Broker test ig markets
Other responses are from users. If possible please keep your questions brief and to the point. Please be aware of support policy: Dear , If you can provide me a business case to push this internally then I am more than willing to do so.
IG cannot be expected to move forward with an integration with any entity without a business rationale. Can you provide me some details such as the below?
We have no understanding on the number of clients that Sierra Chart have that wish to use IG as an executing broker. At no point has anyone confirmed to Sierra Chart that IG will integrate or conform with Sierra Chart for a full integration.
If you can provide me a business case to push this internally then I am more than willing to do so. We only require you provision us with 2 FIX connections for us to receive the market data to provide the data to IG markets users and to maintain the historical data. Trading connections will be from each user to your FIX server. We are not a broker and we have no expectation to receive any income from this from you. This is standard information we require all entities to provide us.
Unfortunately we are make some changes to our API that will take around 6 weeks to implement. We will not be able to move forward until then. We will also need one production market data connection for our server. We need to know the procedure for this.
And I want to confirm there is a minimum balance. I'm very disappointed and sorry for you, i know now the responsable of this incredible delay. Dear Anthony, I have received your below email this morning. If you wish to make a formal complaint to IG can you please follow our complaints procedure on the below link. Thank you for your email. The provision of the demo enables the prospective party to ensure the setup of the API is operationally possible before time and money is spent drafting legal agreements and so on.
Daniel Lawrence has explained that for IG to work with you he would like to see a business case that he can propose to the business as to why Sierra Charts would be appropriate for IG to work with, within posts to your website you have explained that you are dissatisfied with this as typically brokers come to Sierra Charts, and not the other way round.
There is no formal relationship or legal agreement in place between Sierra Charts and IG, and as such IG has no obligation to work with you or pay you any compensation. Apologies for the inconvenience caused. To post a message in this thread, you need to login with your Sierra Chart account: Login Page - Create Account. Service Terms and Refund Policy.
Sierra Chart Engineering - Posts: Many of these requests came in in some of them are here: There other requests that have come in by email as well. A rough estimate is that probably at least 20 of them. Although some of these could be from the same user asking more than once.
There was one particular user of ours, who was very persistent about Sierra Chart supporting IG Markets and how it would be a very great thing.
We held off on this for more than a year because integrating to a new Data or Trading service is a substantial task, and generally is an unpleasant experience. We would only consider using the FIX protocol because it provides the very best integration for reliability. And it reduces the development time. This thread documents the failure of IG Markets to perform promises clearly made.
It will not happen because IG Markets does not want it to happen. This has been made public because the conduct of IG Markets is completely out of reason and wrongful.
It is not so much the lost money, gratefully which was not that much because we were working with the established FIX protocol but the fact that a significant effort was done for absolutely nothing when they should have been very clear about their intentions from the very beginning.
If they do not want to perform, fine, we will each go our own way, but IG needs to acknowledge that they made a mistake and needs to compensate our efforts within reason. This is all we are asking. Below is a series of email messages and also verbal communication. All messages have dates.
We are at a point in time where we can now spend some time and get this done. Also, if you have any type of compliance protocol, it would be good to review that before starting as well. I am the primary development contact on the Sierra Chart side. Al Sierra Chart Sent: I believe you spoke to one of our customers today about getting IG support into Sierra Chart. We can very easily add support via a FIX interface, but obviously need access to the specs, test account, and any compliance info you may require.
If you can send a spec to me or set up credentials for me to access online, I can take a quick look to see if there is anything that would cause concern or need clarification.
Just let me know when you are available, and we can set up a time to talk if required. It is already an award-winning multi-platform trading company. Testing Attached you will find the rules of engagement for your technical team to review. I have also attached our product offering that is available via our API. You requested a static IP addr. Is this required for all users or just the initial test account? Can we set up a dynamic addr in the short term?
Is this the reason for a static addr? We would like to use a model that has worked well for some other client interfaces. Basically, we run an instance of SierraChart on our server that would connect to IG and request market data for the common symbols.
This allows us to provide historical data to the user in a seamless fashion. The users would then connect to the IG server for real-time data and trading, while our server would provide back fill data. Is this model reasonable? Can you help by answering any of the following questions?
However I can help with the below questions……. This is simply so that we can permission your connection on our side, hence the lack of password and username etc.. The good news is that we only need that static IP for you.
Mon, 26 Jan Remaining email removed because it is already included above To IG Daniel, We are still waiting to see if our proposed model will work for IG. Have you had a chance to review this? Once we are all in agreement on the model, I can get you a static IP to set up our test account. Wed, 04 Feb He is copied on email, and his number is below. Al In relation to the above, this was the understanding of the Sierra Chart developers: From one Sierra Chart developer: That model was to provide all real-time and historical data to customers via SC servers, and direct connection of customers to IG for trading.
