1. Alpari Direct & Direct
Pro
Presentation 27/02/2013
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2. Alpari Direct & Direct PRO
Introduction Powered by Currenex
• Currenex was founded in 1999 and it offers corporate and institutional buyers and sellers in the FX and money
markets reliable, low-cost and secure electronic access to the nearly $4 trillion a day global FX market.
• Offering Executable Streaming Prices (ESP™), Request For Streams (RFS), Benchmark Trading, Algorithmic
Trading, and complete Prime Brokerage functionality with fully integrated Straight Through Processing (STP).
ESP (Executable Streaming Prices)
• Live, streaming, executable bids and offers are available for instant execution. Spot prices (in your chosen
currency pairs) are displayed and refreshed in real-time, and users can trade multiple order types.
RFQ (Request for Streaming Prices)
• Users request prices from multiple (user-defined) banks. Executable prices are presented and refreshed in real-
time as banks respond. Request for Streaming Quotes function (RFQ) allows users to request prices from
multiple (user-defined) banks by clicking on the real-time streaming indicative rates displayed on new ‘Currenex
Rates' screen. Executable prices are presented for user to select by clicking on desired counterparty price OR by
using 'Accept Selected Quote' button to hit best price available.
• The Currenex trading platform uses innovative, patented technology in order matching and liquidity
aggregation. Using a high- speed, low-latency API or the sophisticated Currenex Classic trading interface.
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3. Introduction 24 Brokers using Currenex
• ADM Derivatives Inc • ED&F MAN
• Alpari • LCG London Capital Group
• Cantor Fitzferald • Marex FX
• Capital Forex • Newedge
• CMS Forex • PROP FX
• Divisa Capital • Varengold Bank FX
• EfxTrader • Velocity Trade
• FCStone • SFG Trading
• FXCM PRO • EV FX
• FX Fifty Five • JFX
• FIXI
• FXDD
• GEMFX
• GFT
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4. Potential users
Our potential clients are those, who want to :
• Trade large volumes
• Have institutional pricing
• Take advantage of deep liquidity
• See the full market depth
• No requotes
• Have more sophisticated trade types
• Use one click trading
• Trade exotic pairs
Potentially: high net-worth individuals, money managers, institutional investors
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5. Installation
How to register a demo account?
• Go to: https://my.alpari.co.uk/en/demo/ or
• http://pro.alpari.co.uk/en/trading_account/open_demo_account.html or
• www.alpari.com then Trading accounts – Pro – open demo account
Alpari Direct Alpari Direct Pro
• System requirements: • System requirements:
• Windows • Windows, java (Java 6)
• Linux – not supported • Linux – working OK, but officially
• Mac – not supported not supported
• Mobile version: yes – iphone • Mac – working OK, but officially
• Download and istall setup exe not supported
• Mobile version: no
• Web based platform
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6. Alpari Direct – Mobile version
Direct app features:
• Charting
• Specify default settings for order entry
• Live market rates
• Easy-to-navigate order entry screen
• Both limit and stop orders (Important:
Stop loss and take-profit points can be
set once the order has been filled. )
• Detailed view to your open positions,
working orders and closed trades
• Full access to account details
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7. Installation – Alpari Direct
Download
Install
Login
Clients need to enable pop-up windows in their web browsers
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8. Log In – Alpari Direct Pro
Open
Login
Run with Java
Clients need to enable pop-up windows in their web browsers
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9. Alpari Direct Vs Direct PRO
Alpari Direct Alpari Direct PRO
• Application based • Java Based (Latest version of IE, Windows)
• Fully functional navigation bar • Focused on Institutional clients , more customisable ,
• Easy to protect positions less user friendly
• Easy to close trades • Requires more knowledge of the market
• MM tool • To close trades you have to net off your trade
• Basic Market depth • No MM tool
• Mobile trading • More detailed market depth (pricing ladder)
• More Sophisticated order types
Facts
• Both provide instant execution via STP and 100% automated execution with low latency and no manual intervention
courtesy of a NDD
• There is no difference between Direct Pro and Direct in terms of Liquidity , spread and execution
• Fully segregated funds
• Both can trade from the chart (not one click , right click to customise)
• Client support only in English – platform only available in English language.
