Well I disagree. Swiss accounts are as well regarded as Japanese accounts, as HK or Singapore accounts, as UK accounts. I have never heard of someone with a swiss account to have his funding with a broker held up for weeks because it is a Swiss account. Again it comes down to personal and corporate integrity. If you can provide the requested documentation then opening an account takes a maximum of a few days. Funding after the account is fully opened should be a matter of hours not days/weeks. If you follow the wiring instructions it should never take that long. Incoming or Outgoing wires with Interactive Brokers, for example, is a matter of minutes or hours for me (I had outgoing wires arrive at my HSBC account within 30 minutes after my request at times). Balance transfers with LMAX take me one business day.
LMAX inside spread liquidity
- Thread starter FutureScalper
- Start date
Its fairly obvious why a regulated broker will not be able to accept customer funds from a numbered account.
http://en.wikipedia.org/wiki/Numbered_bank_account
http://en.wikipedia.org/wiki/Numbered_bank_account
Of course it is. If I have missed that OP attempted to send funds from a numbered account then my apologies, but it would be naive on OP's part to assume it works. The whole point of "know your customer" is to obtain proof of identity something the Numbered Account obviously does not provide. My whole claim that something must be odd was with the caveat that wiring instructions are followed. Every wiring instruction by any broker I have ever come across includes the clear instruction that the source of funds have to be identified and in most all cases have to match the name/identity of the brokerage account holder.
Again, either OP has trouble following simple instructions or there is something fishy about the source of his funds/originating bank account. Sometimes life really is THAT easy and instructions THAT SIMPLE. "Keep it simple, stupid" is a mantra that applies here I would claim.
P.S.: 8 pages have been "wasted" on some funding bullshit and while I am not upset I reserve the right to voice my bewilderment with OP's issues AFTER I have spent the time to dig out details on how to setup a proper API architecture to cancel/modify limit orders. I even asked my account coverage at LMAX. Positing all those DEMO ACCOUNT stats is useless and a waste of everyone's time.
Again, either OP has trouble following simple instructions or there is something fishy about the source of his funds/originating bank account. Sometimes life really is THAT easy and instructions THAT SIMPLE. "Keep it simple, stupid" is a mantra that applies here I would claim.
P.S.: 8 pages have been "wasted" on some funding bullshit and while I am not upset I reserve the right to voice my bewilderment with OP's issues AFTER I have spent the time to dig out details on how to setup a proper API architecture to cancel/modify limit orders. I even asked my account coverage at LMAX. Positing all those DEMO ACCOUNT stats is useless and a waste of everyone's time.
I appreciate your comments and patience / impatience. As requested, we provided a copy of the Stratos numbered account statement, showing the transfer and company name, but apparently they did not accept that as "proof of transfer". My partner will be addressing this "number" issue, and probably arrange in future with a different bank. As for the hostility I'm getting from some of you, I'm as frustrated as anyone, and I've gone to a lot of trouble getting ready for this testing. I've experienced similar issues funding U.S. accounts in the past, and a simple "John Smith" versus "John Q. Smith" is enough to get the funding rejected due to AML considerations. The U.S. government and Euro regulators, have everyone "on the run" scared to death to make a regulatory mis-step. In summary, I guarantee to post the liquidity results as soon as they are available. HyperScalper.
there is no hostility, I just question your ability/willingness to learn from "mistakes". You said you experienced that funding requests can be easily rejected when the name between the broker account and account the funds are sourced from does not match. So, your partner/or you then turn around and attempt to fund LMAX via a Numbered Account? I just do not see the logic or common sense here...
OK, we're finally Live funded at LMAX with 4,984.47 Euro. Over the next few days I'll be posting
preliminary liquidity results, as I get them in the "measurement" thread as follows:
http://www.elitetrader.com/et/index.php?threads/lmax-price-advantage-measurement.287749
Apologies for the delays, and I'll try to expedite the verification process for the software platform
as executions have been only on Demo up until this point, and we're only in an "alpha" minimal
stability level to do the liquidity testing, but plenty good enough to evaluate.
Hopefully no more posts to this current thread.
HyperScalper
preliminary liquidity results, as I get them in the "measurement" thread as follows:
http://www.elitetrader.com/et/index.php?threads/lmax-price-advantage-measurement.287749
Apologies for the delays, and I'll try to expedite the verification process for the software platform
as executions have been only on Demo up until this point, and we're only in an "alpha" minimal
stability level to do the liquidity testing, but plenty good enough to evaluate.
Hopefully no more posts to this current thread.
HyperScalper
congratulations, now you can trade 500,000 dollar notional positions (100:1, and if you like to blow up in a day or two) or significantly smaller positions. With such trades you won't see a thing, how the matching engine behaves, how deep liquidity is, how spreads widen, your slippage....because you will most likely never get to the second level in the book with such small size. Anyway, hope all works out for you, I was hoping for more meaningful analysis on larger size to compare with the numbers I have. Good luck.
Looks like there's just no pleasing you... I'd rather "bury the hatchet" from this point onwards and be all friendly and helpful again. It ain't my fault this process takes a while, have you ever coded / developed a multi-order interactive trading application? If so, then you'll understand how much time it takes. As our trading becomes more aggressive, we may start hitting multiple levels on the book but, you're right, our "incremental trading" approach utilizes smaller lot sizes and will therefore produce liquidity estimates for smaller fill size granularities. The bottom line for any trading methodology is: "Does it make enough money consistently?" And we'll see about that over time... Will you publish/explain the numbers you have? I'd be interested. HyperScalper.
Yes, I have coded a framework that can handle multiple broker connections concurrently (for broker arb in OTC space) and I do understand that the process is lengthy.
Regarding my own metrics, I prefer not to share them in a one-sided fashion. I think I was very honest and forthright about this when I mentioned that I am interested in sharing and exchanging data. At that time you gave the impression away that you will be funding your accounts with a significant enough amount to actually test market/book impact and so I hoped we could exchange data regarding TCA. You still talk and sound like as if you have some sort of organization or serious partnership behind you which directly is contradicted by the abysmal funding amount you mentioned. Sorry that I replied once again after saying farewell but I did not want to come across as someone making promises I dont keep. I expected sharing of data on an equal footing which does not seem to come forth. Hope this makes it clearer. Its about being pleased or not its about me having had wrong expectations and for that I apologize. Hope things work out for your venture.
Regarding my own metrics, I prefer not to share them in a one-sided fashion. I think I was very honest and forthright about this when I mentioned that I am interested in sharing and exchanging data. At that time you gave the impression away that you will be funding your accounts with a significant enough amount to actually test market/book impact and so I hoped we could exchange data regarding TCA. You still talk and sound like as if you have some sort of organization or serious partnership behind you which directly is contradicted by the abysmal funding amount you mentioned. Sorry that I replied once again after saying farewell but I did not want to come across as someone making promises I dont keep. I expected sharing of data on an equal footing which does not seem to come forth. Hope this makes it clearer. Its about being pleased or not its about me having had wrong expectations and for that I apologize. Hope things work out for your venture.
Thanks for the clarification, so now we can close this thread. It may be that my results will be like an Apples to Grapes comparison, and therefore, sadly, probably not applicable to your trading results. (I would be the "cluster of Grapes" in this simile
). Clearly if you operate in the Arbitrage space, your lot sizes would need to be significant, on a one shot basis, from my understanding. My trading style is not an "all in" style, but an "incremental position scalping" approach. I'll be posting my clusters of Grapes style liquidity results, with the hope that it's interesting at least to someone. Our trading operation is likely to put quite a bit of equity into LMAX if these preliminary test results are favorable. HyperScalper