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Pyton, IRAN. Trading volume, the second filter for prospective companies, implies a client base sufficiently large to reach the necessary volumes. Generally speaking, we're talking about volumes of billions of dollars a month. Let's take a look at a model of prime brokerage illustration 1 : Alpari reaches an agreement with a bank and opens a prime brokerage account. One of the stipulations is that the balance of the account can't go below 10 million dollars.
The bank in turn gives Alpari access to pretty much any major bank, i. We tell our prime brokerage bank that we want to trade with two banks: we'll call them Bank 1 and Bank 2. Alpari then gets either access to the trading terminal if trading manually or to an API application program interface for automated trading.
How is a trade made? If Alpari sees a favorable price at Bank 2, it sends a request to buy. Bank 2 executes the request and sends the confirmation back to Alpari. Alpari then sends its PB a record of the transaction date filled, volume, etc. Bank 2 also sends a record to the PB.
The PB, having received a record of the transaction from both parties can then compare. If everything matches up, the transaction is considered to have gone through. At this point, Alpari sees this transaction on its account at PB. A certain percentage of the funds on Alpari's account serve as margin for leveraged trades.
Let's then assume we are ready to close the position and we see that Bank 1 is displaying a more favorable price. Alpari can close the trade with Bank 1, but as before, the trade is "given-up" to the PB and will show up on Alpari's ledger at the PB. What actually happened is that Alpari made the purchase from its PB who simultaneously bought from Bank 2 and sold to Alpari.
So what's in it for the participants of such a system? First and foremost, the PB makes a commission from the transaction the size of the commission depends on a number of factors including the trading volume of the company. The PB also can put the funds on Alpari's account to productive use in the same way that any other bank uses a customer's balance. Alpari, for its part, gains access to more banks — meaning a more liquid market — and can open and close positions in different banks without having to move money around among different accounts.
Furthermore, Alpari can make trades with the PB without paying extra commission. Bank 1 and 2 get trading volume from the PB without having to incur the risk associated with the trades the PB is on the hook for positions exposed to market risk.
This arrangement is advantageous for any sufficiently well-established and well-capitalized broker. Currenex Now let's look at how Currenex works. Many people don't know what Currenex is and where their pricing comes from. Actually, Currenex is just a technology provider — they simply provide access to an ECN through their servers and trading platform.
Let's take a step-by-step look at how it works. Let's say Alpari reaches an agreement with Currenex. Alpari then provides Currenex with a list of banks that it works with and these banks are hooked up to the Currenex system. Diagram 2 shows how this works: Banks feed quotes into the system according to the FIX protocol. The quotes are formulated from several different prices, depending on volume.
Because it's harder to move large volumes, however, between 3 and 10 million the buy price may, for example, remain at 1. In other words, unlike in everyday life where higher volumes are sold at a discount, banks will not provide a better price for a higher volume due to the difficulty in processing high volumes. Smaller volumes, on the other hand, are easier for the bank to process internally.
Naturally, higher volumes entail greater risk for the bank, a fact which compels it to distribute large volumes among other banks. This tends to be disadvantageous for the bank because it can move the market price against the bank. This is where there are higher prices for larger volumes.
The model is the same everywhere — for large and small banks alike — with the only difference being the level of risk. It's also the case that most brokers either charge a higher spread or offer less favorable execution for large orders.
It should be mentioned that if a broker doesn't do either of the above, it means client positions are not being hedged — a practice that could lead to client gains not being honored by the broker, or even to the bankruptcy of the broker. As a result, the more banks that are involved, the higher the liquidity in the system, and the better the price for the client.
A broker that uses the method described above pays a commission that actually consists of two separate commissions: the prime broker's commission and Currenex's. This commission is subsequently passed on to clients.
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Get 7-Days full access to Alpari VPS for $! Low Latency Trading, 24/7 Technical Support, Equinix Data Center. 24/7 Technical Support, Equinix Data Center. Get your own FXVM . Your clients will love trading with Alpari. Introduce them to a broker with 20+ years’ experience and some of the tightest spreads in the industry. Strategy Providers and Forex experts! Join Missing: server. 12 rows · MetaTrader Server Name. Address. 0– – – – – Alpari Limited, Suite , Griffith Corporate Centre, .