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Total Posts: 11
Joined: Aug 2012
Posted: 2018-07-04 14:25
Can anyone tell me what kind of visibility traders have over order flow within their firm? So at one end of the spectrum I would expect some houses may allow their traders to see all of the flow within the product, eg everyone can see the Mexican Peso flow even if they are a G10 trader, EM trader, NDF trader or whatever. At the other end of the spectrum I would expect houses to restrict order visibility to just the currency pair the trader has responsibility for along with maybe some other related pairs that can be justified from a risk management standpoint.

Trying to gauge at this stage what the Market Beta position on this would be post all the regulatory FX consent order action.

Thank you

Founding Member

Total Posts: 8371
Joined: Mar 2004
Posted: 2018-07-05 16:11
I think you'll get different answers from firm to firm. Generally nowadays, you're not supposed to see anything that doesn't have to do with your direct remit. That's the idea.

However, different firms are able to implement this to varying degrees. Some firms can literally lock down your visibility to your trades only. Others have legacy systems that even an intern can see everything (of course they shouldn't, but hey, theory and practice).

And of course depends on the country. People in Russia I'm sure have other things to do than worry about whether an IRS trader can see equity trades (although I am not in Russia, so I could be totally wrong).

The Figs Protocol.


Total Posts: 11
Joined: Aug 2012
Posted: 2018-07-05 17:07
Thank you for that response. What you describe is what we see. We see firms limiting scope to what is laid out in Traders' mandates - if it's not in your mandate you don't get to see it. You are correct that there are big variations across the market as to how much traders are permitted to see.


Total Posts: 250
Joined: Oct 2004
Posted: 2018-09-17 22:15
From what I've seen at a couple of banks, all FX traders can see the FX order book. There may be filters by currency pair, but that's generally used to de-clutter a view, not keep traders from seeing what's in the book but outside their market.

In terms of positions, that can vary within a product, but I haven't seen an FX guy who can look at EQD positions.

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