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A new exchange named Fair Exchange or FairX is launching in what looks like a few weeks. This exchange is focused on bringing new products for online traders and is highly focused on individuals.
I have spent a fair amount of time with the founders and here's what I found:
No real-time data fees and gimmicky cost structures
No subscriptions or memberships. Everyone is treated equally
The exchange has what looks like a very unique offering
The founders are highly experienced exchange operators with excellent pedigree
Their products are relatively unique. More importantly, the exchange appears to be very nimble in terms of creating new products that futures traders might want to have exposure to
The pricing structure is very simple and favors individual traders versus institutional or algo traders (it costs about 5x more to trade on FairX as an institution)
It will be available across some key clearing firms (my own brokerage, Edge Clear, will be offering it at launch)
Personally, I would really love it if an exchange like this would get support from all traders. We still need to see how liquid the products are and how well they are received. However, it takes time and a commitment from us participants to get this going.
With their office being 1 block away from the Edge Clear office, we can hopefully work closely with them to bring your message and needs to them to address.
Please add your questions to this thread.
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As a free market kind of person, it is always good to see more competition/options.
I am kind of worried that I might fall into the "Professional Trader" category by using MultiCharts automated trading. See C and D in the FairX fee schedule documentation (link below). Are we able to get clarification on what a fully automated order generating computer system is?
C. Not using a fully automated order generating computer system; and
D. Trading for its own account.
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,049 since Dec 2013
Thanks Given: 4,386
Thanks Received: 10,206
Making it super expensive to the people who provide the liquidity may make it hard to get liquidity!
There has been some discussion on this regarding CME's fees. I have heard rumors that CME is about classify autospreaders and any form of automation as an automated trading system and require anybody using them to pay the automated trading data fees of $1150 per user per exchange! While there are obviously many who think this is okay, step back and think. If they do change this, what happens to people who are automating trading with Tradestation, Ninja, SC etc.
I would say that it's really impossible for an exchange to tell if a trader is running an automated strategy on their computer. The orders look the same, right?
Now, if the orders are coming in at a rate that no human with a mouse could submit them, then it would be obvious that it's automated. Otherwise, not. So there would need to be established some measurement of trade frequency that is taken as the signature of "automated trading." But if your system took a few trades an hour, or day, or week, then it passes this test.
Are they actually interested in the high-frequency guys? They could just say so and clear things up.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,049 since Dec 2013
Thanks Given: 4,386
Thanks Received: 10,206
I'm not an expert on this but I believe there's a tag sent with every order where you software identifies how the order was generated (tag 1028-ManualOrderIndicator). So the exchange knows!
