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I wonder if there will be a criminal case too. This sounds pretty spectacular.

Is this demo/sim ? I believe they are replaying delayed recorded market-data on demo accounts.

Its not so much that they are cheats - they dont really need to cheat at all. Their clients cant trade for shit, they will piss away the account in no time on their own. Just read the IG statements, their average client lifetime is below a year. So they need aggressive marketing campaigns to...

http://quickfixn.org/

Probably algo-driven falsh-crash again.. or an epic fat-finger.

This is basically only affecting IB (Oanda, FXCM etc. are no brokerdealers so they are fine for now). Maybe Peterffy should have spent some more money in Washington. I dont know of any other broker-dealer with a significant retail fx spot business. Its silly too, IB had the best market access...

So banks still have people sitting there outright manually punting in FX? I thought that was over 10 years ago..

If you take IB for example, spot is slightly cheaper on transaction costs but worse on o/n rolls. For shortterm trading i prefer spot, but if you hold a few days or more futures are definitely the way to go, o/n swaps in retail are really expensive. Also in futures not even all G10 pairs are...

Looks like they finally even took the website down.

These so-called binary options are really for the totally finanical illiterates. They have a house-edge of 20% and more. Imagine playing roulette where the house wins from 0 to 5..

Have a look at Lmax (if you are not american). Its UK based, and a central limit order-book like an exchange. A good frontend for it (if you need charting and DOM order entry) is SierraChart.

You could google for "Lmax disruptor". Theres a bunch of things from them online about high performance java. They also opensourced some of their stuff. Maybe it helps. i.e. http://martinfowler.com/articles/lmax.html

Average account lifetime is far less than a year with cmc, Plus500 and so on. They need fresh meat constantly. Thats why Plus500 has exorbitant marketing expenses. Its all about getting new suckers and make them press the buttons.

So at what price will they fill eur/chf orders?

Apparently they had troubles finding marketmakers for this, even with the incentive program and going full-tick instead of half-tick (which sucks too btw).

The mini DAX is 20% of the big contract - but the exchange-fee is 50% of the big contract. Also spreads are like 1 to 3 full index points with little liquidity. Its only day 2 but it looks like its another one of the many Eurex DOA products.

Depends on the product? According to CME for ES its 30:1 message to fill ratio at the executing firm level. Or do they count this by customer? I would assume the broker isnt too keen on eating the surcharges for excessive messaging..

As for PB you can read this, it even has all the agreements linked: http://www.bloombergview.com/articles/2015-03-18/citi-had-no-time-for-former-goldman-partners-fx-losses They had 10 million as collateral with Citi and a trading limit of 300mm. So 30:1 and they payed $6 per million in fees.

Stocks, options, futures, FX, or all of that?

Hotspot does it too. Although you can request to disable all LPs with LL-privileges for your login (this will result in wider spreads obviously). Same with currenex. Strictly no LL is CME, lmax (and ebs and reuters, but these have very high minimums obv).