• Can trade within the spread
• One click Trading mean trades get executed in less then 70millseconds
• Withdrawal is offline only, Not through My Alpari
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10. Product Specification
• $20k
• 100:1 Fixed leverage
• 10,000
• 57 Pairs
• Spot Metal (upon request, must send a email to CS)
• Deposits/Base available in USD, GBP, JPY, EUR, CHF, AUS
Commission
• <$500 Mill =15$ per million P/S
• $500 Mill - $1 Bill = $12.5 per million P/S
• $1 Bill - $3 Bill = $9 per million P/S
• >$3 Bill and above = Better to speak to a sales person direct and Brian to negotiate a rate
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11. Order Types – Direct & Direct Pro
• Market
• Limit (buy or sell)
• Stop (buy or sell) - aka Stop Limit
• OCO (One Cancels Other)
• If Done, OCO
• Iceberg & Pegged orders – not available
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12. Placing a New Order
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13. Order Matching
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14. Market Order
An order immediately executed at the best current market price.
Client sends a Market Order: Currenex Book
Buy @ market
OrderQty = 4M
Fills:
3M @ 1.27023
1M @ 1.27027
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15. Limit Order
An order to buy or sell at the specified price or better.
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16. Stop Orders
• Buy Stop:
Trade request to buy at the Ask price that is equal to or better than that specified in the order. The current
price level is lower than the value in the order. Usually this order is placed in anticipation of that the
security price, having reached a certain level, will keep on increasing.
• Sell Stop:
Trade request to sell at the Bid price that is equal to or better than that specified in the order. The current
price level is higher than the value in the order. Usually this order is placed in anticipation of that the
security price, having reached a certain level, will keep on falling.
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17. Stop Orders - example
1. OrderQty - 4M
2. Expiry - GTC
3. Side - buy
4. Symbol - EURUSD
5. Stop Price - 1.4700
6. StopSide - ask
• In this example, a stop-loss order to buy 4M in EURUSD will become a market order in the
system when the ask price is at or above 1.4700.
• Other clients and banks cannot trade at your Stop Loss Order until it becomes a market
order.
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18. OCO Order
A complex order that consists of two separate legs:
– buy stop + buy limit or;
– sell stop + sell limit.
• When one of the two orders is executed in full,
the other order is automatically cancelled.
• Only one leg can ever be fully executed.
• Used when unsure of market direction in the
short term.
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19. If Done, OCO Order (IFD/OCO)
The execution of the IFD order will trigger the second pair of order, OCO, which combines a take profit and
stop loss order to be submitted.
Example: Let’s place a buy stop order to enter the market @ 1.2700 with a take profit @
1.2800 and a stop loss @ 1.2600:
1. Type – stop order
2. Side – buy
3. Rate – 1.2700
4. IFDThenSide – sell
5. OCOLeg1Type – take profit
6. OCOLeg1LimitRate – 1.2800
7. OCOLeg2Type – stop loss
8. OCOLeg2StopRate – 1.2600
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20. Alpari Direct Money Manager
Utilizing the Alpari Direct user interface, the Alpari Direct Money Manager solution provides asset managers
with a wide range of trading and administrative solutions, all through a single account with a unified User
Interface (UI).
Money Managers can define how they want to allocate trades, send and manage orders for execution, then
view the details and breakdowns of the resulting positions.
To help accurately manage client accounts and monitor risk, the Alpari Direct Money Manager Interface
provides real-time information on all client account balances and utilized margin.
ORDER TYPES
ABOUT MONEY MANAGER
The Alpari Direct Money Manager supports the
Money Manager allows you to assign an individual
following order types:
money manager the ability to place orders and
execute trades that are then allocated in a pre-
• Simple Orders • Conditional Orders
defined proportion to one or more client
accounts. • Market • One Cancels Other
• Limit (OCO)
• Stop Loss • If Done (IFD)
• Stop Limit • If Done OCO (IFO)
• Trailing Stop
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21. Alpari Direct Money Manager
Allocations
The Money Manager tab enables you to easily allocate trades to clients. The Money Manager GUI uses two types of
Allocations: PAMM and LAMM allocations
PAMM Allocations LAMM Allocations
Percentage Allocation Management Module (PAMM) Lot Allocation Management Module (LAMM) allocations
allocations enable you to allocate trades by client enable you to allocate trades by lots. You can configure
account balance, client account equity , or percentage of allocation groups with lot sizes for currencies, gold and
trade. There are 3 PAMM allocation options: silver, then assign the number of lots you want to each
client in the group.
