ONLINE FX GLOBAL CODE PRO

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Execution (PRO)

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  • 1
    Client: A Market Participant requesting transactions and activity from, or via, other Market Participants that provide market making or other trade execution services in the FX Market. A Market Participant can act as a Client in some instances while making markets in other instances ↩︎
  • 2
    FX E-Trading Platform: Any system that allows Market Participants to execute trades electronically in the FX Market ↩︎
  • 3
    A Market Participant that executes orders on behalf of its Clients pursuant to the Client mandate, and without taking on market risk in connection with the order ↩︎
  • 4
    Interdealer Broker (IDB): A financial intermediary that facilitates transactions between broker-dealers, dealer banks, and other financial institutions rather than private individuals. This includes brokers executing by voice or electronic means, or a hybrid thereof. Brokers with any degree of electronic execution are also a subcategory of FX E-Trading Platforms ↩︎
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    Voice Broker: An Interdealer Broker with responsibility to both counterparties, who negotiates FX transactions via telephone, conversational systems, and/or hybrid solutions ↩︎
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    Stop Loss Orders: A contingent order that triggers a buy or sell order for a specified notional amount when a reference price has reached or passed a pre-defined trigger level. There are different variants of Stop Loss Orders, depending on the execution relationship between counterparties, the reference price, the trigger, and the nature of the triggered order. A series of parameters are required to fully define a Stop Loss Order, including the reference price, order amount, time period, and trigger ↩︎
  • 7
    An order to transact at a particular fixing rate ↩︎
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    Client: A Market Participant requesting transactions and activity from, or via, other Market Participants that provide market making or other trade execution services in the FX Market. A Market Participant can act as a Client in some instances while making markets in other instances ↩︎
  • 9
    Prime Broker (PB): An entity that provides credit intermediation to one or more parties to a trade based on pre-agreed terms and conditions governing the provision of such credit. The Prime Broker can also offer subsidiary or allied offerings, including operational and technology services ↩︎
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    Voice Broker: An Interdealer Broker with responsibility to both counterparties, who negotiates FX transactions via telephone, conversational systems, and/or hybrid solutions ↩︎
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    Electronic Trading Activities: These activities may include operating an FX E-Trading Platform, making and/or taking prices on an FX E-Trading Platform, and providing and/or using trading algorithms on an FX E-Trading Platform (FXETP: Any system that allows Market Participants to execute trades electronically in the FX Market). ↩︎
  • 12
    Transaction Cost Analysis (TCA): Analysis to evaluate the quality of trade execution – for example, by comparing the resultant price of an execution against a benchmark ↩︎