Exness Head of Trading Products Stanislav Bublik Talks Pricing, Stability, and More
by
FM
Finance Magnates spoke with Stanislav Bublik, Head of Trading Products at Exness.
How does Exness ensure proper quality of the trading experience for its traders?
Exness has 6 millions trades executed on average daily and over 350,000 active traders around the world, it is hard to name a silver bullet. We have to address the trading experience aspect holistically.
Firstly, we ensure proper geographical scale and round-the-clock monitoring of our trading infrastructure. Secondly, we provide fair and reliable pricing for every single tick and thirdly, we address common pain-points that traders may face in the trade execution area.
So what does this consistent and reliable service look like in action?
Let's take the common challenges many traders face:
Spread instability is very common over highly volatile periods, for example, high economic news. Naturally, brokers will try to keep your spreads as tight as possible, however that means quotes have to be updated extremely fast, which can cause slowness and freezes across the price distribution chain.
Another common challenge is the execution of stop orders and stop losses. By nature, those orders cause slippages that are painful for clients and may cause dissatisfaction. Brokers should also find ways to minimize slippages when possible.
Additionally, brokers must remember that fair position liquidation is extremely important in case an account faces margin call and consecutive stop out. Often market situations such as spread widening can trigger position liquidation, causing a lot of unease from clients.
So how do you find balance between tightness of spreads and performance?
We have alerts and monitoring at every step of the price-making and execution process in order to make sure that we are always staying informed about what is going on.
The simple omission of certain quotes is actually not a very good option because you would lose some important market data updates or even execute at a price that has never been sent to the client.
We have found a scientific way to keep our spreads tight and stable while still limiting the load.
There are complex calculations that are happening inside our trading engine, mathematically optimizing the feed weβre sending through the data infrastructure, keeping it at maximum efficient capacity while filtering the market noise that does not affect the execution quality.
All this is happening in high-performance trading engines that have the most processing capacity throughout the whole chain across our regions of presence.
The chart below shows our spreads on GBPUSD during non-farm payrolls, compared with some of our top competitors.
This is made possible thanks to the strong collaboration between different teams - support engineers, quantitative researchers, and developers.
In what ways do you ensure transparency and reliability of the trading experience?
As I said earlier, pricing is only one part of the puzzle. We execute on every tick we send to the client, meaning proper price transparency and the ability to reliably backtest your trading strategies.
More than that we aim to provide certain enhancements to the product which are similar to institutional markets, but for our retail clients. When executing stop orders we aim to fill the client at the requested price, despite moderate market gaps.
That means we effectively offset slippage for ~90+% of orders, making execution more predictable and stable.
Of course, there may be some cases of slippage despite this, but for the vast majority of clients we ensure low slippage and no stop-level experience, which is a rare combination.
Another problematic area is position liquidation in case an account faces a stop-out. We benchmark account stop-out thresholds from mid-price, ensuring price volatility protection for clients, except for rare cases of extremely leveraged positions where it is technically impossible.
Price volatility protection is covering individual accounts, delaying stop outs and protecting from liquidation in case of sudden spread widening, for example during rollover period.
To make sure clients see those mechanisms in action, we will soon add detailed information in the Personal Area, to provide even better visualization and transparency.
How does Exness ensure proper quality of the trading experience for its traders?
Exness has 6 millions trades executed on average daily and over 350,000 active traders around the world, it is hard to name a silver bullet. We have to address the trading experience aspect holistically.
Firstly, we ensure proper geographical scale and round-the-clock monitoring of our trading infrastructure. Secondly, we provide fair and reliable pricing for every single tick and thirdly, we address common pain-points that traders may face in the trade execution area.
So what does this consistent and reliable service look like in action?
Let's take the common challenges many traders face:
Spread instability is very common over highly volatile periods, for example, high economic news. Naturally, brokers will try to keep your spreads as tight as possible, however that means quotes have to be updated extremely fast, which can cause slowness and freezes across the price distribution chain.
Another common challenge is the execution of stop orders and stop losses. By nature, those orders cause slippages that are painful for clients and may cause dissatisfaction. Brokers should also find ways to minimize slippages when possible.
Additionally, brokers must remember that fair position liquidation is extremely important in case an account faces margin call and consecutive stop out. Often market situations such as spread widening can trigger position liquidation, causing a lot of unease from clients.
So how do you find balance between tightness of spreads and performance?
We have alerts and monitoring at every step of the price-making and execution process in order to make sure that we are always staying informed about what is going on.
The simple omission of certain quotes is actually not a very good option because you would lose some important market data updates or even execute at a price that has never been sent to the client.
We have found a scientific way to keep our spreads tight and stable while still limiting the load.
There are complex calculations that are happening inside our trading engine, mathematically optimizing the feed weβre sending through the data infrastructure, keeping it at maximum efficient capacity while filtering the market noise that does not affect the execution quality.
All this is happening in high-performance trading engines that have the most processing capacity throughout the whole chain across our regions of presence.
The chart below shows our spreads on GBPUSD during non-farm payrolls, compared with some of our top competitors.
This is made possible thanks to the strong collaboration between different teams - support engineers, quantitative researchers, and developers.
In what ways do you ensure transparency and reliability of the trading experience?
As I said earlier, pricing is only one part of the puzzle. We execute on every tick we send to the client, meaning proper price transparency and the ability to reliably backtest your trading strategies.
More than that we aim to provide certain enhancements to the product which are similar to institutional markets, but for our retail clients. When executing stop orders we aim to fill the client at the requested price, despite moderate market gaps.
That means we effectively offset slippage for ~90+% of orders, making execution more predictable and stable.
Of course, there may be some cases of slippage despite this, but for the vast majority of clients we ensure low slippage and no stop-level experience, which is a rare combination.
Another problematic area is position liquidation in case an account faces a stop-out. We benchmark account stop-out thresholds from mid-price, ensuring price volatility protection for clients, except for rare cases of extremely leveraged positions where it is technically impossible.
Price volatility protection is covering individual accounts, delaying stop outs and protecting from liquidation in case of sudden spread widening, for example during rollover period.
To make sure clients see those mechanisms in action, we will soon add detailed information in the Personal Area, to provide even better visualization and transparency.
FXIFY Celebrates 1 Year Anniversary: Establishing Itself as an Industry Leader
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 π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
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Secure your free ticket now π 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 Africaβs 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 π 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
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20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
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20-22 MAY 2024
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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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