Centre Point Trades

[edman79]

Hi,
As I sit here in the queue at $2.44 to short FDC I watch hundreds of thousands of dollars woth of trades at 243.5c. Who or which broker is making these trades? I trade CFDs and am not able to place a trade at the mid point of the buy and ask spread. Is this something that only institutions can currently do or is there a way of trading these prices?

Thanks.
Ed.

 

[skyQuake]

Hi,
As I sit here in the queue at $2.44 to short FDC I watch hundreds of thousands of dollars woth of trades at 243.5c. Who or which broker is making these trades? I trade CFDs and am not able to place a trade at the mid point of the buy and ask spread. Is this something that only institutions can currently do or is there a way of trading these prices?

Thanks.
Ed.

Insto or those with special order types enabled.

http://www.asx.com.au/trading_services/asx-centre-point.htm

 

[edman79]

Insto or those with special order types enabled.

http://www.asx.com.au/trading_services/asx-centre-point.htm

Thanks for the reply,
Does anyone know of any brokers that will enable these order types?
Or maybe conditions required to have these order types enabled?

Is anyone (who is a retail investor) able to place these order types?

 

[skc]

Thanks for the reply,
Does anyone know of any brokers that will enable these order types?
Or maybe conditions required to have these order types enabled?

Is anyone (who is a retail investor) able to place these order types?

IG markets DMA CFDs. Give them a call.

 

[edman79]

Hey skc,
I probably should have just messaged u directly I already have an ig account but can't place centre point trades. I'll get in touch with them and see if I can get them enabled. I have had some trades filled at the mid point but its very rare and I can't place the order at the mid point it just seems to be filled at some sort of best execution even though its a limit order. On a side note do u have any experience with ib asx cfds? The commission is 0.05% with low margin. Are the ib asx cfds vastly different to DMA equity cfds?

 

[skc]

Hey skc,
I probably should have just messaged u directly I already have an ig account but can't place centre point trades. I'll get in touch with them and see if I can get them enabled. I have had some trades filled at the mid point but its very rare and I can't place the order at the mid point it just seems to be filled at some sort of best execution even though its a limit order. On a side note do u have any experience with ib asx cfds? The commission is 0.05% with low margin. Are the ib asx cfds vastly different to DMA equity cfds?

It's been over 6 months since I used IG so things may have changed. But the last time I trdaed using their L2 platform I was able to put in centrepoint orders.

They don't always get executed straight away (depends on the shadow book of their prime broker) and some times it had a little bit of problem amending the order. But usually if you see heaps of orders going thru at centrepoint already you'd likely get a match.

Again, call them and find out what the latest deal is.

I have no experience with IB ASX CFD. But if it's simply ASX-listed CFD then they are a complete waste of time. Spread alone will killany edge you might have.

 

[edman79]

It's been over 6 months since I used IG so things may have changed.

I have no experience with IB ASX CFD. But if it's simply ASX-listed CFD then they are a complete waste of time. Spread alone will killany edge you might have.

Thanks for the heads up on ASX CFDs, I thought something seemed a bit fishy there.
If your not using IG anymore have you found a better CFD provider? I'm always looking for a good provider.
I currently have accounts with FP,IG and Saxo. After the MF Global disaster I wont keep all of my money in one account so I'm trading out of as many accounts as possible to reduce the risk.

 

[skc]

Thanks for the heads up on ASX CFDs, I thought something seemed a bit fishy there.
If your not using IG anymore have you found a better CFD provider? I'm always looking for a good provider.
I currently have accounts with FP,IG and Saxo. After the MF Global disaster I wont keep all of my money in one account so I'm trading out of as many accounts as possible to reduce the risk.

I work for a trading firm now so do not need my own CFD provider anymore.

I think FP and IG are pretty much it. FP has Iress which is a plus but IG is listed so you can gauge the counterparty risk better. Otherwise there's Macquarie Prime but you need to put through $8-10m a month for their rates to be competitive.

 

[edman79]

Ok I checked and I actually did ask IG markets about centre point orders in September last year and this is the reply I got from IG back then :

Thank you for your email. You cannot place centrepoint orders via our DMA system. Please note though that when using DMA orders the exchange can fill our orders with centrepoint orders placed by other market participants. If you have any further queries please do not hesitate to contact us.

 

[skc]

Ok I checked and I actually did ask IG markets about centre point orders in September last year and this is the reply I got from IG back then :

Thank you for your email. You cannot place centrepoint orders via our DMA system. Please note though that when using DMA orders the exchange can fill our orders with centrepoint orders placed by other market participants. If you have any further queries please do not hesitate to contact us.

You can only place centrepoint orders on L2 Deal platform (I think).

 

[edman79]

You can only place centrepoint orders on L2 Deal platform (I think).

I can confirm that once I registered for and downloaded the L2 Dealer platform I was able to place centrepoint trades. A special thanks goes out to the IG Markets helpdesk member who, when queried about centrepoint trades, didnt think it was relevant to mention that I could place these trades by downloading the L2 platform.