Mon, 24/10/2005 - 07:17
EFX Group Williamsburg, an introducing broker for MBTT, has announced a new forex trading platform for hedge funds and institutions.
Unlike most forex trading firms, MBTT does not have a deal desk between clients and their orders, utilising instead Straight Through Processing (STP). Orders are sent directly to various banks, eliminating the potential for mark-up or spread manipulation.
STP also prevents instances where clients may be re-quoted, which generally occur when it is in the deal desk's best interest to delay the execution of an order, acting against the client's best interests.
"There are a lot of myths about the forex market that we are shattering" says EFX Williamsburg Branch Manager Lee Young, who points out that FCMs who claim they charge no commission tend to hide their fee in the price of the currency pair rather than displaying their best quote.
"Some FCMs make money with the built-in markup/markdown in the spread," says Young. "Our FCM, MBT Technologies, has nothing to hide. They offer tighter spreads with no markups/markdowns and openly display a low commission rate. We want customers to know the truth."
EFX Williamsburg/MBT Technologies commissions are based on total dollar amount traded monthly. All retail accounts are initially charged USD 7 per USD 100,000 traded, but at the end of each month, the total dollar amount traded is calculated and the relevant rebate issued based on the following commission plan:
Tier 1: up to USD 35 million = USD 7 per USD 100,000 traded
Tier 2: from USD 35 to USD 70 million = USD 6 per USD 100,000 traded
Tier 3: over USD 71 million = USD 5 per USD 100,000 traded
Hedge funds and institutions though, automatically receive Tier 3 commissions at - USD 5 per USD 100,000 traded.
For more information on trading and execution please click here
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