"EBS Prime" Interbank trading

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gggooo

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Hello,

I did'nt found a thread about "EBS"...

Do sombody know more details about the conditions?
EBS Prime customers contract directly with EBS Prime banks to use their credit and trade on the best EBS Spot prices. The commercial arrangement between the EBS Prime customer and the EBS Prime bank is independent of EBS. Customers negotiate and pay a fee to their EBS Prime bank, typically in the form of a spread added to the dealt price on the EBS Prime Customer's deal ticket. They also pay a standard EBS Spot transaction brokerage fee to EBS.
http://www.ebs.com/products/prime.asp?page=3
Click to expand...

What are the conditions of EBS Prime banks?
Is ist right, that a min account $ 1mio. is needed?
"What/how much" are the fee to the EBS Prime bank?
...standard EBS Spot transaction brokerage fee to EBS?

Thank you
 
Gggoooo,

Being primarily inter-bank, I would guess “Prime customers” are non-banks but who trade in large quantities, and possibly regulated, eg brokerages. This is the institutional end of the market.

Again, at a guess the $million account you quote is possibly the minimum trade size. I doubt this service would be available to individuals (unless they had monumental amounts of cash).

You’re English is fine – better than my German.

Grant.
 
EBS is the real interbank market. I pretty sure its not open to retail traders unless you have "hedge fund" sized resources, as Grantx said its institutional wholesale currency exchange.

GammaJammer will know for sure.

If you've got $1m capital, a better option maybe to look into the wholesale currency ECN's such as Currenex, Lava or Hotspot, which I understand operate in a similar commission based transactional model, but are more accessible to larger retail traders
 
Thanks grantx and "Richard James" aka Arbitrageur... ;)

I found something about conditions:

Institutional Accounts
Spreads: Bid/Ask spreads are dependent on market liquidity.
Commissions: Determined by monthly volume transacted.
Lot Size: $100,000 USD Per Currency Lot.
Min Trade Size: $500,000 USD per trade.
Min. Equity: $250,000 USD minimum required to open account.
Margin: 1% - 6% varies according to account balance and strategy.
http://www.vcapfutures.com/forex-trading/forex-spreads.asp
Click to expand...

vcapfutures has EBS. I will ask them if the conditions for "Institutional Accounts" are guilty to all plattforms.
It would be very intersting to know in real practice, what are the differences between real interbank access and the ECN's like Currenex, Lava or Hotspot, etc...
Their must be a difference special for arbitrage, fast order execution etc.

EBS Live a premium product of real-time streaming prices, delivered direct from EBS
to the customerís market data distribution platform. EBS Live delivers 500 millisecond time
slices of best rates actively quoted on EBS Spot, at a consistently average speed of less than
180 milliseconds, thus minimising latency. EBS Live also includes EBS Best Regular to
enhance the dealerís confidence when executing larger orders. EBS Best Regular is the best
bid/offer pre-screened for credit ñ where the EBS defined regular amount for the particular
currency pair may be transacted

Faster time to market
Recognising the need for speed to market, EBS has introduced a range of value-added support
services for customers implementing API trading:
Click to expand...
 
Gggooo,

This is my interpretation of Vcap's Professional accounts.

Min lot size: $100,000

Min trade size: $500,000

Commission: $15-$35. Note: is per lot? Is this round-trip or per side?

If per lot, comm: 500,000/100,000 = 5 x $15 = $75 (or 10 x $15 = $150 if per side). Substitute $35 for $15 for the highest comm's.

These don't seem particularly competitive rates. Moreover, if they go down, being outside the US means you have minimal - if any - protection.

I'm sure you could find better in Germany/Europe (with the protection).

Grant.
 
grantx,

I am not good in this things with pips and so on...

But I understand it like this:
Commission = $15-35/(per) Million
So depends on your deal with vcapfutures, you pay $15 unless $35 for every million and trade, should be roundturn.

Is this commission ok? What do I pay e.g. with oanda per mio, on e.g. EUR/USD, if the spread is 0.9-2 pips?
HT =?
RT =?

If I use the oanda calculator
http://www.oanda.com/products/fxmath/profit.shtml

Number Of Units = 1,000,000
Currency Pair = EUR/USD
pip = 99.99 USD (= half turn)

vcapfutures with only $15-35 looks very cheap! :cheesy: If I am right!
 
Last edited:
Gg,

It would appear the commission is $30-$35 per million plus the spread (pips). But if Lot Size is $100,000, does this mean there are 10 lots per million, thus 10 x spread?