This model was not supported by IG at the time, but IG agreed that they would be able to support that model. Further discussions were held between Anthony and IG. Once everyone was satisfied with the proposed model, we went ahead and implemented IG support in SC and started collecting data on our servers.
During a call I had with Daniel, they made it clear that they can support the connection model and it is not a problem other than relating to CME data. During that voice call, I once again reiterated that we require one or two market data connections to our own server and we will redistribute the market data to IG Markets users when they get a successful connection to the trading server.
Although during that same call Daniel did express a concern about setting up a large number of accounts on FIX connections. I had the understanding that this was an internal concern relating to the effort to provision a FIX account.
Based upon what they said, there was not a concern that they would not do this at all, but based upon our experience with FXCM, they may not be happy to do it with small accounts and only might be comfortable doing it with accounts with more substantial balances. They never said they would do this. And it was just a suggestion by us in order to create a good working relationship to filter out very small accounts that do not trade.
Once again, they never said that they would not perform or required us to be a broker. No such communication took place. It was quite clear that they would be providing the FIX connections to users. When Daniel was asked by me about providing Sierra Chart 1 or 2 FIX data feeds which we can use to redistribute market data to the IG Markets users once they get a successful connection to the IG Markets trading server, that was agreeable to them but they could not allow us to get access to futures CME data.
I said I understand that kind of restriction and that was not a problem. We were only interested in the Forex data and CFD data. No concern at all was raised about us providing the Forex data and I do not think there was any problem with the CFD data to my knowledge.
I was also asked about how we would be marketing IG Markets, although I did not really see the relevancy of that. We said that it would be listed on our Data and Trading services page.
We would make an announcement on our Support Board about it, and word would get around among our users and IG Markets customers. Once there was a clear understanding on all sides, we were then provided with the actual FIX test accounts for market data and trading, by IG Markets. These had to be provided to a static IP address and we gave them that static IP address and gained access.
Are we just looking to integrate this for one client or have you had demand from multiple users to connect with IG? There will be multiple customers. We would rather use FIX because that is the most straightforward and most reliable method of integration. We would have to look at the web API but normally what we see, this type of model does not fit so well and generally is confusing. IG Markets will will be listed on this page: Thank you, Comment from Sierra Chart: At this time, we had not begun any integration to IG Markets.
We needed to be very clear they would understand the connection model we require and that they can perform according to that required connection model. We would never have proceeded doing any programming until there was a clear understanding on both sides, which was clearly reached again during the call. What is the purpose of this request above from Daniel with IG Markets if they have no intention of performing?
They are leading us along into completely useless programming to their systems. This programming costs us, Sierra Chart, money. You will require two FIX connections: Please find attached the rules of engagement. IG Markets have now given us the ability to rely upon their promises to our detriment with the above connection information.
We would like to get that as soon as possible so we can begin maintaining historical data. And I want to confirm there is a minimum balance required for a user to use the FIX connection? I need to know what that is. Also one of your customers was asking whether they could use their spread betting account with the FIX connection?: This is the Sender Comp ID we are using for market data: This is an initiative we have started: Thank you, On 1: Unfortunately we are still not in a position to move forward.
We have a number of legal, IT and data redistribution issues to resolve before we can look at supporting a connection that you require. We are currently working with single entities that require one connection only as we launch this product. As it stands we cannot support your connection for multiple underlying clients. As of yet I do not have a response. The reason for that email is because our customers are asking about when Sierra Chart is going to work with IG Markets.
I am following up for them. We invested thousands of dollars, to integrate to IG Markets and then we are just told we have to wait without any detailed explanation. While we are very busy, and personally we are not in a hurry to release support for IG markets, I was disturbed by what you have said because it reveals some unknown functional problem with your systems.
The development to integrate to IG Markets was not our own initiative. This was requested by many of your existing customers and potential customers and one customer of yours in particular. I have included a copy of this email message to them as well. It is routine, that messages we have sent to you and others at IG Markets, are often not responded to.
If you would like to talk on the phone instead, then just say please give us a call. But not responding, when we have invested thousands of dollars of development, is concerning. Previously I asked you for the data connection so we can start maintaining historical Intraday data ahead of release. There was no response to this request.
Therefore, when we release support for IG Markets for Sierra Chart, there will be no historical data. Not any futures or other forward markets. In our experience we are not aware of any redistribution issues involving this category of data. These kinds of issues typically involve futures and stocks. We only require one data connection and the data will be redistributed to the IG Markets users through our own systems.
