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Fills on Large Orders

Large Orders

Effective June 10, 2007

No Restrictions on Maximum Order Sizes

The FXCM Trading Station II allows for order sizes up to 50 million per trade. Traders have the ability to trade incremental sizes (multiple orders of up to 50 million for the same pair).

Place Orders of $10 Million or $50 Million with No Dealing Desk Execution

Clients have the ability to trade large order sizes; however, partial fills can occur. Clients who want the entirety of their orders filled should use "At Market" price execution. Our liquidity providers,§ stream quotes that are valid for different liquidity amounts. One liquidity provider may provide a price that is good for $2 million and another for $5 million. In order to provide clients with the best available price for large orders, client orders may be executed from prices provided to FXCM by multiple liquidity providers. These prices include our mark-up, which may vary based on account type and liquidity provider.

The execution for all types of large orders is new. Large orders may be partially filled or broken into smaller units; these units may be filled at different price levels. The execution methodology for large orders will fall into four categories: 1) Market Range, 2) At Market, 3) Stop Entry, and 4) Limit Entry. Read below for details on how each type of order is executed.

Market Orders

Clients have a choice on how their market order is executed: "Market Range" or "At Market" Price.

Create a Market Order

Market Range

The default setting is Market Range at zero. The order will be filled only at the price or within price ranges specified by the trader. The number to the right of Market Range allows you to set the range (in pips) from the current rate that you will accept a fill. Partial fills may occur, and any part of the order that cannot be filled will be cancelled.

Q: When I use a Market Range order, how do I know how much of the order has been filled?

A: You can see the number of lots executed by checking the "Open Positions" window, for new positions or changes to existing positions.

Create a Market Range Order

Making a Market order to buy 30 100K lots of GBP/USD with the "Market Range" set to "0".

Open Positions: Market Range set to zero

20 lots are filled at your price, but the additional 10 lots cannot be filled at this price at this time, so the remaining 10 lots are canceled and disappear. You will receive a message informing you that part of your order could not be filled as specified, and then you will see the 20 executed lots in the "Open Positions" window.

"At Market" Price

The entire order is filled at the best prices available at that time. These prices include our mark-up, which may vary based on account type and liquidity provider. The order may be filled at multiple prices.

Order Type: At Market

Open Positions Window

20 lots are filled at 2.0027, and the next 10 lots are filled at the best available price, which in this case is 1 pip worse.

Stop and Limit Entry Orders

These orders are always done at the prices specified by the trader. If only part of the order can be filled at the price, the remainder of the order will continue to appear in the Orders window

Orders Window

Limit Entry order for 30 100K lots of EUR/USD at 1.3610. Because of limited liquidity, only 20 lots are able to be executed, and they appear in the "Open Positions" window.

Open Positions Window

The remaining 10 lots wait in the "Orders" window for 1.3610 or better to be quoted again.

Orders Window

5 minutes later, 1.3610 is quoted again, and the remaining 10 lots are filled, creating a new ticket.

Open Positions Window

Closing a Position with a Market Order

The same options for Market orders to open new positions are available for Close Orders, and execute in the same manner.

Close Positions Window