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Quantitative Finance Stack Exchange is a question and answer site for finance professionals and academics, forex driven. It only takes a minute to sign up. Connect and share knowledge within a single location that is structured and easy to search, forex driven. As it is stated here. Quote-Driven Market only displays the bid and asks offers for a security from designated market makers, dealers, forex driven, or specialists.
These market makers will post the bid and ask price that they are willing to accept at that time. Quote-driven markets are forex driven commonly found in markets for bonds, currencies, and commodities. Does this mean that limit order books offered by forex brokers that we see all consist of limit orders quoted by each broker?
My understanding is that when we, retail traders, place limit orders, forex driven are going to be displayed as a part of the order book forex driven well, so that makes us market makers too, thus it's an Order-Driven market?
Also some forex brokers don't even have their own dealing desks NDD as opposed to DD brokers, and I believe such trades via NDD is entirely an Order-Driven? If you use a forex driven platform, they do not make markets. For example, CMC markets gets the FX rate from liquidity providers like Deutsche Bank, forex driven, JP Morgan, Barclays, Goldman, UBS, Citibank and HSBC. You should find a similar logic with others.
If you setup a limit order it forex driven simply sit there and get filled on your behalf aims to fill at the best available price if the price reaches that level. What you will see on retail market limit order books will be in my opinion entirely useless to gauge the buy and sell interest in Forex markets. Spot FX forex driven OTC over the counter.
You request a quote and get a response from a counterparty. Sometimes it is a directly executable always on feed of bid ask quotes but the general idea is that you indicate forex driven you want to trade, and the counterparty quotes the price you get. place a bid in the market. EDIT : My explanation above was misleading. The last paragraph is not retail trading. A constant always on executable quote is almost the opposite of an ECN.
It is a direct connection to the market maker s of your choice were you click on the quote if you decide to trade hence accept the quoted price. Generally, I think you overcomplicate things. FX especially spot is largely unregulated out of scope of MiFID II, MAR, EMIR and MiFIR, not covered under CFTC or the SEC Trading is predominantly OTC and dominated by large banks, forex driven.
Retail is according to BIS Table 5 3, forex driven. As a retail trader you are at the very end of the line. Just like shopping at a super market. Yes, theoretically, the shop decides what to charge for Coca Cola. Forex driven, Coca Cola will set the price, forex driven, and supermarkets simply add a mark-up. Similarly, what your retail broker does exactly is as long as it is legitimate essentially almost irrelevant.
If they make markets for their clients, it just means they add spreads directly to quotes they receive and do not just pass it on to someone else. Nonetheless, their quotes will be driven by the major banks. I gave the CMC example, and checked Oanda which also states that they aggregate live prices, in real time, from their liquidity providers.
Since I am not familiar with retail platforms, I had to google names for "MM" in retail. Avatrade writes that it charges 'Spread Over Market' which is the Mark-up AVATRADE adds to the Current Market Spread which will come from their liquidity provider. com generally offer forex driven links to forex driven liquidity providers too. Long story short. Retail brokers will no matter what they claim to offer always fall back to these quotes.
Just like Coca Cola decides what the cheapest price for the drink will be. All else is mark-up. To add some colour to the FX market structure: FX used to be a clear two tier market, forex driven, the closest analogy I can think of is a hub and spoke system with customers interacting with dealers via a quote type mechanism and dealers interacting with each other in a more central limit order book fashion with that order book either maintained by a network of interdealer brokers or different electronic providers like Refinitiv previously Reuters FXT or EBS.
The flow used to look something like this. A customer would pick up the phone and call their favourite sales person at their favourite bank to ask to do an outright forward to cover an invoice while discussing the latest game of cricket forex driven the telly. The sales person would mute their forex driven and shout over to the FX swaps trader and spot trader to get the latest swap and spot prices, quickly add them as required in their head, unmute their headset and announce the quote to the customer between overs of the game.
Customer likes the price and decides to trade, sales person shouts this fact over to the traders in question, jots the details down on a deal pad to be electronically captured later and then possibly go for lunch. The trader now has a decision to make, to put the risk on the banks balance sheet and wait for an offsetting forex driven or to go into the interdealer market to try offset the risk, forex driven.
The options available in the interdealer market are to leave a resting order forex driven a broker at a level or to pay or give a price that is already on the brokers screen or ask for a price to be found if one was not available or to the traders liking, forex driven. All a client limit or stop loss order is in this ecosystem is a delay on the acceptance of the forex driven from the sales person. You can imagine the order being replicated by the customer constantly asking for a refresh of the quoted price and only accepting it once the forex driven was acceptable aka at the level.
But the spread still belonged to bank, as your bid was only filled when it matched the banks offer. That is how things used to be, now a-days it is not so simple, forex driven. The introduction of smart forex driven routing, multi-venue aggregation and non-bank market makers like XTX splintered that model. Customers can leave actual resting limit orders on venues like Hotspot or via CME currency futures, dealers aggregate direct bilateral quote feeds from other banks as liquidity sources and some banks allow DMA style algorithmic trading to the interdealer network for client flow, forex driven.
Dealers appear much more like the old customer and customer flow can appear very much like the old interdealer flow in todays FX world. Sign up to join this community. The best answers are voted up and rise to the top. Stack Overflow for Teams — Collaborate and share knowledge with a private group, forex driven. Create a free Team What is Teams?
Learn more. How is forex market Quote-Driven? Ask Question. Asked 3 months ago. Active 3 months ago. Viewed times. As it is stated hereQuote-Driven Market I am forex driven, what exactly makes spot forex market Quote-Driven? fx trading market-microstructure limit-order-book financial-markets. Improve this question. asked Jun 1 at koyamashinji koyamashinji 33 5 5 bronze badges. Add a comment. Active Oldest Forex driven. Improve this answer.
edited Forex driven 2 at answered Jun 1 at AKdemy AKdemy 3, 1 1 gold badge 1 1 silver badge 20 20 bronze badges. Just want to clarify a few - So the "counterparty" you are referring to is an Liquidity Provider, forex driven, regardless of whether a retail broker is DD or NDD? Also, by "directly executable always on feed of bid ask quotes", are you referring to an ECN that retail traders could also sometimes participate via certain ECN brokers?
answered Jun 2 at Sign up or log in Sign up using Google. Sign up using Facebook. Sign up using Email and Password. Post as a guest Name. Email Required, but never shown, forex driven. Featured on Meta. Unpinning the accepted answer from the top of the list of answers. Related 9. Hot Network Questions. Question feed. Quantitative Finance Stack Exchange works best with JavaScript enabled.
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blogger.com is a registered FCM and RFED with the CFTC and member of the National Futures Association (NFA # ). Forex trading involves significant risk of loss and is not suitable for all investors. Full Disclosure. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act 21/05/ · Forex Over Drive is a automated forex trading EA (expert advisor). Here is original description coming from authors: Utilizing our innovative system that was built from the best and brightest, utilizing advanced strategies, you can now EASILY profit through Forex Over Drive software, an automated forex trading robot that does all the work for you. Forex [ ]Estimated Reading Time: 2 mins Enrol Basic Forex Course (Free) Now! Basic Forex Course for Free. Amazing, power of equipping every student, with the knowledge. Explore. Full Course & Support. Only one key and purpose driven. We are there to take you from Beginner to Expert. All you need is a
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