Each user will connect directly to your FIX trading server for trading. We think it is better for trading for each user to connect to your own server directly because the bandwidth requirements are next to nothing and this has the highest level of security and reliability.
We will be patiently waiting until you can support the above model. As we have indicated, the above connection model was already communicated to IG Markets in writing and by voice multiple times. They said that they can do this and it is not a problem. We can leave those out for now. Although we do redistribute the ones that FXCM provides. They allow us to redistribute them to all of our users. Not just FXCM users. We have no need to redistribute CME data. And I do understand the issues surrounding that.
It is also possible to allow our users direct FIX connections for market data. Thank you, From IG 8: When this changes I will be in contact. I need to prepare a formal response in order to formally offer to settle this matter and bring it to a close.
There cannot be an indefiniteness leaving this matter to some unknown future date. I suspect this is a tactic to avoid responsibility to some unknown future point in time where we will just hopefully forget about it. I can assure you, that is not going to happen. It is important we close this matter in a mutually agreeable way and move forward.
This email does not close the matter. Please wait for our formal response. Also the decision that your senior management came to is totally inconsistent with industry norms.
I have been in this business for 20 years and I have never seen such a decision with the kind of working relationship which was understood and agreed to from the beginning. Sierra Chart currently supports connection to 10 different trading services using FIX where the connection is a direct connect from the user to the FIX server. I am still putting together the response.
I need to go through all of our emails to get a clear understanding of all of the communication. In general, we do not have access to the information you are requesting since we are not a broker and never will be.
With the kind of working relationship which was agreed to in the beginning, what you are asking is not relevant and we are not asked these kinds of questions from other Trading services we work with.
Date Time Of Last Edit: Many Thanks This is so unbelievable, I am not even sure where to start. Your email response does not make any sense to us. It shows a complete lack of understanding and considers us Sierra Chart a broker when we are not. But for hundreds of Australia's 51, mum and dad retail forex traders, that dream has turned into a nightmare. The ABC can reveal that more than retail foreign exchange traders in Australia — often small investors who dabble in the forex market in their spare time — have suffered massive losses on their trading accounts.
On January 15, the Swiss National Bank sent foreign exchange markets into a spin when it unexpectedly removed a cap on its exchange rate. The cap was in place to stop the Swiss franc appreciating too much.
The franc was seen as a safe haven, and an overvalued currency would make its domestic economy uncompetitive, and hamper economic growth. When the cap was unexpectedly removed, the franc appreciated by 30 per cent in an instant against the euro, and foreign currency traders holding the franc made windfall gains. But those on the other side of the transaction were left scrambling to cover their losses and, in the case of some of the world's biggest foreign exchange trading firms, exposed to hundreds of millions of dollars in losses.
FXCM's clients accept that they were liable to lose the capital they had contributed to their foreign exchange trading accounts. However, they argue that FXCM had a widely-advertised policy of "no negative or debit balances", and its poor risk management led to losses spiralling out of control.
It is FXCM's policy to credit retail trading accounts to a zero balance when debit balances occur as a result of trading. One of the greatest concerns traders have about leverage is that a sizable loss could result in owing money to their broker. At FXCM, your maximum risk of loss is limited by the amount in your account. All accounts are tracked by our "Margin Watcher" feature. With the Margin Watcher feature, if account equity falls below margin requirements, the FXCM Trading Station will trigger an order to close all open positions.
FXCM's aggrieved Australian clients argue that other brokers navigated the Swiss franc shock in much better shape than FXCM because they had better risk management practices in place, and their clients' accounts were closed out quickly before losses spiralled out of control.
Because currencies tend to move in small increments, foreign exchange traders use leverage, or borrowing, to accentuate their profits. However, with leverage comes the risk of greater losses when currencies move against the trader. FXCM has confirmed that of its 16, Australian clients had a negative balance as a result of the Swiss franc event. The company said it has notified 10 clients that their negative balances need to be repaid.
In the wake of the global financial crisis, the United States put a handbrake on the retail foreign exchange industry, limiting it to a maximum leverage ratio of The Australian Securities and Investments Commission says the question of greater controls is one for Government, but it has repeatedly warned consumers that leveraged foreign exchange trading is a risky product.
However, victims of the Swiss franc meltdown argue that ASIC should have policed the industry more thoroughly. Because this time it happened in the currency space, but who knows what is the next time bomb?
First posted February 12, If you have inside knowledge of a topic in the news, contact the ABC. ABC teams share the story behind the story and insights into the making of digital, TV and radio content.