For example, there are publicly known (on forums) cases in A**ri and R*D where clients' trades were cancelled because they were cancelled by LPs for brokers. Brokers will not take such losses, that's why the legal regulations stipulate such things for brokers. LPs can dictate their terms to brokers, as the broker usually has a fairly sparse list of LPs.
And the trader, respectively, may assert his rights under the contract only before his broker, and if the latter has a strong legal department, this IMHO may be a precondition for "getting rid of" the poorly educated trader).
The question is why we advise to follow this step:
Forum on trading, automated trading systems and testing trading strategies
Traders Guide: orders, prices, money, funds, currency
hrenfx, 2013.06.17 12:07
For that, of course, there has to be an owner's position of principle.That is why there should be a mechanism to punish LPs who have little or no competition for customers. The only way to punish LPs is to deprive them of a substantial part of their turnover. This can only develop the popularity of brand new organisationally and algorithmically ECN/STP aggregators. However, there will always be meat.
Forum on trading, automated trading systems and trading strategy testing
Traders Guide: Orders, Prices, Deposits, Funds, Currencies
hrenfx, 2013.06.17 12:07
Off-market.Off-market quotes are not uncommon in institutional FOREX. They become a sore point when trades are made on them. And it is especially painful when those trades have high (in absolute terms) profits, regardless of their sign.
For various reasons, MM algorithms may fail to produce non-market quotes. In fact, they are quite marketable, since they offer to buy/sell at them. But there is usually an obvious loophole in the agreements made, where trades made at off-market quotes can be (and often are) cancelled.
Off-market prices are always determined retrospectively through comparison with price histories from several sources. If there is a strong outlier compared to the rest, it is an off-market quote.
.......
1. has anyone ever had a situation where a losing trade was cancelled on a non-market quote not on your initiative?
2. If they cancel your trade, they must cancel someone else's. What is known about this second side of the coin? (After all, if you think about it, it looks like DC/LP seeing a minus in their "kitchen" are removing it retroactively, isn't it absurd...)