Stop trying to send them bitcoins...
LMAX inside spread liquidity
- Thread starter FutureScalper
- Start date
Stop trying to send them bitcoins...
Ya think ???
Recently I looked into the new IRS regulations which classifyBitCoin not as a currency, but as "property". Thus changes in BitCoin value
against, say, USD, have to be valued as capital gains. For BitCoin users, this
means that "cost basis" must be preserved as the "fair market value" when the
individual BitCoin amount was received, against the fmv when the BitCoin
is subsequently exchanged for something we want to buy,
like a Cup of Coffee. This means that whomever got BitCoin when it was
worth $1 would owe HUGE capital gains tax when it was valued at $1000 or now when it's
in the $300+ range. Just imagine that tax bill...
HyperScalper.
Let me inject some clarity into this data. Here it "appears" that the DEMO
allows me to Buy at the Bid price, and Sell at the Ask/Offer price, but that
is NOT true. Actually the DEMO assigns fills on a "Retail Basis", which means I Buy
the Ask price, and I sell to the Bid price.
Why, then does it "appear" in the data that
I am Selling the Ask price? Because, my Sell Limit Order "freezes" the
Ask price line (since I am "Best Ask/Offer") here, and the LMAX "book",
even in Demo mode, reflects the fact that my Sell Limit order is the
"Best Offer", allowing the spread to diminish to Zero. But only when that
"squeezing" of the spread goes to Zero, or "No Spread", does the Sell
Limit order then execute.
So the Sell Limit order is actually executing by Demo at the Bid price , but since
my Limit Sell order has reduced the Spread to Zero, that is the same price as
the Ask/Offer price. This situation will change with a Live market liquidity, but care
needs to be taken in evaluating what the spread "would have been" had
my Order(s) not been on "the book". Or maybe I can use the "average spread"
as a better indicator of price advantage.
It's nice to see how your own Limit orders affect the market, which is the intention of
the LMAX exchange, but I have to remember that since my orders are affecting the
inside Bid/Ask spread, I need to compensate for that fact, in several possible ways.
I'll think about how to minimize this "measurement error".
HyperScalper
I've started a new thread to post liquidity and price advantage ongoing results:
http://www.elitetrader.com/et/index.php?threads/lmax-price-advantage-measurement.287749
After struggling with funding restrictions at LMAX and with the Banks, mostly on KYC ("know your client") and AML ("anti-money laundering") issues, we've finally achieved Live funding.
HyperScalper
http://www.elitetrader.com/et/index.php?threads/lmax-price-advantage-measurement.287749
After struggling with funding restrictions at LMAX and with the Banks, mostly on KYC ("know your client") and AML ("anti-money laundering") issues, we've finally achieved Live funding.
HyperScalper
Sanitized email from LMAX after my partner's multi-week struggle to get funding...
To quote my partner, dealing with them is "c**p".
To quote my partner, dealing with them is "c**p".
Code:
Dear XXXXXXXXX Limited,
Thank you for sending funds to LMAX.
For security reasons, could you please send us the proof of transfer when you make the payment?
If you have any further questions, please do not hesitate to email or call us on +44 203 192 2555. Our Client Services team
are available for 24-hour support, from Sunday evening at 22.00 through to Friday evening at 22.00 UK time.
Kind regards,
XXXXXXXXX
The LMAX Exchange teamFinally some clarity on LMAX refusal of our deposits. Our bank, Strateo in Switzerland uses numbered accounts, and this is unacceptable to LMAX (FCA over-regulation, you know...) even with image of Bank statement showing the transfer as valid, with company name shown. So if they do not fund the corporate account, we'll execute a private account opening, to get these liquidity tests rolling. HyperScalper
I highly recommend you close this thread because you may otherwise embarrass yourself further. If you cannot even fund a live account with 5k usd equivalent then I do not know what your point of this whole thread is. I have a fully funded LMAX account and it took 1 single wire transfer without any hassle. I have no idea who you are and whether you try to wire funds from Cyprus or wherever but obviously you seem to raise a lot of eyebrows not only here but by LMAX's compliance department as well.
It sounds to me like lmax is applying FATCA or some other PITB regulation mate... No need to get pissed about it.
I am not pissed just be honest in my assessment. Unless you live in Nigeria, Cyprus or couple other "jurisdictions" I have no idea how 5000 usd can be held up for that long. It makes zero sense. You open an account, comply with all the "know your customer" regulations, send in your corporate credentials and a bank statement that the account is in good standing (for retail accounts a copy of passport, proof of address and couple other simple documents), give it few days and your account is open. You then wire your funds from the identical entity to LMAX's account. Sorry but can you provide a single reason why this should be held up?
well... he did mentioned something about the "number" account from a Swiss bank... and I know that Switzerland has had some issues with the whole FATCA rules... so it could be something around that neighborhood...