Note spreads “depend on market liquidity”. Do spreads expand/contract as a matter of course in the largest market in the world?

Grant.
 
:idea: Yes, I forgott the spread with EBS!
I dont know how the spreads are in the pairs - I am snoopy to see this live! - at EBS interbank...
Maybe we take 0.5 pips for EUR/USD trade 500.000 (Min Trade Size), is 25$ spread and pay perhaps 15$ (30$ per mio), so we pay:
25$ spread
+
15$ commission
=
40$, per trade 500.000 (Min Trade Size) and half turn? Quite possibly, or not really?
oanda would be 50$ per trade 500.000 HT per pip, in EUR/USD...
 
GammaJammer,

I dont know this, but feels for me like it is so.
I tried the oanda API and wonder about it, oanda sad:
On both FXGui and API are using the same interval to sync with server rates. Both of them try to get new rates between 2-3 seconds. The real speed depends on the network and server side.

There are two ways to get rates. One is using the RateEvent class, it will notice you when new rates come in. Another way is you request by yourself, if you turn off the ratesThread and send request by yourself. You can get the rates around 1-2 seconds, depending on network speed. You may based on the timestamp to see if the rate is new.

Kind Regards,
OANDA Technique Support.
Click to expand...
It is not really satisfying. Could you give me a hint what/which plattform/ECN, FCM, has an API... with usable speed and bid-ask spread, in your opinion?
Thanks.
 
What I wanted to ask/say in my last post is, that my experience e.g. with oanda, that they retarding their API advisedly, so that the API is slower than the oanda jAVA tradingplattform...
Out of it follows the question for me:
How about the ECNs,... Currenex, HotspotFX, FXall, BAXTER FX, Lava FX, Dukascopy etc. and the API's there? How the "games" work with this FCM's?
Is there a bid-ask spread "breathing", how about the speed of the Api's,...

Thanks
 
Oanda isn't an ECN,... Yes.

How is the handling with the interest (rollover) at the ECN's? Do you have to do it by yourself at (Currenex, HotspotFX, FXall, BAXTER FX, Lava FX, Dukascopy etc.)? How are the rates?
 
If you are trading on EBS with a bank guarantee this is where the high minimus come in.

If you are not trading on a bank guarantee credit line the minimum are much lower.

But if you are setup with a broker that supports multi platform access (Enter a position on EBS and exit a postion on Hotspot Institutional or Currenex etc.) then the minimus go up. But not dramatically.

Arbitrageur said above:
"If you've got $1m capital, a better option maybe to look into the wholesale currency ECN's such as Currenex, Lava or Hotspot, which I understand operate in a similar commission based transactional model, but are more accessible to larger retail traders"

If you are going to plop down this kind of capital I would say use them all. If you have the option to enter a trade on Currenex, Lava, or Hotspot and exit the same trade on EBS or

Enter a trade on EBS and exit on Currenex, Lava or Hotspot why not use this tool - you are putting up the same amount of money.
 
Much to my displeasure, I haven't quite got the capital base to set up a multi platform system with more liquidity pools that I've had hot dinners.... yet.

I concur w/ GJ's comments above. Hotspot is fine for retail - if you are c0cking around doing triangular arb or whatever that means you need liquidity and execution faster than this Bolt fellow, EBS vs. Currenex is the last of your problems. Hotspot + discretion should cover all your bases.
 
As for the oddities and GUI I'll leave that one go.

Some Currenex providers have decimal pricing. Also The average I have seen for Hotspot I is 500k deal size with Currenex being in the range of 100K to - 1 million minimum deal sizes.

Although the ITCH protocol for Hotspot is nice. I bellieve the Currenex API is Java. Both naturally have FIX connections.
 
Hi guys

What are the minimum trading sizes for hotspot and minimum account sizes for trading firms?

O D T
 
dunno about the latter, but in terms of actual trade size on hotspot, I think it's pretty tiny. Not prohibitively large at all.
 
EBS is more often not over the top for "speculators", better for institutions.
You got a min tradesize of 1M on EBS, regardless who you get it from, and a 1K USD monthly cost to have it. Although EBS might be "better" for you if you're doing clipsizes above 10M I believe the best you can get away with is a good currenex provider. Some of the best price providers on currenex are jpmorgan, marex financial and nordmarkets. You got best hubs available and no issue trading big clips and min tradesize on 20k (compared to 1m on ebs).
 
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