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Ecn Trading TermsBy Expert Author: Ned Shaffer
Hi! Thanks for visiting my blog once again. Today, I’m going to discuss ECN trading terms, especially the “Last Look”. The thing is, the Electronic Communications System is very clear. Terms like “pure interbank access”, “no dealing desk”, and “100% transparency are often used by foreign exchange ECN brokers in order to entice investors to sign up together. If you register with one of them, you may all of a sudden experience asking for requites or having your forex platform frozen. If this occurs for you, it’s possible you’re a victim of “last look”.
What Is ECN?
An Electronic Communications Network serves as a link between forex buyers and sellers. It is actually an investing platform which doesn’t require middlemen. Each trader is able to make Bid and get quotes in real time. Unlike other platforms, ECN encourages total transparency. Forex ECN gamers include not just individual retail traders however banks and financial institutions too.
What Is “Last Look”?
When you choose to enter or even exit the forex position, the ECN agent can view your own offer prior to accepting it. In a standard Electronic Marketing communications Network, the forex broker will have to search the match for the order. First, he will look for a match within his group so that he is able to receive commissions from you and his other customer. If he can’t find a complement, he has to drive your order to other providers who can fulfill your requirements. The other liquidity providers can make a “last look” at your order before deciding to either take or reject it.
Although there are honest ECN brokers that don’t trade with you, the trading platform nevertheless provides for this feature. It is still feasible for other providers to take advantage of you of the gains through slippage. However, let it be clear that does not every slippage is an results of the “last look”.
Why Slippages Occur?
Slippages occur because the electronic communications network functions instantly. Because the marketplace is very unstable, you may find the price of the foreign currency pair to move by even a notch when you place your order. Price actions can be very unstable especially in front of you huge financial announcement. You may suspect that the ECN liquidity provider to make a “last look” work on your purchase so that he is able to protect their interests.
Nevertheless, even if there’s anything such as a “last look”, ECN forex currency trading is still a better alternative when compared to a forex seller. I’ve been taking advantage of UFX Markets ECN forex trading feature since I started purchasing foreign currencies and thus far, this hasn’t provided a serious problem for me personally.
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