Interesting article about prime of prime brokers!
Anyone had experience wirh the brokers mentioned?
*Sucden Financial seems interesting and minimum deposit is only 5000£.
http://www.fxbrokershandbook.com/fx-...l-FX-providers Interesting article about prime of prime brokers! Anyone had experience wirh the brokers mentioned? *Sucden Financial seems interesting and minimum deposit is only 5000.
one of the best thread SAXO-BANK and forget others the most Important thing is the TRUST
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I agree, and if you want to know if a broker can be trusted or not, look at how they handled the CHF event on january 15. Very FEW brokers handled this in a fair way.
Saxobank is definitely NOT one of them. I was regarding them as a decent broker before that and was about to open an account with them. Not anymore after jan 15.
{quote} I agree, and if you want to know if a broker can be trusted or not, look at how they handled the CHF event on january 15. Very FEW brokers handled this in a fair way. Saxobank is definitely NOT one of them. I was regarding them as a decent broker before that and was about to open an account with them. Not anymore after jan 15.
Entheos: Interactive brokers for sure, they were almost perfect (the stories of people ending with a negative balance with them were on futures contracts, not on spot forex, and they have nothing to do with it) and I saw FxPrimus and ThinkForex who weren't too bad. There were gaps in their quotes, but they continued to execute trades and didn't requote according to the informations I have.
A lot just shut down everything and executed at the worst price possible (Pepperstone or Oanda for example), or requoted after (IG, or CMC for example) at crazy prices.
I don't have a complete list, but at that time, you just had to check brokers quotes to see the ones with a huge gap, and the few who were still quoting (even if there were some small gaps in the middle), and hear the stories that came up for IG or Saxobank for example, and that are still ongoing by the way, as there are legal battles ongoing.
The Prime broker market has now changed as I have pointed this out before.
There are 3 types of brokers
Tier 1 brokers .. those who actually still have a prime broker because their balance sheet is strong.
Tier 2 Brokers ... those who rely on Tier 1 brokers for credit as they dont meet the PB's requirements.
B bookers .........those who dont cover anything and are relying on their clients to lose.
The Prime broker market has now changed as I have pointed this out before. There are 3 types of brokers Tier 1 brokers .. those who actually still have a prime broker because their balance sheet is strong. Tier 2 Brokers ... those who rely on Tier 1 brokers for credit as they dont meet the PB's requirements. B bookers .........those who dont cover anything and are relying on their clients to lose.
Not necessarily prime of prime but these brokers still have their own Prime brokers.
IB, FIXI, Gain, FXCM (Tier 1 in this circumstance but not very good), ADS Securities, FxPro (Not sure who their PB is now, but they used MS before), LCG (They have JPM, Citi and RBS as PB), Saxo is a market maker themselves so not really one you're considering in this definition.
The Prime broker market has now changed as I have pointed this out before. There are 3 types of brokers Tier 1 brokers .. those who actually still have a prime broker because their balance sheet is strong. Tier 2 Brokers ... those who rely on Tier 1 brokers for credit as they dont meet the PB's requirements. B bookers .........those who dont cover anything and are relying on their clients to lose.
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Fully agree.
It explains why FXCM expands wholesale business and say it's extremely successful, gives 1 trillion yearly flow to FXCM.
Just wonder who is the main PB for FXCM, should be very big to cover all that tremendous flows.
{quote} Not necessarily prime of prime but these brokers still have their own Prime brokers. IB, FIXI, Gain, FXCM (Tier 1 in this circumstance but not very good), ADS Securities, FxPro (Not sure who their PB is now, but they used MS before), LCG (They have JPM, Citi and RBS as PB), Saxo is a market maker themselves so not really one you're considering in this definition.
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LCG no
FIXI merged with Axi not sure
ADS yes
FX Pro not sure
Gain yes
FXCM yes
IB yes
Invast yes
Global brokers yes
Sucden yes
I assume they used to have 2 PB but not now. Where did you take info about 3 PB?
Some PoP had in the past 2 PB: one for FX ant the other for metals and commodities.
But after SNB all banks restricted PB conditions and kicked out many brokers.
I heard CFH Clearing also was dumped by UBS and could manage agreement only with Jeffries.
Advanced Markets also lost their 2PB: Citi/DB, now arranged only with UBS.
Seems FX surface is changing.
Lmax has a Pop service now too (with BNP Paribas as PB). It can only be used via FIX or primexm bridge. It looks like its designed for MT4 brokers who want more then only lmax liquidity.
{quote} I assume they used to have 2 PB but not now. Where did you take info about 3 PB? Some PoP had in the past 2 PB: one for FX ant the other for metals and commodities. But after SNB all banks restricted PB conditions and kicked out many brokers. I heard CFH Clearing also was dumped by UBS and could manage agreement only with Jeffries. Advanced Markets also lost their 2PB: Citi/DB, now arranged only with UBS. Seems FX surface is changing.
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I'm friends with the CEO and previous head of FX there so I'm quite familiar with their business.
