"We reached this milestone faster than expected," said CEO Ross Ditlove. "Clearly, traders are drawn to this "Payment for Limit orders" offering, and we're seeing the results. As anticipated, our FX spreads are narrowing as the number of Limit orders posted to the system expands. As more and more traders see the benefits, we believe that the process will grow exponentially."
MB Trading pays 1.95 per 100,000 of the base currency of an account for Forex limit orders that are displayed on the firm's internal ECN order book and then subsequently execute against another customer or bank. The Pay for Limits offering launched on January 31, 2011. As of Wednesday, March 30, over $100,000 had been paid to customers in real-time for their executed Limit orders.
"It is clear that this new approach to Forex trading is having a sizeable impact," said David Lipsett, Executive Vice President of MB Trading. "Just like the equity markets before it, we believe that the Forex market has begun to head in the same direction. Brokers that don't encourage an open, transparent system like MB Trading's will begin to feel the impact.
MB Trading encourages clients to show their Limit orders on the order book, thereby increasing transparency and allowing clients to interact on a more level playing field, which results in a tighter spread and lower trading cost.
About MB Trading:
Securities products are offered through Manhattan Beach Trading Financial Services, Inc. ("MBTFS"), member FINRA, SIPC. MB Trading Futures, Inc. ("MBTF") is a CFTC registered RFED and member of NFA. MBTF offers execution and settlement services for futures based products and off-exchange foreign currency (forex) products.
Contacts: All inquiries can be directed to: David Lipsett - email@example.com