Currenex, HotSpotFxi, Lava - Pimps for the Banks? - No Scalpers
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Quote from ElectricSavant:
fxsomebody,
Please excuse this question and my lack of knowing the answer,
Can an individual trader go straight to Currenex and bypass white lable providers? how much Dollars does he need 25k...500k...1M...5M...10M......and is the 5 lot minimum per day/trade the rule?...or does he need a bank to sponsor him?
I am just dreaming, and I want to know what I am dreaming of...or maybe not! you never really,really know on an anonymous internet board..I betcha I know traders that have more money than even Nick
Michael B.
The answer is yes. You would need to have a Prime Broker agreement with any large financial institution and you can trade directly on Currenex.
Why dont you call Currenex, ask all your questions to a knowledgeable person who will be happy to answer question that you have? The 24hr support desk is 212 340 1780 and they will transfer you to the appropriate person who can answer all your questions if you cannot they cannot answer them themselves.
Hey all, what is up. A Prime Broker is not the same as a white lable provider. You set up a banking relationship with a prime broker to trade spot, and you execute through CX. Now if you have like 10-13 banks you can get a relationship with, then you to can become a "white lable" provider but it has to start with a bank relationship. Oh and by the way, I.B. will be adding two new banks as of Jan 1, that will make13, the only drawback is the 10mio max trade size. Anyway remember, CX is like a Maybach, it is for some of us but not all.
The Ever Maybach Lovin VIPER
The Ever Maybach Lovin VIPER
Fxsomebody,
What's your comment on this ?
late apex
Registered: Feb 2004
Posts: 1029
12-22-06 04:02 PM
Quote from fxsomebody:
The numbers above are incorrect. Reuters is much higher, FXAll numbers include T/N swaps and the spot volume is only around 6b per day average and overall volume average is much lower. EBS is about correct on average.
Currenex is the 3rd largest platform for spot transactions behind EBS and Reuters.
As you know, the most recent (5th) annual Euromoney Foreign Exchange Poll, published last May, shows that Currenex is behind both Hotspot FXi and FXall in market share among multibank platforms. This is true both in terms of 1) overall turnover and 2) spot only turnover, without forwards and swaps.
Are you saying that the market share data has changed significantly in the last few months, do you take issue with EM's methodology, or something else? Thanks.
What's your comment on this ?
late apex
Registered: Feb 2004
Posts: 1029
12-22-06 04:02 PM
Quote from fxsomebody:
The numbers above are incorrect. Reuters is much higher, FXAll numbers include T/N swaps and the spot volume is only around 6b per day average and overall volume average is much lower. EBS is about correct on average.
Currenex is the 3rd largest platform for spot transactions behind EBS and Reuters.
As you know, the most recent (5th) annual Euromoney Foreign Exchange Poll, published last May, shows that Currenex is behind both Hotspot FXi and FXall in market share among multibank platforms. This is true both in terms of 1) overall turnover and 2) spot only turnover, without forwards and swaps.
Are you saying that the market share data has changed significantly in the last few months, do you take issue with EM's methodology, or something else? Thanks.
SHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH it is a big secret!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
The Ever Secretive VIPER
The Ever Secretive VIPER
quote from sczz97
"Until recently when retrieving the trade details from the cnx platform you provided the cpty to the trade. Whilst I am most def not representive of the total set of cnx users, I do tend to trade more during fast mkts when you yourself have stated where most cnx transactions occur. I can state for a fact that >90% of the trades were with a bank and not another cnx user"
So currenex becomes even more secretive and 80 % of volume customer to
customer, I don't believe either
Fxsomebody,
Can you answer all the questions ?
"Until recently when retrieving the trade details from the cnx platform you provided the cpty to the trade. Whilst I am most def not representive of the total set of cnx users, I do tend to trade more during fast mkts when you yourself have stated where most cnx transactions occur. I can state for a fact that >90% of the trades were with a bank and not another cnx user"
So currenex becomes even more secretive and 80 % of volume customer to
customer, I don't believe either
Fxsomebody,
Can you answer all the questions ?
Its a poll. There are many polls that are innaccurate. Polls are voted on by people. People are influenced by certain things and polls reflect those influences. FXAll is an RFQ platform, period and 95% of their volume is customers rolling their positions. Good volume, sure, but its not what you are trading. Its like comparing apples to bricks.
Regarding Hotspot and Currenex, lets think about this. Has the landscape significantl changed? If Hotspot was doing so well, why did it sell for only 77.5m to Knight? Why did they fire their CEO? Why did they fire their CTO and several other key staff?
The poll was upside down from the start and the margin is significantly wider, but that is here nor there. Bottom line, trade where you are comfortable and where you like the technology and I wish you the best of success.
And if you don't get your numbers from a poll, where do you get them from ?!
What makes your numbers more reliable ?
Late_apex seeing in his logs that 90 % of trades are with banks and you claiming that 80 % of volume is customer to customer ?!
Doesn't sound right
What makes your numbers more reliable ?
Late_apex seeing in his logs that 90 % of trades are with banks and you claiming that 80 % of volume is customer to customer ?!
Doesn't sound right
Nick, you are a Staffordshire 
The Ever Running Away From Staffordshires VIPER
The Ever Running Away From Staffordshires VIPER