Coming to market is SPOTEX, a new quote driven US based spot FX ECN. On its launch the ECN is targeting STP brokers which SPOTEX believes they can deliver tight pricing structured for the retail market.
Coming to market is SPOTEX, a new quote driven, US-based spot FX ECN. Earlier this year, Forex Magnates reported that John Cholakis was appointed Head of eFX Sales & Liquidity at the new trading venue. Having spent much of the year on finalizing its offering and technology, SPOTEX launches with liquidity from top bank and non-bank market makers, as well as counting among its initial customers a large number of retail Forex brokers and several institutional buy-side customers.
Learning more about the ECN, Forex Magnates spoke with John Cholakis and Chief Operations Officer, Chris Mitchell from SPOTEX. They explained that first and foremost, they consider themselves a technology company. As such, they view their ECN as a solution to solve the problems experienced by both liquidity takers and providers. For Liquidity Providers, they want to know that traders aren’t abusing their quotes, while the buy-side is interested in high fill ratios and near zero slippage. To provide a solution, recent ECNs, which have been launched over the last two years, have been utilizing what they call separate trading rooms for different types of clients. Based on customer profile and risks associated, liquidity providers price their streams accordingly.
Evolving the trading room model, Cholakis explained that they are differentiating their ECN by providing multiple tiers of profiles, saying, “The trend has been to create trading pools, but those are a bit limiting. We’ve added more granularity to offer multiple layers of retail, institutional etc.” He added that the structure will provide more flexibility for moving between rooms, without getting locked into inferior pricing, with retail customers receiving the best liquidity.
In addition to the liquidity pools, which provide clarity to liquidity providers regarding which types of clients they are disseminating pricing to, SPOTEX incorporates algorithms to monitor fill ratios and execution speeds, among other attributes. Cholakis explained that the algorithms are designed to reward liquidity providers with the best acceptance rates, sending them more order flow. Overall, the process is expected to benefit the buy-side as their trades are sent to the destination providing the highest execution quality.
Accessing the ECN is based on using prime broker relationships. The process is similar to that of other ECNs, where there is no central counterparty, with clearing provided by prime brokers. Compared to other ECNs using a trading room structure, SPOTEX differs from that of CitiFX’s TradeStream where customers deposit funds directly with Citi, but is similar to that of FastMatch, which relies on prime broker relationships.
Back Office
Along with their ECN, SPOTEX is also coming to market with what they believe is a sophisticated back office solution for retail brokers. Mitchell explained that the back office product was created in conjunction with a retail broker. He added that overall, SPOTEX believes that the product differentiates their offering, as it provides an end-to-end solution of sourcing liquidity, customizing it and monitoring risk, along with a client portal section.
As a result of the solution, Mitchell expressed that on their launch they are targeting STP brokers which SPOTEX believes can deliver a solution that will provide tight pricing structured for the retail market, along with the back-end software to support customers. For brokers electing to use the end-to end solution, the product integrates with front-end retail platforms like MetaTrader, but is controlled with SPOTEX’s back office software. While SPOTEX only offers spot FX, Mitchell added that they are currently working on a solution for brokers to enable them to also handle CFDs.
Coming to market is SPOTEX, a new quote driven, US-based spot FX ECN. Earlier this year, Forex Magnates reported that John Cholakis was appointed Head of eFX Sales & Liquidity at the new trading venue. Having spent much of the year on finalizing its offering and technology, SPOTEX launches with liquidity from top bank and non-bank market makers, as well as counting among its initial customers a large number of retail Forex brokers and several institutional buy-side customers.
Learning more about the ECN, Forex Magnates spoke with John Cholakis and Chief Operations Officer, Chris Mitchell from SPOTEX. They explained that first and foremost, they consider themselves a technology company. As such, they view their ECN as a solution to solve the problems experienced by both liquidity takers and providers. For Liquidity Providers, they want to know that traders aren’t abusing their quotes, while the buy-side is interested in high fill ratios and near zero slippage. To provide a solution, recent ECNs, which have been launched over the last two years, have been utilizing what they call separate trading rooms for different types of clients. Based on customer profile and risks associated, liquidity providers price their streams accordingly.
Evolving the trading room model, Cholakis explained that they are differentiating their ECN by providing multiple tiers of profiles, saying, “The trend has been to create trading pools, but those are a bit limiting. We’ve added more granularity to offer multiple layers of retail, institutional etc.” He added that the structure will provide more flexibility for moving between rooms, without getting locked into inferior pricing, with retail customers receiving the best liquidity.
In addition to the liquidity pools, which provide clarity to liquidity providers regarding which types of clients they are disseminating pricing to, SPOTEX incorporates algorithms to monitor fill ratios and execution speeds, among other attributes. Cholakis explained that the algorithms are designed to reward liquidity providers with the best acceptance rates, sending them more order flow. Overall, the process is expected to benefit the buy-side as their trades are sent to the destination providing the highest execution quality.
Accessing the ECN is based on using prime broker relationships. The process is similar to that of other ECNs, where there is no central counterparty, with clearing provided by prime brokers. Compared to other ECNs using a trading room structure, SPOTEX differs from that of CitiFX’s TradeStream where customers deposit funds directly with Citi, but is similar to that of FastMatch, which relies on prime broker relationships.
Back Office
Along with their ECN, SPOTEX is also coming to market with what they believe is a sophisticated back office solution for retail brokers. Mitchell explained that the back office product was created in conjunction with a retail broker. He added that overall, SPOTEX believes that the product differentiates their offering, as it provides an end-to-end solution of sourcing liquidity, customizing it and monitoring risk, along with a client portal section.
As a result of the solution, Mitchell expressed that on their launch they are targeting STP brokers which SPOTEX believes can deliver a solution that will provide tight pricing structured for the retail market, along with the back-end software to support customers. For brokers electing to use the end-to end solution, the product integrates with front-end retail platforms like MetaTrader, but is controlled with SPOTEX’s back office software. While SPOTEX only offers spot FX, Mitchell added that they are currently working on a solution for brokers to enable them to also handle CFDs.
Institutional FX Demand Continues to Climb in April
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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