Do all Forex transactions save somewhere *central?

[salamanderforex]

Good Evening All,

I saw a post from @Robert Morse somewhere on this forum where he was able to pull transaction IDs of each transaction of a security sold or bought. This was when someone was claiming their order should have executed but it had not and Robert helped pull the whole tape.

This is possible because all exchanges record these transaction but is same possible with Forex? Is there a universal way or central location where all the Forex transactions get saved? I know each broker can be their own exchange for Forex and allow their users to inter-trade Forex but in order to get this data one has to go to each and every broker which is not easy. So, I am wondering if all Forex data for example have to get archived with a government organization or somewhere where it is easy to access it?

Thanks,

 

[Robert Morse]

salamanderforex-I'm not an expert on FOREX. It is my understanding that this trades on separate networked platforms. Banks make two-sided markets but there is no price protection from platform to platform. There is no consolidated tape like listed stocks. In fact, the banks have a vested interest in there being a fragmented market as that is part of how they make money.

 

[Saltynuts]

Very interesting thread. So I'm curious - how does one actually check to see if your bank/broker is giving you a fair price on a forex trade?

 

[traider]

Very interesting thread. So I'm curious - how does one actually check to see if your bank/broker is giving you a fair price on a forex trade?

If there is a futures equivalent, just check that the price doesn't deviate much from the futures

 

[salamanderforex]

Very interesting thread. So I'm curious - how does one actually check to see if your bank/broker is giving you a fair price on a forex trade?

This is a very good question and part of the same cycle. I think one would not know specially if there is no oversight at all. Libor scandal is the other side of the equation example. The big spreads you see is I think exactly the monkey business that brokers run. It's a known fact with those who charge commissions and probably hidden fact with those who just charge set fees.

 

[2rosy]

Very interesting thread. So I'm curious - how does one actually check to see if your bank/broker is giving you a fair price on a forex trade?

you get quotes from multiple banks. there are also free fx feeds. When you hire a plumber or electrician do you accept the first one's quote?

 

[salamanderforex]

you get quotes from multiple banks. there are also free fx feeds. When you hire a plumber or electrician do you accept the first one's quote?

This is not a good example because there are no brokers for plumbers to put a margin on top of what plumber quotes. You can't go direct to bank and get spot rates. Brokers set the spread and that can be over what banks are willing to sell or buy.

 

[2rosy]

This is not a good example because there are no brokers for plumbers to put a margin on top of what plumber quotes. You can't go direct to bank and get spot rates. Brokers set the spread and that can be over what banks are willing to sell or buy.

why can't you go to a bank and get spot rates? banks offer connections for clients and stream quotes.
https://www.barx.com/
bofa
deutch
goldman
jpmorgan
or at least they did 10 years ago

 

[salamanderforex]

why can't you go to a bank and get spot rates? banks offer connections for clients and stream quotes.
https://www.barx.com/
bofa
deutch
goldman
jpmorgan
or at least they did 10 years ago

Barx is a bank? or a broker?
Their promotional video shows GBP/USD with four decimal digits. It's missing a whole 10 pips to begin with?! If yes, then exactly my point and repeating again:

"You can't go direct to bank and get spot rates."

If it's missing 10 pips it's not true spot rate.

 

[2rosy]

barx is barclays. all banks have electronic facilities now and clients get streaming quotes on various products that they can react on. or rfq.