"Last Looks" MT4 Scam - does cTrader use it too?

jeex
22 Nov 2013, 13:26

ECN or not

I was told that "Last Look" is simply impossible if trading happens directly on an ECN-service. It's not the software that makes this possible, it's the broker. So choosing an ECN-service eliminates this posibility.

cogs
25 Nov 2013, 14:01

Not quite correct.

Banks put forward the quotes, which are ticks, they then choose whether to fill positions or not. If you just fire off orders you can see where they choose to fill, or not, your order.

Such is the nature of forex.

What I want to see if the server (broker) side of CTrader.

Spotware
25 Nov 2013, 16:13

RE:

Mocean said:

Does cTrader use "Last looks" function like MT4?

In cTrader every order sent to the LP can either be filled by the bank fully / partially or rejected. Those are entirely banks' decisions - cTrader or the broker do not interfere at all. 

As far as we know in the "other outdated rudimentary unfair platform" that you mentioned above it is all entirely up to the broker what to fill, at what rate, etc. That platform is so disconnected from the rest of the market that conversations about last look functionality in it are simply irrelevant. Bridge providers are trying hard to mitigate the incompatible differences with limited success, but (1) the broker will always be able to interfere with quotes in any way, (2) the broker will always be able to back-change any trades or anything else and (3) in most cases the broker only needs the feed to stream prices, again making the talk of last look in the "other rudimentary platform" rather irrelevant.

There is no point talking about last look in the "other platform" mentioned by you considering they provide the option to inject prices. So, brokers can throw in a quote that they like at any time. You can imagine what the implications of that are.

Meaning doe the LP's have the option of a delay in execution where they can pull their offer and reject the order?

We are not aware of any "delay in execution" on the LP side in the context of last looks. It is simply a matter of the bank having the option to reject a trade that came from a taker - no delays are necessary for that. Nothing wrong with banks having the option to reject orders - this is a common market practice. The rest of the order can go to the next bank, depending on the order type, and often at the same price.

Bear in mind that the debate about whether last look is good or bad for the liquidity taker like yourself is leaning towards it being bad. This is mainly for two major reasons: 

• those banks that do provide liquidity will stream the worst prices they can for obvious reasons, resulting in even worse spreads

• fewer banks are willing to provide liquidity with no option to reject an order (this is fair in our opinion because they take the ultimate risk), which results in a much worse spread in the aggregated feed for you

The general consensus is that no-last-look-execution is only needed when the taker does not care about execution price as much as he does about a guaranteed fill. Which is a rare use-case.

BTW We use the term "other platform" because the maker of the "other platform" complains wherever they can the moment we make an attempt to tell the truth about them. E.g. as we do in this video http://www.youtube.com/watch?v=9-_HweZUGS4

Kate
02 Dec 2013, 23:12

Last Look vs No Last Look Execution: http://experts.forexmagnates.com/last-look-vs-no-last-look-execution/

Stokes Bay
18 Aug 2016, 20:48

 It is simply a matter of the bank having the option to reject a trade that came from a taker - no delays are necessary for that.

If the LP is quoting 100-101 and i place an order to buy at 101 then the question about last-look is, with ctrader, does the LP have the option to either deal at 101 or reject.

Given the LP is quoting at that price and receives a buy order at 101 then with no last-look they should be obliged to deal at 101. Having the option, under ctrader, to hold my order (even for 1ms) whilst they look around at other prices being quoted is not being addressed in the Spotware reply above.

Clearly if i place an order after the LP quote was withdrawn or a price inside the spread then the LP should not be obliged to deal. 

Spotware, can you tell me as a trader ("TRADERS FIRST^®"), whether LPs have the opportunity to reject orders at a price for which they are quoting into the market.

I will be delighted if the answer is a straight, "No".