Is EFX group the same as MB Trading?
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EFX Group
- Thread starter pairtracker
- Start date
GBPUSD/// Shortly after the open on early Monday Asia market there was a lack of EFX MM participation that flash quoted 1.9150-1.9412 or so several times (offer somewhat in line and no bid). I could not believe what I was seeing but it happened several times. Congrats on the tight markets...
GET YOUR @#$%ING @#%$ TOGETHER EFX/MB TRADING. YOU @#$%ING PUNKS. WHO WANTS TO TRADE $1 USD NOTIONAL WITH YOU WHEN YOU @#$% AROUND LIKE THAT. YOU THINK IT'S A JOKE? @#$% YOU.
GET YOUR @#$%ING @#%$ TOGETHER EFX/MB TRADING. YOU @#$%ING PUNKS. WHO WANTS TO TRADE $1 USD NOTIONAL WITH YOU WHEN YOU @#$% AROUND LIKE THAT. YOU THINK IT'S A JOKE? @#$% YOU.
Miami....
You are referring to the first 20 minutes or so after we started to come online on Sunday. Because we are a 100% direct access firm and as such our quotes are an aggregation of a multitude of banks. That means as they come on line our spreads narrow to 1 pip down to choice. This is a good thing not a bad thing. Had you posted a bid or offer at that time you could have easily narrowed the spread to 1/10 of a pip should you have chosen too.
Since you are watching the quotes then I am sure you are seeing the GBP/USD at 1 pip spreads most of the time during normal traded sessions. During these times I see that all the majors are usually 1 pip or sub pip spreads.
Regards,
Steve
You are referring to the first 20 minutes or so after we started to come online on Sunday. Because we are a 100% direct access firm and as such our quotes are an aggregation of a multitude of banks. That means as they come on line our spreads narrow to 1 pip down to choice. This is a good thing not a bad thing. Had you posted a bid or offer at that time you could have easily narrowed the spread to 1/10 of a pip should you have chosen too.
Since you are watching the quotes then I am sure you are seeing the GBP/USD at 1 pip spreads most of the time during normal traded sessions. During these times I see that all the majors are usually 1 pip or sub pip spreads.
Regards,
Steve
I distinctly recall that these flash quotes occurred after 2030 ET on Sunday, November 27 - and that is specific as I will get. The offer I am referring to was roughly in line with the market so that should narrow it down enough.
Granted quotes for all brokers in GBPUSD that I have access to were on the wider end. I do recall that EFX/MB Trading was not going as nuts as other brokers for most of the time.
HOWEVER, multiple times I did see the "no bid" flash quotes. I am absolutely confident in this as it happened many times. Once, I might not have believed what I was seeing. The spread difference between 1.9150 and 1.9412 odd > 260 pips.
So if one of your clients executes a market order to sell GBPUSD at market and then it flash quotes that "no bid" right then, I can see them on the line with your desk. "Well, you should not have used a market order...." That is exactly what I have been told by other brokers so definitively say that your desk would have busted such trades in that case.
If you track the stats of your markets you should be able to see it plain and clear... Or does your firm do zero tracking of the markets it offers? IT IS ONE OR THE OTHER. YOU EITHER SEE WHAT I AM TALKING ABOUT OR YOUR FIRM DOES NOT AUDIT THE MARKETS IT OFFERS.
BTW, any other clients see what I am talking about? Would like to know, because if not then that tells me a lot about your client base...
Granted quotes for all brokers in GBPUSD that I have access to were on the wider end. I do recall that EFX/MB Trading was not going as nuts as other brokers for most of the time.
HOWEVER, multiple times I did see the "no bid" flash quotes. I am absolutely confident in this as it happened many times. Once, I might not have believed what I was seeing. The spread difference between 1.9150 and 1.9412 odd > 260 pips.
So if one of your clients executes a market order to sell GBPUSD at market and then it flash quotes that "no bid" right then, I can see them on the line with your desk. "Well, you should not have used a market order...." That is exactly what I have been told by other brokers so definitively say that your desk would have busted such trades in that case.
If you track the stats of your markets you should be able to see it plain and clear... Or does your firm do zero tracking of the markets it offers? IT IS ONE OR THE OTHER. YOU EITHER SEE WHAT I AM TALKING ABOUT OR YOUR FIRM DOES NOT AUDIT THE MARKETS IT OFFERS.
BTW, any other clients see what I am talking about? Would like to know, because if not then that tells me a lot about your client base...
BTW II - I use this counterparty as a emergency one. They are so far in the box in my opinion, they have very little chance of ever getting out, ever. So much so that there utility of serving as an emergency counterparty is approaching zero.
I just looked at their demo again, during the U.S. durable goods release. Witnessed higher bids than offers in their books again, on several occassions, just like last time.
I like their plattform, i like their free api, but what good is it if they cant get their act together and have a mess in the books. Commissions and swaps are on the high side too.
I like their plattform, i like their free api, but what good is it if they cant get their act together and have a mess in the books. Commissions and swaps are on the high side too.