Is it possible to have a different data feed provider from a ECN broker I trade forex

[KILI01]

Hi, I am a newbie here. I haven't had any experience with forex trading. I specialise on futures trading and trade on spreadbetting platforms like worldSpreads. I have a funtamental question about forex trading and I haven't found a clear explanation how it works. The brokers, ECN brokers, send my orders to the exchange (or interbank exchange). Is there any posibility to find out which market the trades are sent to ? I mean, I would like to get quotes from the exchange (f.e. IDEALPRO) and based upon the received data I would like to do a trade which will be sent to the IDEALPRO exchange via ECN
and the data provider is other than ECN broker ?
Thanks for any answers in advance.

 

[ns1000]

I'm not really clear what your question is. Are you asking whether Worldspreads can route your order to Ideal Pro? The answer to that is no, as Worldspreads are taking the place of the exchange. If you're asking whether you can find out where you're dealing if using an ECN, then yes, this should be made clear in the terms and conditions, under 'Execution Venues', as long as your broker is in the EU.

 

[KILI01]

I'm not really clear what your question is.

Sorry for not being as precise as I should and I will try to explain this once more. Regardless of the brocker I trade with I would like to see a Depth of Market using data provided from the exchange, f.e. IDEALPRO, by IQ-Feed data provider and do a forex trade on any ECN broker. To do this, I have to make sure that the broker send my trades to the same exchange I would receive quotes, so otherwise prices, I would see on the DOM, might not respond to prices quoted by an ECN broker.
I do like that on the future market. I get quotes from IQ-Feed and display them in a graphical form, similarly to the DOM of eSignal and watch the behaviour of the market.
When I see a big jump of the prices, I do a trade on the spreadbetting platform.
Is this kind of trading policy can be applied to the forex market ?

 

[KILI01]

Please give me a piece of advice or a couple of suggestions about the post above.
Any feedback will be much appreciated. Thank you.

 

[GammaJammer]

I think your use of the term 'the exchange' is where you are falling down. There isn't one exchange for FX, and even individual ECNs are merely portals. FX is predominantly OTC, and is driven by a network of largely bilateral credit agreements. That means, in layman's terms, everyone's price, and everyone's depth of book is, to a certain extent, tailored to them. It's actually a fair bit more complicated than that, but thats a good starting point for you to frame your understanding.

Hpe that helps.

GJ

 

[KILI01]

Thank you, Gamma, for your response.

I see now, I cannot apply the policy, I applied to Futures, to the fx market, which is manly OTC.
The only way is to adjust or completely alter that policy to build an ATS system on FX.
I have a couple of ideas how to do this, but it seems not be so easy and would require a lot of tests and experiments.

Another question is now appearing. What are prices' discrepancies between these OTC ?
Is it easy to find any correlations between different fx platforms or maybe fx trading is complete chaos and it's waste of my time to search of any repeatedle accuracy of the fx platform behavior ?