ECN-The new revolution
Interactive BrokersAmerican
Chinese Wang Wei
2007Year10Month3Day
The accurate
The non-firm offerForex, usually, denote " the earnest money of foreign exchange on-hand stock" or the business of " the lever type on-hand stock of foreign exchange " says strictly on meaning , is the part in the trade of foreign exchange only. The trade of foreign exchange includes the on-hand stock of foreign exchange and the futures of foreign exchange actually.
100The trade of firm offer of foreign exchange of % earnest money( coarse name" the treasure of foreign exchange") is comfortable in domestic, hold effective identity document all , possess individual and the resident in the boundary of complete civil behavior ability, have the certain foreign exchange of amount of money( or foreign currency) may carry out the personal trade of firm offer of foreign exchange , trade place goes up when each bank business department goes on. The non-firm offer over-the-counter trading of foreign exchange is when the novel trade tool of this market of foreign exchange of two years that put out as soon as possible in development just. A lot of banks have put out or will soon put out this service.
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Since
The futures of foreign exchange have the trade place of concentration as futures trading , have standardization contract installation , and get standard and the strict management of superintendency department. The present biggest option market of foreign exchange still in Chicago commercial exchange. The contract value of 100 thousand dollars actually in futures trading is just practical, the on-hand stock of foreign exchange because of habit reason, still continue " standard hand" title. For example, may with a view to use50Time lever500U.S. dollar$25000The asset of foreign0.25Standard
The on-hand100The % trade of firm offer is low because of fund utilization ratio, thus in international market, it is not popular comparatively. The non-firm offer trade scale of the on-hand stock of foreign exchange is more developed relatively.
2 and the non-firm
Lever type trade of foreign exchangeOver The Counter( OTC)Thus lack strict superintendency. The market participator of the spot market of foreign exchange manages company with bank, central bank and investment , as rush fund and retail foreign exchange manage mainly. AsCNNReport , certain retail250-500Around 100 million2%.
SuperintendForex Scams" the cheatBucket Shop" for bet work song " becomeThe cheat of foreign exchange major, the description of neglecting for speculative2001Year2006Year, the AmericanCFTCAlready80Rising to be suspected for the case of cheat customer have mentioned the customer total that is claimed and is been deceived in these cases to exceed the persons of 23 thousand , the fund of loss is asked3100 million
" for bet work song " this vocabulary is quite interesting, " modern English-Chinese dictionary" is translated for" pheasant bond trade business"," concise English-Chinese dictionary" translation is " bucket shop". The author thinksBucket ShopMeaning is " barrel company", implied meaning company has taken the instruction of customer sheet, do not deliver between bank market or exchange, and it is to put in "barrel" , does not do handling. American legal and Chinese law is similar, if stock or futures manage business gets the trade of customer to instruct do not put to show up direct to it as gamble , it is illegal. The market of foreign exchange that lacks strict superintendency goes up , this kind of exist extensively for the phenomenon of gambling. Also have person to make excuses say as rush is legal as have gambled. , between lack certain part time and certain a price the customer in scope trade does inside first as rush- -The business instruction of identical quantity is not carried out completely actually , is completely single as leaving to measure actual admission. In one hour, company in certain price altogether do buy into euro/The customer1000Hand, doing300Hand,300Hand does inside700Hand is completely single quantity, under company, go to bank. Does this kind of behavior of so-called" as rush " how to be superintended? Rely on self-discipline purely? Still having , if appearance stops or falls such as rise, the unilateral market that stops manages business what to be done? If bank popularizes this kind of foreign exchange of earnest money, customer need not worry about bank meeting, go bankrupt in short period, however manage if being those international foreign exchanges as financial condition business?
The securities trader of America5010 thousandSIPCAccount insurance and picture may be claimed as bank opens an account at the time that securities trader goes bankrupt to safe organization, take fund. Futures manage business manages with foreign exchange business has no this kind of force make. Thus the capital safe risk of customer is relatively higher. Foreign exchange manages business may select whenNFAAmerican national futuresNFAFutures1976A self-discipline profession association ofThe nature of owner. Its major duty lies in: As member verifies For being engaged in , futures employee(ForSeries3Qualification). If member pays to incorporate membership dues , and according to stipulation, presents the financial report of audit, protect continuously have its member qualification. Complain this member if having customerNFAMay select to announce complaint for
3 and algorithm ECNTimes
In recent years, along with the fast development of trade science and technology, algorithm trade grow the healthy degree that has improved the market of foreign exchange obviously. The trade of foreign exchange face the impact of revolutionariness for beting phenomenon front. Typical algorithm trade system is a high-tech product, it is many that it can join toECN(Electronic Communication Network) electronic communication network.ECNMake fall
Backward trade science and technologyMarket Maker(Is city), sometimes, the trade platform that gives
HaveENCPresident of AsianSteve KelseyJudgment says , zero commission and rely on returning servant some difference to maintain the traditional foreign exchange of operation manage business will is the new trade times of foreign exchange abandon son. Than new trade science and technology, bringing is unified to match trade , may avoid that trade business uses software means with customer as gamble.ECNIt is this kind of means: Concentrate numerous bank and the quotation of the trade platform of foreign exchange , select the price that is most helpful for customer money to close the business , manage company earns the commission of proper low proportion. ECNPlatform go up, between customerECNAdvantage still lie in the way that it has the trade of customer genuine fairness for having brought , have embodied the fair principle of financial market. Professional trade and the trade platform of private investor Yuan trade platform gap is very far, not only embody on price bad and transmission speed , still embody in the execution of price and repay. This kind of difference has decided when traditional foreign exchange manages the survival rate of private investor that trades in business is very low. HoweverECNPrivate investor tradesThe profitHave brought up " little mutiny hero" -ECNOn platform, euro U.S. dollar some difference
ECNPlatformThe set breath trade under lever brings5The state around % takes off50Under the state of time lever,3.8% controls.3.8%The difference of annual interest rate seem is attractive , however after lever is magnified , will pretty attract person , may earn the interest of two months one day. Certainly this kind of set breath trade will undertake capital the risk that may be damaged.
In a word, the difference of science and technology will bring different service level. When the financial profession of international market, the development of a company's trade science and technology has the most important location, decide its future life and death to live or die.
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