Trading

ICE FX provides customers with liquidity, aggregated from several counterparties. This gives a number of advantages: customers always receive the best prices, they are protected against low-quality order execution by a counterparty, and are completely anonymous to him.

Client 1 Client 2 Client 3 Client 4 ... Client n
Counterparty 1 Counterparty 2 ... Counterparty n

Advantages of Liquidity Aggregation

Single counterparty
Pool of counterparties
(liquidity aggregation)
Can select a counterparty for hedging
No
Counterparty's price

There is no opportunity to choose the best price. There is need to execute an order at the price of a single counterparty.

No protection against non-market quotes

If a counterparty offers an off-market price (pin), the stop order will be activated by this quote and the client will incur additional losses.

No protection against low-quality execution

There is high probability that an order will be executed with large slippage, delay and other low-quality execution attributes.

No protection against force majeure

There is no way to avoid force majeure events: loss in communication with the counterparty, no flow of quotes, etc.

Yes
Best prices

Counterparties offer different prices. The aggregator allows you to choose the best of the proposed prices.

Protection against non-market quotes

If the counterparty offers a non-market quote (pin), the stop order will not be activated by this quote.

Protection against low-quality execution

The likelihood of execution with large slippage, delay and other low-quality execution attributes is minimized.

Protection against force majeure

In the event of any force majeure (loss in communication with the counterparty, no flow of quotes, etc.), the order in question will be executed by another counterparty.

The customer is anonymous to the final counterparty
No
Possible deterioration in trading conditions

The counterparty receives the orders of each client in a personalized manner, and can worsen execution individually for individual clients trading profitably.

Yes
Trading conditions cannot get worse

The counterparty receives client orders anonymously, and cannot determine which of the clients is trading profitably or unprofitably, and so cannot worsen execution on an individual basis.

Note!
  • During bank rollover – from 23:50 to 00:05 (EET time) – liquidity reduces, and the spread and processing time of client orders may increase.
  • When transferring orders across all groups of instruments from Wednesday to Thursday, swap is charged at a triple rate.