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Author Topic: LMAX  (Read 79516 times)

Online Anchorpoint

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Re: LMAX
« Reply #15 on: May 28, 2012, 12:14:39 PM »

The majority of LMAX's LPs feeding into their platform are banks. 'False Ticks' are common place at several large banks. In the past on our DMA feed we say this type of pricing from Barlcays, Goldman Sachs, etc.

LMAX's FIX is evolving so they must not yet have a filter that can better detect these type of errors. No filter is perfect and this can happen and will happen at any broker, but the more LPs you have and the better your API is will lessen the probability of seeing these errors on a frequent basis.

That being said I have NO doubt that they will reset all accounts that were effected by this issue.

Cheers,

Ok so I have now received message from LMAX that they will NOT reset my bad trades. Why? Because the spike happened at 1610 and my trades started at 1615 (because EA Topbot trades on open of 15 min candles). This resulted in the bot going crazy and buying/selling 200 trades in a matter of minutes (see pics in posts above). Result is the EA traded over 100 lots consuming over 570 EUR in commissions + the lost spread of around 400 EUR total losses 980 EUR on a 10k account.  10% down because of this.
They didn't even offer to pay back the commission of these trades!  I am very disappointed of the LMAX response in handling this.  >:(     I think the clients of Armada Markets (Lmax partner) got a much better treatment. Is this to be considered normal response from a supposedly good broker or should we expect otherwise?

Below is the response from LMax:

" Thank you for your email and your call to the Helpdesk today.
I am writing to confirm that all bad trades on Friday evening were cancelled (those buying above the market during the' off-market' period), and all trades that were selling at a higher price during the 'off-market' period were allowed to remain (as a gesture of good will).

Any trades placed after the 'off-market' period will not be cancelled, as these are not bad trades and were filled at the correct market price at the time.

All trades on your account were filled at the correct market price.

If you have any further questions, please do not hesitate to email us back or call us on 0333 700 1000 (+44 203 192 2555). Our Helpdesk team are available for 24-hour support, from Sunday evening at 22.00 through to Friday evening at 22.00.
Kind regards,
Jenna
The LMAX team "


 
Anything can happen - every moment in the market is unique

Offline Zuttasoxx

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Re: LMAX
« Reply #16 on: May 28, 2012, 01:50:39 PM »
I can understand both parties. But I think there is a limit towards how much lmax can do.. They are not market makers so the commission is payed to LP and they sure made some profit but how can you rewind something that already has happened.. Specially if you have no control over the market. Market Makers do have control over it.

Else I see millions of people claiming their losing trades after the spike was because of the spike.. There is just a limit to what they can do..

Sorry for your loss though. Bad luck I guess. If anything it's the EA's fault to not have a protective measure for this. Imo you should complain with morpheus. And say they should filter not realistic pip spikes

Offline robl45

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Re: LMAX
« Reply #17 on: May 28, 2012, 03:41:27 PM »

no this is just wrong.  think about it, depending on where the spike was, any ea could get caught on this as all the charts would be way out.  It is lmax fault they don't have a better system in place to fix the spikes, they are supposed to be a regulated exchange.


I can understand both parties. But I think there is a limit towards how much lmax can do.. They are not market makers so the commission is payed to LP and they sure made some profit but how can you rewind something that already has happened.. Specially if you have no control over the market. Market Makers do have control over it.

Else I see millions of people claiming their losing trades after the spike was because of the spike.. There is just a limit to what they can do..

Sorry for your loss though. Bad luck I guess. If anything it's the EA's fault to not have a protective measure for this. Imo you should complain with morpheus. And say they should filter not realistic pip spikes

Offline Far East Man

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Re: LMAX
« Reply #18 on: May 28, 2012, 10:37:47 PM »
Any trades placed after the 'off-market' period will not be cancelled, as these are not bad trades and were filled at the correct market price at the time.

All trades on your account were filled at the correct market price.

I got the same response from Armada Markets, a partner of LMAX. I'm using Wallstreet Forex Robot and got 5 consecutive weird trades.

I think both LMAX and Armada Markets are amateur about real trading. They don't know how such bad spike can seriously affect indicator readings and subsequent trades. If the EA is attached on 15M chart, the crazy trades can happen on the next candle, not on the spike itself. And EAs have no way to prevent it.

But it's also true that there may be no way for them to clearly identify which trades are caused by a wrong spike and which are done by manual trades.

I think they're gonna get so many claims in the future, every time they get such erroneous prices, and they will have to learn how to handle them along the way, like other matured brokers did. Until then, only extreme tick scalpers are saved.

Offline robl45

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Re: LMAX
« Reply #19 on: May 28, 2012, 11:01:26 PM »
Any trades placed after the 'off-market' period will not be cancelled, as these are not bad trades and were filled at the correct market price at the time.

All trades on your account were filled at the correct market price.

I got the same response from Armada Markets, a partner of LMAX. I'm using Wallstreet Forex Robot and got 5 consecutive weird trades.

I think both LMAX and Armada Markets are amateur about real trading. They don't know how such bad spike can seriously affect indicator readings and subsequent trades. If the EA is attached on 15M chart, the crazy trades can happen on the next candle, not on the spike itself. And EAs have no way to prevent it.

But it's also true that there may be no way for them to clearly identify which trades are caused by a wrong spike and which are done by manual trades.

I think they're gonna get so many claims in the future, every time they get such erroneous prices, and they will have to learn how to handle them along the way, like other matured brokers did. Until then, only extreme tick scalpers are saved.

well that kills lmax and armada for me at this point.  I mean technically its not their fault, they can't be responsible for trades after the spike, but I sure ain't putting my money there when you know EA's are going to be affected.  Plus there was no excuse for that spike.

