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MBTFX: Our Proprietary EXN Router

What is MBTFX and Why is It Important to Your Trading?

MB Trading FX’s EXN (Electronic Xrossing Network), combined with our proprietary MBTFX routing system, allows us to directly post our customer limit orders into the quote for other traders to see and fill against. This provides fast execution and gives clients price improvement versus a bank or STP destination. This allows us to deliver transparent FX pricing in a non-deal desk environment where our clients are participating in creating the market, tightening spreads, and improving execution speeds for both sides.

Many other brokers are deal desks that largely take the other side of your trade and then hand off their positions to larger banks to lower their risk when necessary. They profit in the fixing of spreads and through the netting of customer positions. The MBTFX routing systems connects you directly to liquidity providers and allows you to post orders on your particular feed (Pay for Limits or Free EXN) for all to see, giving you transparent execution at the best possible price. Want to see if competing brokers are truly transparent? Then use “The MBTFX Test.” Find any currency pair on any broker’s system. (For simplicity, use a pair with a three or more pip spread.) Let’s say the Bid is 100 and the Offer is 103. Now enter an order to buy at 101. If you and everyone else on your broker’s system do not immediately see your new Bid at 101, thus now making the market 101 by 103, then you are not on a truly transparent network. It’s that simple.

Additionally, some brokers route orders to various banks, known as Straight Through Processing (STP) execution. This could be just one or several banks where the broker identifies the best price at the time of your trade and routes your trade to that bank. If you have too few banks, your chance of getting a good price decrease dramatically, MB Trading FX connects to many banks and liquidity destinations and uses a proprietary routing system to route your trades, always seeking the best execution.

Our proprietary EXN technology gives you top-rated execution (rated best by IB Times in 2011) and incredible flexibility. Those benefits are some of the reasons why we have been ranked us as one of the top online brokers by multiple award and recognition companies in the industry. Now MB Trading FX is offering you choices in how you pay for your trades, and our MBTFX technology plays a very specific role in either plan:

Free EXN Plan

The plan employs the EXN technology in a markup only plan, which means that MB Trading receives a markup embedded in the spread as compensation. How we differ from our competitors, though, is significant. You can still post your Limit orders to be immediately reflected to the market for others to fill against. The price you get, whether it is a Limit order that gets filled or a market order that hits a destination, is your net cost. No other broker currently allows you a commission free trade AND allows you to put a Limit order directly between the spread, see it displayed in the quote immediately, get hit by another customer on the Free EXN Plan, and still pay no commission. With our Free EXN plan, MB Trading FX still offers some of the most competitive spreads on the market. The Free EXN plan is available only through our MetaTrader 4 at this time. To learn more about our Free EXN plan click HERE

Pay for Limits Plan

MB Trading FX continues to offer our revolutionary Pay For Limits plan. We were the first Forex broker to pay you for adding liquidity to our system and we remain the only one. On this fee plan, there is no mark up in the spread at all. You get the raw quotes from all of our liquidity providers, organized by best price. For access to that direct pricing, we charge a routing fee of 2.95 per 100,000 of your base currency per execution. However, our MBTFX technology gives you an added benefit. When you place a Limit order that rests on our EXN order book and that order then gets executed, we pay you 1.95 per 100k base currency for that order in lieu of any fee. That’s a reward for you for adding liquidity for other traders to see and hit. Our Pay for Limits plan consistently delivers some of the lowest overall Forex trading costs available.

See the various pricing and plans HERE

A note about EXN:

Electronic Xrossing Network (EXN) is a new term to MB Trading FX, however, we have been using this technology all along. Nothing has changed, other than the name. We still provide you with the same transparent trading and excellent execution. The new name more accurately reflects your ability to cross orders with others on our proprietary network. Additionally, the NFA has changed its definition of a Forex ECN such that brokerages that accept retail customers cannot be deemed an ECN.

Securities products are offered through Manhattan Beach Trading Financial Services, Inc. ("MBTFS"), member FINRA, SIPC. MB Trading Futures, Inc. (MBTF) is a CFTC registered RFED and member of NFA. MBTF offers execution and settlement services for futures based products and off-exchange foreign currency (Forex) products. Trading in futures, options and Forex is speculative in nature and not appropriate for all investors. Investors should only use risk capital when trading futures, options and Forex because there is always the risk of substantial loss. MBTFS and MBTF are sometimes referred to collectively herein as "MB Trading."

¹MB Trading FX offers two Forex pricing models. Both models employ our RFED to client facing execution system with slightly different pricing and markup models. For purpose of clarity the two pricing models (Plan 1 and Plan 2) both operate on the same technology. The underlying technology is named The MB Trading Electronic Xrossing Network, abbreviated as EXN for the remainder of this disclaimer. The main differentiator between the models is twofold.

A. Difference in amount of markup or markdown of liquidity partner (banks) quotes when displayed to clients.
B. Commission Structure charged to client

Plan 1 or “Pay for Limit” plan employs the EXN technology in a commission model. This model charges a client 2.95 in their base currency per 100k of executed currency for market orders and pays a client 1.95 of base currency for posted, executed limit orders. In the Pay for Limits model, the term "Payment for Limit Order" refers to a non-market order which is not immediately executable and rests on the internal limit order book for some period of time, thus adding liquidity when another order of equal or greater value fills with the resting order.

Free Commission Plan employs the EXN technology in a markup only plan, which means that MB Trading receives a markup embedded in the spread as compensation. This plan does not add an additional commission, does not pay the client a rebate for posted liquidity as Plan 1 does yet does still offer the benefit of allowing the client to post quotes which is displayed to all other clients on Plan 2.

Additional information to note is that “Actual Total Paid to Clients” counter is kept on the company website which displays The Actual Total Paid to Clients currency number which is updated every five minutes and stops counting during the weekend when the market is closed. The number calculates from the launch of Pay for Limits, which was January 31, 2011.

Due to higher cost of business in China, “Get paid for limit orders” is not available for Chinese residents. All Chinese residents have a fee of 2.95 for all order types. Accounts with special commission rates are excluded from Payment for Limit Orders. There is a minimum fee of $0.01 for all Forex and spot trading orders that take liquidity.

MB Trading earned a 4.5 out of 5 star rating in Barron’s 2011 Review of Online Brokers, tying for the top spot overall. The company earned a total of 33.8 points, one tenth of a point under the top score. MB Trading also scored in the top three for separate categories of Range of Offerings, Trade Experience, Trading Technology, Usability, and Customer Service and Education. MB Trading earned a 4.5 out of 5 star rating in Barron's 2010 Review of Online Brokers. The company ranked second overall and tied for first place in the categories of Trade Experience and Portfolio Analysis & Reporting. The company also won the category of Usability. The company also tied for first place in the separate categories of "Best for Frequent Traders" and "Best for Options Traders."

*Real-time Forex Quotes are provided via the MBT Quote API. Quotes are available during platform hours from Sunday at 5 pm EST to Friday at 5 pm EST, except during the scheduled maintenance period from 4:58 pm to 5:06 pm EST. Extended maintenance periods are possible, and messages regarding maintenance are sent via the MBT Desktop, MBT Desktop Pro, and MBT Web 2.0 trading platforms. In addition, MBT begins MetaTrader 4 maintenance at 4:57 pm EST, one minute earlier.

MB Trading provides Google Translation of our website for educational or informational purposes for its international customers. The graphics, applications and some portions of the website are not translated. Customers must bear the sole responsibility of evaluating their regional translation before making any decisions based on such information outside of what the English version of the site represents.