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Ok.....Thanks NASDAQ: 10.01 x 500 10.00 x 100 NYSE: 10.03 x 500 10.04 x 100 Market order at NYSE for 500. All your order will be filled at NASDAQ. Correct? By the way are the different ECNs and other exchanges linked to NYSE?!

much obliged......... NASDAQ: 10.01 x 500 10.00 x 100 NYSE: 10.02 x 500 10.00 x 100 you send NYSE a MARKET order for 600. how will you be filled?

you are saying only top of the book is protecred, could you pease give an example?

maybe because you do not know what is going on and not me making things up.....think about this (1)-get price feed from any of the wholesalers i.e. hotspot and compare the quotes live with what you see on your screen through your retail broker. (2)- compare quotes between any two retail Fx...

My broker says......Top Of The Book Rule means that: If you place an order to sell 100 shares of company x at market price and the top two orders to buy for company x at the NYSE:: (1)- buy 60 shares at 20$ (2)- buy 40 shares at 18$ while top of the book orders to buy at NASDAQ: (1)- buy 40...

The point is that the FX market at the retail level is way too fragmented, so when you register with a broker you are not competing in the WHOLE market you are just competing with other customers that registered with that specific broker. Hence price movements on the wholesale level are not...

It is just an example.......I am told that ONLY top of the book is protected and once that is filled you will go to the top of the book in another market even if the second price in the first market is better for you.so you will be filled 60 at 20$ and then 40 at 10$?!

If you place an order to sell 100 shares of company x at market price and the top two orders to buy for company x at the NYSE:: (1)- buy 60 shares at 20$ (2)- buy 40 shares at 18$ while top of the book orders to buy at NASDAQ: (1)- buy 40 share at 10$ How will I be filled?

Could NOT have been said better

let us say for example that Trader X has 100 contracts Eur/Usd with 100 contract stop that is thirty pips away from the market at 1.2370, spot 1.2400. Seeing this, Deutsche Bank will then do two things. First, they will place an order to buy 101 contracts at 1.2370. Here is where it gets...

Where were the so called Market Makers...Liquid Providers .....High speed Trading......on May 6?! Enough with the market efficiency crap

internalization of market order should be illegal since you can be filled at other than "true" market price. But price limit orders filled internally should be legal since you should not care who buys you stock at the price set by you.

It is my understanding that a stock broker does not have to route all buy/sell orders to the NYSE but he can match orders internally without routing them to the exchange. Stocks that get matched internally by the broker will they be reflected in the total daily volume of NYSE?!

It all depends on the risk/reward ratio you are willing to tollerate. To trade for a living you must be prepared to lose a minimum of 50,000$, If you can stomach that then yes. But in the long run you would have as many wins as you would have loses. The FX futures market is much better

Since there is NO central exchange or central market clearing ,It seems to me that the SPOT FX market is NON-existent. It is all just numbers being moved around among traders through the so called brokers,dealers,ECNs,STPs..... like a game of poker. when CNBC,Bloomberg...etc quote Euro/$...

small or huge..........a limit order will do the trick..so the question remains?

"short-selling in essence is the same as selling a future or a forward. (Whether a 3rd party who lends the asset is involved is just a small technicality. In both cases the seller fixes the asset price now but delivers the asset at a future date." SMALL Technicality?! That is the WHOLE...

Since you guys seem very knowledgeable maybe you can shed some light and enlighten the rest of us ..............It is said that ECN Broker is a broker who gives you a direct access to display your order in the market?! well, where is that market?!

The spot FX market is not centrally cleared and it is not regulated hence there is no way to ascertain that what you see on your screen is the true market price. And to say otherwise would not be accurate. what are the five largest FX ECN you know off?

You said " An ECN doesn't take positions; they just provide connectivity so that their clients......" What assures you 100% that they do not take positions? You as a trader do not have a way of knowing who is on the other side of your trade, it can be another customer or your broker. THERE IS...