Offline lovejoy80

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Re: LMAX
« Reply #20 on: May 29, 2012, 08:08:12 AM »

The majority of LMAX's LPs feeding into their platform are banks. 'False Ticks' are common place at several large banks. In the past on our DMA feed we say this type of pricing from Barlcays, Goldman Sachs, etc.

LMAX's FIX is evolving so they must not yet have a filter that can better detect these type of errors. No filter is perfect and this can happen and will happen at any broker, but the more LPs you have and the better your API is will lessen the probability of seeing these errors on a frequent basis.

That being said I have NO doubt that they will reset all accounts that were effected by this issue.

Cheers,

Ok so I have now received message from LMAX that they will NOT reset my bad trades. Why? Because the spike happened at 1610 and my trades started at 1615 (because EA Topbot trades on open of 15 min candles). This resulted in the bot going crazy and buying/selling 200 trades in a matter of minutes (see pics in posts above). Result is the EA traded over 100 lots consuming over 570 EUR in commissions + the lost spread of around 400 EUR total losses 980 EUR on a 10k account.  10% down because of this.
They didn't even offer to pay back the commission of these trades!  I am very disappointed of the LMAX response in handling this.  >:(     I think the clients of Armada Markets (Lmax partner) got a much better treatment. Is this to be considered normal response from a supposedly good broker or should we expect otherwise?

Below is the response from LMax:

" Thank you for your email and your call to the Helpdesk today.
I am writing to confirm that all bad trades on Friday evening were cancelled (those buying above the market during the' off-market' period), and all trades that were selling at a higher price during the 'off-market' period were allowed to remain (as a gesture of good will).

Any trades placed after the 'off-market' period will not be cancelled, as these are not bad trades and were filled at the correct market price at the time.

All trades on your account were filled at the correct market price.

If you have any further questions, please do not hesitate to email us back or call us on 0333 700 1000 (+44 203 192 2555). Our Helpdesk team are available for 24-hour support, from Sunday evening at 22.00 through to Friday evening at 22.00.
Kind regards,
Jenna
The LMAX team "

Surely the more pertinent point here is the lack of security features within the EA that you are using that caused it to open so many trades....?!

Erroneous spikes will happen with various brokers and I think the LMAX response to this was entirely adequate. Traders cannot expect a broker to refund losses based on trades that were opened after the spike just because an EA took into account the spike in it's internal calculations - how would LMAX ever be able to establish this was the case without investigating every EA that was used to determine whether the spike did cause trades to open etc.

It is an unfortunate event of course but if it was me I'd be urgently looking at why the EA opened so many trades and why there is a lack of security measures in place to prevent what occurred.

Offline LFN

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Re: LMAX
« Reply #21 on: May 29, 2012, 08:18:36 PM »
LMAX/Armada MT4 feed was down for over 30 minutes today!
http://www.forexfactory.com/showthread.php?t=266866&page=64

Offline Kevin @ FXPIG

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Re: LMAX
« Reply #22 on: May 29, 2012, 09:10:29 PM »

LMAX did not go down, the MT bridge Armada uses, which I believe is PrimeXM, went down causing the feed to drop off.

We have been receiving LMAX's feed into our API without issue all day.
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Offline LFN

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Re: LMAX
« Reply #23 on: May 29, 2012, 09:34:58 PM »

LMAX did not go down, the MT bridge Armada uses, which I believe is PrimeXM, went down causing the feed to drop off.

We have been receiving LMAX's feed into our API without issue all day.

LMAX also uses PrimeXM bridge for their MT4.

Offline Kevin @ FXPIG

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Re: LMAX
« Reply #24 on: May 29, 2012, 09:39:25 PM »
Ah ok I was not aware of that. We connect to their liquidity via FIX and pipe it into MT4 via our own API.

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Offline zuk156

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Re: LMAX
« Reply #25 on: May 30, 2012, 11:41:02 AM »
LMAX will soon switch to Gold-i bridge. I do not know about Armada.

Offline crashev

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Re: LMAX
« Reply #26 on: May 30, 2012, 12:21:23 PM »
LMAX will soon switch to Gold-i bridge. I do not know about Armada.

What is Gold-i bridge, could You share more informations and source of this information ?

Offline LFN

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Re: LMAX
« Reply #27 on: May 30, 2012, 07:59:18 PM »
LMAX will soon switch to Gold-i bridge. I do not know about Armada.

This is my response from LMAX support regarding the PrimeXM MT4 bridge:
"PrimeXM is currently hosting our MT4 service and yes we are looking to running our own MT4 server in the near future."

Offline Hyperdimension

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Re: LMAX
« Reply #28 on: June 09, 2012, 09:30:11 AM »
Is order execution really as low as they say?:
http://www.lmax.com/execution-performance

Data as of 1st to 31st May 2012
Average trade execution speed: 3.14 ms
% trades executed in < 7 ms: 98%
% trades executed in < 12 ms: 99%



With other MetaTrader brokers I'm lucky to get 100ms round trip execution time even with network latency at around 1ms. Is it MetaTrader itself (or MetaTrader bridges) that is the bottleneck?

What execution times do you guys at LMAX actually get?

Offline user456

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Re: LMAX
« Reply #29 on: June 09, 2012, 10:29:56 AM »
100ms execution times are really exceellent with MT4 you will not get a lot better than this with any broker using MT4. You won't come close to the values you mention. MT4 and the MT4 bridges slow things down a lot!

 

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