None of them are banks. They are exchanges and brokers who facilitate or pass on liquidity. You need to read the fine print to see whether a trading venue reserves the right of last look. IB does not. Neither do multiple other venues. News trading in my book should not be discouraged. Making markets inside the spread unless you are a market maker should. Choose the broker that suits your approach to trading.
none of them are banks ?
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I am talking about your counter parties, the brokers and exchanges. Banks are liquidity providers and won't ever deal with you unless you are a corporate or wealthy private client. Got it?
Perhaps you can describe what type of strategies you attempt to employ, holding periods, cash or options,... then it gets much easier to talk about the right venues.
ok, you don’t trade with banks directly but in the end the banks on IB fill your order
That ex-broker told me that ALL banks have “ last look “ otherwise they would not want to offer liquidity , could be that IB asks bank to post only liquidity that is executable
Broker Darwinex said that L.P.’s regularly asked the sub-ID (which they normally don’t disclose) of certain trades so they could reject the trades of that trader because they consider it toxic
Darwinex has LMAX , SaxoBank and CFH CLEARING as L.P.’s , if one rejects an order ,it is rerouted to another L.P.
LMAX claims to be an exchange but not so , I found this complaint on the internet.
2 brokers ( 1 of them an ex-broker) using LMAX liquidity ,confirm these order rejections so we are still waiting for a real forex exchange