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Continuum by CQG
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Continuum by CQG

  #211 (permalink)
Elite Member
Denver, CO
 
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madelynnjohnson View Post
Hi Matt,

Thanks for the update. I didn't know there was an upgrade. I just upgraded a few weeks ago to v. 21. Seems like "someone", i.e., Mirus or an e-mail from Ninjatrader would alert you to these things.

Once again, thanks.

Madelynn Johnson

NinjaTrader releases an announcement as an alert within NinjaTrader on every new release.

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  #212 (permalink)
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Lawton, Oklahoma
 
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NinjaTrader View Post
NinjaTrader releases an announcement as an alert within NinjaTrader on every new release.

This strange, but I received no alert regarding an upgrade - at least not to my knowledge. The only alert I've received since upgrading to v.21 has been the roll over alert regarding certain instruments rolling over for the next quarter. I am up on my computer every day. As I said, it may have slipped by but your alerts are very insistent. Thanks for responding and I will be upgrading to v.21.

By the way, I wrote to Ninjatrader last night regarding my DOM problem outlining that I was using v. 21 and they said nothing about upgrading to v.22.

Thanks very much for your responding. I appreciate it.

Madelynn Johnson

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  #213 (permalink)
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madelynnjohnson View Post
By the way, I wrote to Ninjatrader last night regarding my DOM problem outlining that I was using v. 21 and they said nothing about upgrading to v.22.

The changes with R22 decreased sensitivity in reporting a connection loss when connecting to Continuum. The slippage issue you refer to is not related to that and likely why my team did not suggest upgrading. I will go out on a limb here (without all the facts) and state that the slippage is not related to NinjaTrader as your stops and targets are working at the exchange. Meaning, when they trigger and fill this is directly a function of the exchange and not influenced in any way by NinjaTrader or any other platform for that matter.

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  #214 (permalink)
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Berlin Germany /Alicante Spain
 
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resist View Post
I read your post and checked my last statement (march 13th) where an USD debit from trading losses was converted against my EUR -
they credited 325.81USD and debited me 265.88EUR - what means an conversion loss of 42.93 USD!! (they stated 1.3869 conversion rate!!)

In my opinion itīs worse if they collect any fee for conversion, but more worse that there is not any information on the statement about any collected fee.

I contradicted just now - I will post here when ("if") I receive any answer.

Thatīs the received answer:

Thank you for the inquiry. The amount difference on the statement, as indicated by you, is related to the conversion that took place to cover the negative USD balance in the account. For FX conversions, the fee is included in the rate used rather than an actual conversion fee. As such, the converted amount between the market rate and converted rate comes out to the difference. We hope this provides more clarity. Please do not hesitate to contact us if you have any other inquiries.


Thatīs my answer I just sent:
I am very distressed by that statement.
I ask for notice:
Where the applicable exchange rates are defined?
Where this rule (exchange rate deviates more than 10% of the daily price) is defined.
What your name is. ("Mirus Support" is anonymous).


Last edited by resist; March 19th, 2014 at 06:36 PM.
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  #215 (permalink)
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Lawton, Oklahoma
 
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NinjaTrader View Post
The changes with R22 decreased sensitivity in reporting a connection loss when connecting to Continuum. The slippage issue you refer to is not related to that and likely why my team did not suggest upgrading. I will go out on a limb here (without all the facts) and state that the slippage is not related to NinjaTrader as your stops and targets are working at the exchange. Meaning, when they trigger and fill this is directly a function of the exchange and not influenced in any way by NinjaTrader or any other platform for that matter.

Thanks so much for the information. I really appreciate your help and plan to upgrade to R22 asap.

Madelynn Johnson

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  #216 (permalink)
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check your Dorman / Mirus EUR / USD conversions

I didnīt receive an answer to my last Email sent to Mirus therefore I sent it again and received this:

Good evening. I like to apologize first for any confusion you may have encountered in the past few days. The reply given by our Support team is correct.



Unfortunately, the bank rate used for conversions are not published nor are they readily available, as with most banks, the rate is not provided until the actual conversion has been contracted. As for where the rule is derived, it is part of the Futures Customer Agreement during the account application process which states:



Foreign Currency – If Dorman enters into any transaction for Customer effected in a currency other than U.S. dollars: (a)

any profit or loss caused by changes in the rate of exchange for such currency shall be for Customer’s Account and

risk and (b) unless another currency is designated in Dorman’s confirmation of such transaction, all margin for such

transaction and the profit or loss on the liquidation of such transaction shall be in U.S. dollars at a rate of exchange

determined by Dorman in its discretion on the basis of then prevailing market rates of exchange for such foreign

currency.



I hope to have given you satisfactory answers. Again, please do not hesitate to contact our team or me directly if you have any other questions.


My immediate answer was:
Thank you for your answer. I am really sad because it seems you never checked the complained statement L

Your statement says a conversion rate of 1.3869.

You converted my USD debit against my EUR credit at the rate of 1.2254.

No further comment necessary. Please adjust this obviously “mistake” immediate.

Kind regards,



I think every trader who runs his account in EUR should check about his conversions last weeks / months!!

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  #217 (permalink)
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Goodbye Mirus


resist View Post
I didnīt receive an answer to my last Email sent to Mirus therefore I sent it again and received this:
.....


I think every trader who runs his account in EUR should check about his conversions last weeks / months!!