Balance – The system automatically calculates and assigns
allocations based on the balances of the clients assigned You can then assign that group to each trade you make. The
to the selected Allocation Group. trade is then automatically allocated to the clients in the
Equity – The system automatically caluclates and assigns group as configured.
allocations based on the equities of the clients assigned
to the selected Allocation Group.
Percentage – Manually enter the allocation percentages into
the Allocations column in the interface.
All allocations are guaranteed to be booked at the same rate
as the originating parent trade. You can change
allocations to manually adjust client participation levels
and to balance portfolio.
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22. Alpari Direct Money Manager
Commissions
The Direct Money Manager system enables you to charge commissions for each trade. Because commissions are assigned on a
per-client basis, you can charge different commissions to different clients participating in the same block trade
Partial Fills
In order for you to capture the best available liquidity and market movements, the Direct Money Manager GUI supports partial
fills. Any partial fills will be allocated based on the allocation of the originating parent order. All allocated trades appear in client
accounts as trades in their own right.
Real-Time Margin Check
At trade execution, the margin requirement of each individual client allocation is checked against each account, in real-time,
before the block rate is finalized. If an account does not have sufficient margin, the overall trade will be cancelled to ensure
system integrity and an alert will be sent to you.
Client Accounts
Each client account can have only a single Money Manager, and each client has a read-only interface, through which they can see
the trades that have been executed on their behalf. The interface only shows positions, trades executed and margin information ,
it does not allow trading. It also enables the clients to run standard reports.
Money Manager and Introducing Brokers
Money Managers and Introducing Brokers are not mutually exclusive. An account can receive both Money Manager and
Introducing Broker commissions.
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23. Alpari Direct Money Manager
Position Management Support
To support different trading styles and varying regulatory requirements, Alpari Direct offers both vNet and Net
position management method Money Manager accounts. All accounts managed under a single Money
Manager account must be of the same position management style.
Net Position Management Method vNet Position Management Method
In this mode, margin nets all the long and short trades during Virtual Net (vNet) position management also nets all the long
the current trading day for each currency pair, and short trades during the current trading day for each
maintaining only one netted position per currency pair currency pair, maintaining only one netted position per
per account. Netting occurs in FIFO order. Margin currency pair per account. vNet also nets in FIFO order
utilization is calculated on each pair’s net position. and calculates margin utilization on the net position of
each pair.
At rollover, the system flattens all trades within an open
position into one single trade, with an average rate that However, vNet indefinitely maintains full FIFO accounting
is treated as the first trade of the next trading day. across trading days, which affects reporting, and
recognizes profit and loss in real time.
Finally, at rollover time vNet does not collapse the trades that
make up a position, thus continuously maintaining FIFO.
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24. Alpari Direct Money Manager
Reporting
The Direct Money Manager provides the following reports in electronic format:
• Order History Report – contains a complete history of your orders for a selected date.
• Client Position Report – provides end-of-day position information for each client for a selected date
• Trade Details Report – displays all trades that the Master Account executes (as well as each of the allocated trades for the
client accounts) for a selected date range
• Commission Report – displays the commissions that clients have paid as of selected dates. This report can be run for an
individual client of for all clients
Reports can be generated ad hoc from the underlying trade data and account transactions.
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25. FIX API
Financial Information eXchange (FIX) Protocol is a messaging standard
developed specifically for the real-time electronic exchange of securities
transactions.
Application Programming Interface (API) – An API is a specification intended
to be used as an interface by software components to communicate with
each other. In this case a trading platform and liquidity pool & pricing.
Alpari UK can offer an API connection via the Alpari Direct (Currenex)
platform. This is a way for clients to connect and using their own interface
or GUI (general user interface) with our liquidity via Currenex. The API
connection is from Currenex.
For more information: contact the Pro support team.
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