PRODUCT LAUNCH
MBTFX – offering more direct access to multiple liquidity providers
MB Trading recently launched MBTFX, a proprietary Electronic Xrossing Network (EXN) router. We asked CEO Ross Ditlove to tell us more about this product and the benefits of a more transparent FX pricing environment.
Ross, although EXN is a new term that has recently been introduced by MB Trading FX, the technology behind it has been used by the company for some while. So why did you decide to introduce this name?
We changed the name because the NFA believed it was confusing, as the term is used primarily for Equities trading. Te system is not executing any differently than it did prior to the name change. Tis is a positive for MB Trading FX as we will now have a new opportunity to distinguish ourselves from our global competition. With such a limited choice for traders to find a fully transparent brokerage, we enjoy any opportunity to tell our story.
What is MBTFX and what pricing and best execution benefits does it bring when combined with your EXN?
Te concept behind the technology is very simple. A trader places a limit order. Tat order is held on our internally displayed order book for all traders to see, thus fully transparent. Tat order may cross with another client or be routed out to a bank or liquidity provider. Tat’s it. Fast, efficient, and transparent. Te trading on the system can be achieved via two simple pricing plans—our “all-in” Free EXN plan, with a mark-up in the spread, or our Pay for Limits plan where a rebate is paid to the client who posts their order to the internal book. Both use the
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same technology and both reflect orders directly into the quote for others to see.
What is the “MBTFX Test” and why should traders consider taking it?
Te “MBTFX Test” is also very simple. Pick your trading plan with us. Load an FX pair in your trading software then post a limit order to buy or sell inside of that quote’s spread. As it is with MBTFX, your order should be immediately reflected in the bid or ask for all to see. Other brokers claim to be an ‘ECN’ under the old phrase, but they don’t let your order display to the market and thus, we believe, are taking liberties with how they represent their services. With MB Trading, you post your order, you tighten the spread, and all others on the system can see that order. Again, this is true transparency which equates to a cost savings to the client.
How can MBTFX help lower costs for traders who place Limit orders on your EXN?
We maintain two different pricing plans. On our original Pay For Limits plan, we charge a fee for market executions, but we pay for Limit orders that the client places on the order book. Tis brings trade costs down and in fact pays traders for participating. We are proud to say that we are quickly approaching the $1,000,000 mark in paid rebates to our clients. Tese rebates are paid to the trader at the time
PRODUCT LAUNCH
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