Ok. Mirus "Operations Manager" was very quick in answering:

Good evening. Thank you for the reply. I did, actually, have a chance to review the statement prior to writing you. Your calculation is correct. However, there were no mistakes made. As our website publishes relating to this fee (https://www.mirusfutures.com/registered_future_broker/commissions/account_fees):

Currency Conversions
--------------------------------------------------------------
Dorman: Fee included within the conversion

And back to the portion of the agreement that reads, the “rate of exchange determined by Dorman in its discretion on the basis of then prevailing market rates.” So although the daily statement provided for one rate, the clearing may use, and did so, its discretion to determine of the actual exchange rate.

In a more marketplace and common example, when I travel to Europe and go to the currency exchange, the rate for my transaction is significantly less favorable than the actual trading rate of the currency pair.

Again, I hope the clarifications help. Please do not hesitate to contact me for other inquiries.


I think Mirus made their decisions, I make my, I answered:

Sorry. These conversion fees didnīt apply when I opened that account years ago.
I didnīt ask you any time to convert my debit to credit; if you had asked and warned about your – not calculable – conversion rates I would have sent USD to my account, not EUR.
Ok, in my opinion itīs poor to earn your business from conversions.
Best, costumers vote with their feet.
You know that I already moved my RCG account elsewhere.
Just now I think itīs time to say goodbye to Mirus and move my Dorman account also.
I will inform you next days to which IB my little Dorman account has to be moved.

So I will move my little Dorman account elsewhere - could be that there appears a "false" conversion also, but this time I will make sure that if there is any debit in a currency and conversion would cost, I have the opportunity to send money already in the needed currency.

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  #218 (permalink)
Market Wizard
Boca Raton
 
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resist View Post
Ok, in my opinion itīs poor to earn your business from conversions.

IBs do not earn money from customer conversions. FCMs may earn very little from conversions.
For the most part its the bank that provides the conversion and benefits from such spreads.

1.3869 must be a reference to a spot rate. But, please tell me one bank or institution that give you a spot rate?
I typically see a 1000 basis point on each side of spot rate above/below the rate for the buying/selling.
If you were "lucky" to ever do conversions in the airport as soon as you get off the plane, you could see a
spread of 2500 pips between the bid/offer while they add a "service charge".

Mirus were honest and responsive to you. They don't deserve such harsh ranting.

If you can avoid conversions or send funds in US, that is always recommended.
We found that much larger accounts size can get a better rate at times if negotiated.

Matt

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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  #219 (permalink)
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mattz View Post
IBs do not earn money from customer conversions. FCMs may earn very little from conversions.
For the most part its the bank that provides the conversion and benefits from such spreads.

1.3869 must be a reference to a spot rate. But, please tell me one bank or institution that give you a spot rate?
I typically see a 1000 basis point on each side of spot rate above/below the rate for the buying/selling.
If you were "lucky" to ever do conversions in the airport as soon as you get off the plane, you could see a
spread of 2500 pips between the bid/offer while they add a "service charge".

Mirus were honest and responsive to you. They don't deserve such harsh ranting.

If you can avoid conversions or send funds in US, that is always recommended.
We found that much larger accounts size can get a better rate at times if negotiated.

Matt

Dear Matt,
we are not talking about cash conversions in a shack - we are talking about account conversions. In the Euro area these are settled to the official Reuters published Euro FX exchange rate published each day 1pm Frankfurt time. If I send you any USD amount from my German or Spanish Account they will convert it exactly to the Euro FX rate.

Mirus didnīt tell that they would convert. They didnīt ask. If they would have asked if they shall convert or if I send an USD wire (my bank would have converted "normal") everything would have been fine.
Mirus didnīt tell that they or Dorman have changed their terms.
RCG isnīt collecting any fees and converts "normal".
Crossland runs an USD account for fees and an EUR account and I fund both, no conversions ever made, so I have to ask Howard how they calculate conversions.
Optimus / Vision seems to run it same way as Mirus? I am sure (as I read a lot about you superior service) that you would inform your customers about conversions before you arrange them and I am also sure you give them a chance to send funds so your customers donīt loose on a silly 300 USD transaction 40USD.

Ok - I made my decision - I view these topics just now only with the view to the future: I think there is another good IB needed serving his customers from Europe and to give them the chance to withdraw their money without enormous fees (itīs also silly that customers can send funds to Frankfurt or London bank branches but they have to pay for withdrawels about 40 USD - I know only Interactive where 1 payout monthly is free) as we have an European Payment Area (SEPA) and brokers could easily pay off same Frankfurt or London branches where they received funds.

Have a good day,
kind regards,
Christoph


Last edited by resist; March 20th, 2014 at 05:45 AM.
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  #220 (permalink)
Market Wizard
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resist View Post
Optimus / Vision seems to run it same way as Mirus? I am sure (as I read a lot about you superior service) that you would inform your customers about conversions before you arrange them and I am also sure you give them a chance to send funds so your customers donīt loose on a silly 300 USD transaction 40USD.
Christoph

I personally urge my customers to make their own conversions before and try and keep the account in EUR if conversions not necessary. We make all attempts possible to inform customers of conversions.
My only points where that on the conversions rates, it is really not the IB who makes the call, and therefore they should not lose your business. In any case, this is a feed thread, so I will end here.
All the best,
Matt

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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