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Micro ES SP500 contract "coming" (E-Micro)
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Micro ES SP500 contract "coming" (E-Micro)

  #81 (permalink)
 Vendor: www.traderwerks.com 
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bob7123 View Post
THANKS! I'll give 'em a call when I move. (wife just got a job in Istanbul) I suppose the worst they can do is say no...

BTW, can you tell me what the minimum trade size is for ES? The real mini will move $12.50 per tick, $50 per point (per contract) What's up with their CFD? I was a little confused by their chart.

@grausch did make some really good points, esp. about due diligence. You do need to be a "bona fide" resident outside the US, just an address in Turkey will not cut it. That means photo ID residence card, bills in your name, etc.

Math. A gateway drug to reality.
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  #82 (permalink)
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ZCars View Post
If you're based in Istanbul I think you can trade with most european/ uk
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So if the minimum bet is a pound per point, that's like 1/30th of an E-Mini, even smaller than the proposed E-Micro. Cool beans! Spread not too bad either; ES has a 'real' spead of .25 points, so I'm only paying an additional .15 point.

It looks from your image like I'd need to trade using their interface. Do you know if they support trading direct from a platform, e.g. Ninja?


traderwerks View Post
@grausch did make some really good points, esp. about due diligence. You do need to be a "bona fide" resident outside the US, just an address in Turkey will not cut it. That means photo ID residence card, bills in your name, etc.

We'll have that. Worse case the account would have to be in the wife's name, but that shouldn't be a problem. "Honey, I shrunk the nest egg!" DoH!

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  #83 (permalink)
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It looks from your image like I'd need to trade using their interface. Do you know if they support trading direct from a platform, e.g. Ninja?

Sierra Chart is planning to offer a connection for LMAX that requires no trade minimums. LMAX is an exchange and not a dealer. They have a mini SPX 500 which is a 5th of the standard contract https://www.lmax.com/?&gclid=CPqu4Paf18oCFQsEwwodZrsEfw

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  #84 (permalink)
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ZCars View Post
It looks from your image like I'd need to trade using their interface. Do you know if they support trading direct from a platform, e.g. Ninja?

Sierra Chart is planning to offer a connection for LMAX that requires no trade minimums. LMAX is an exchange and not a dealer. They have a mini SPX 500 which is a 5th of the standard contract https://www.lmax.com/?&gclid=CPqu4Paf18oCFQsEwwodZrsEfw

Cool. But it looks like LMAX is an exchange, not OTC. Does that mean that US residents might be able to trade it after all?

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  #85 (permalink)
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bob7123 View Post
Cool. But it looks like LMAX is an exchange, not OTC. Does that mean that US residents might be able to trade it after all?

Nope. It is like trading CFDs.

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  #86 (permalink)
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ZCars View Post
It looks from your image like I'd need to trade using their interface. Do you know if they support trading direct from a platform, e.g. Ninja?

Sierra Chart is planning to offer a connection for LMAX that requires no trade minimums. LMAX is an exchange and not a dealer. They have a mini SPX 500 which is a 5th of the standard contract https://www.lmax.com/?&gclid=CPqu4Paf18oCFQsEwwodZrsEfw

While LMAX may call themselves an exchange, they are registered as a CFD broker. Refer to the FCA register here - https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000NMSxwAAH. The London Stock Exchange is also registered with the FCA, and their registration provides the example of what an exchange registration should look like - https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000MfK69AAF.


bob7123 View Post
Cool. But it looks like LMAX is an exchange, not OTC. Does that mean that US residents might be able to trade it after all?

@Balanar is right. Since LMAX is not an exchange, their product is by default a CFD/swap and thus OTC.

Another way of looking at it is that an exchange-traded instrument has its price determined by market participants and the exchange is not involved in setting the price of the ES. If the ES trades away from fair value other market participants can arbitrage the difference away, so it will track the SP500, but the exchange is not ensuring that the price track the index. All of your CFD brokers provide their participants with the price, as well as, the bid-ask spread. They in essence need to track the index otherwise they will be on the wrong side of arbitrage transactions.

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  #87 (permalink)
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Exactly like @grausch say's.

Also... it is funny when ,,exchange'' act as a broker ( you can directly open account with them) .Also their clearing model is ... interesting

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  #88 (permalink)
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Tommip View Post
Exactly like @grausch say's.

Also... it is funny when ,,exchange'' act as a broker ( you can directly open account with them) .Also their clearing model is ... interesting

LMAX is different in that it offers a neutral venue and takes a commission. They have variable spreads which reflect liquidity variations. They do not act as counterparty as the other market participants and liquidity providers take this. They had no losses and no liability during the Swiss Franc fracas, for example (unlike IG and Interactive Brokers) because they held no risk. They are neutral and great for trading the Dax at 1 euro/ point and a spread of 0.6/7 usually.

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  #89 (permalink)
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Balanar View Post
Nope. It is like trading CFDs.


grausch View Post
While LMAX may call themselves an exchange, they are registered as a CFD broker. Refer to the FCA register here - https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000NMSxwAAH. The London Stock Exchange is also registered with the FCA, and their registration provides the example of what an exchange registration should look like - https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000MfK69AAF.

@Balanar is right. Since LMAX is not an exchange, their product is by default a CFD/swap and thus OTC.

Another way of looking at it is that an exchange-traded instrument has its price determined by market participants and the exchange is not involved in setting the price of the ES. If the ES trades away from fair value other market participants can arbitrage the difference away, so it will track the SP500, but the exchange is not ensuring that the price track the index. All of your CFD brokers provide their participants with the price, as well as, the bid-ask spread. They in essence need to track the index otherwise they will be on the wrong side of arbitrage transactions.


Tommip View Post
Exactly like @grausch say's.

Also... it is funny when ,,exchange'' act as a broker ( you can directly open account with them) .Also their clearing model is ... interesting

Thanks guys. So I guess a company can call itself an 'exchange' but that's just marketing BS. Like in that Tom Waits song, "The large print giveth, but the small print taketh away."

Still, to try out a strategy I think they could be useful, as well as making longer term trades where slippage is less of an issue & you want smaller risk exposure.

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  #90 (permalink)
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bob7123 View Post
Thanks guys. So I guess a company can call itself an 'exchange' but that's just marketing BS. Like in that Tom Waits song, "The large print giveth, but the small print taketh away."

Still, to try out a strategy I think they could be useful, as well as making longer term trades where slippage is less of an issue & you want smaller risk exposure.

Yes, could be useful, Bob

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