My limit orders placed in Interbank market

[Nonameo]

Hi Guys

Is it at all possible to get a Forex broker who can place your limit orders in the interbank market?

Currently with my ECN I notice that my Limit orders can only be directly hit by other users of the same ECN or when my limit order becomes marketable by the liquidity providers.

Example:
EUR/CAD rate is 1.38050 - 1.38650
I place a Bid limit order on EUR/CAD at 1.38100
This should now be the next Bid to get hit because it is the current best Bid price
5 minutes later still has not been hit. This is because no-one on my ECN wants to place a Market order to sell EUR/CAD.
If the Ask price offered by my ECN's liquidity provider came down to the same price as my Bid, I would get filled.

I know that within that 5 minute period of waiting to be hit, there would've been some Market Sell orders go through the interbank market so i'd really like to be able to place my limit orders in that arena so the banks can hit it.

Is that even possible?

Thanks for any help guys
-Mike-

 

[Rhody Trader]

First of all, are you sure about your EUR/CAD rate? The bid/ask is 60 pips wide.

Second, the answer to your main question is No - unless you deal with a bank, in which case you need to be a pretty big player.

Third, you could go with a market-making broker where you're basically guaranteed a fill if the market rate reaches your limit level - but obviously you can't get inside the bid/ask that way.

 

[Nonameo]

First of all, are you sure about your EUR/CAD rate? The bid/ask is 60 pips wide.

Ah, I wasn't quoting anything, I was just making up easy to use numbers. I tried to add 6 pips onto 1.38000 and obviously failed miserably lol.

Second, the answer to your main question is No - unless you deal with a bank, in which case you need to be a pretty big player.

Ok. That answers my question. Thanks.

Third, you could go with a market-making broker where you're basically guaranteed a fill if the market rate reaches your limit level - but obviously you can't get inside the bid/ask that way.

I've been with market makers before and now much prefer being with an ECN.

Thanks for all your help.