I got this from FXCM today. Looks promising
Dear Client,
Effective March 11th, 2007, your FXCM Trading Account will be upgraded
to our new No Dealing Desk clearing service.
The No Dealing Desk service allows FXCM clients to trade using rates
provided by top-tier banks through the convenience of your existing FX
Trading Station. Benefits include:
· Spreads as low as 2 pips
· Earn interest on all margin levels
· Hedging capabilities
· Rapid execution, even during news announcements
· Ability to place orders inside the spread
· Competing rates from multiple banks
· No price re-quotes
· No dealer confirmation
Execution Changes
Under the No Dealing Desk system, bid/ask spreads may fluctuate,
depending upon prices provided by individual banks. Spreads may be as low as
2 pips for certain currency pairs during active market hours when there
is greater liquidity in the market, and sometimes wider, such as during
the late US afternoon session when there may be less market
participants and therefore less liquidity.
Since your trade execution is dependent on execution offered through
the banks, FXCM cannot provide a no-slippage guarantee. (No-slippage is
provided with our fixed-spread option under normal conditions.) After a
stop-loss or stop entry order is triggered, the order will be executed
at the next best available market price provided by the banks; this may
involve slippage.
This upgrade has been made available to you because of the advantages
described above. For more information about FXCM's No Dealing Desk
option, please visit:
www.fxcm.com/dealing-options.jsp.
Please contact us if you have any questions about this new service, and
a specialist will be more than happy to help you. You can reach us via
e-mail at
sales@fxcm.com, via live chat from our website, or via phone
at (212) 897-7660. You may also access our international toll-free
numbers from this link:
www.fxcm.com/contact-fxcm.jsp.
Best regards,
