DMA市场直接交易模式 VS 做市商交易模式

最主要的区别在哪里?

DMA 是指交易平台没有交易员对客户下的单做手脚,系统会把所有的交易单直接传递到市场进行价格匹配,在加快了执行速度的同时也避免了反复报价和退单的情况。FP Markets为保证交易的完全透明,赢得机构客户的信赖,我们的差价合约全部为DMA市场直接交易模式。因此我们不断增加全球范围内更为丰富的交易产品。

做市商模式无法保证为客户提供一个透明的交易平台,市场是他们自己创造的,所有的客户在他们自己创造的小市场里相互交易。他们的角色是扮演一个中间人的角色,掌控着报价的同时会经常在对客户不利的价格成交,所以报价会有延迟和退单的情况。所以很容易理解为什么有经验的投资者会选择DMA的平台。

Direct Market Access Exchange Traded Market Maker
Price is Identical to the Exchange
Liquidity is Identical to the Exchange
Complete Price Transparency
Orders Flow onto the Underlying Market
Real Market Liquidity
Participate in Open and Close Market Phases
Trades are 100% Hedged
Price Maker
Price Taker
Potential to Profit from Client Losses
Dealer Intervention

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Direct Market Access CFDs

FP Markets provide CFDs via the Direct Market Access (DMA) model because we believe it is the most fair and transparent model available. DMA traders are ‘price makers’ as they can enter and see an equal order flow onto the queue of the underlying exchange. This ensures they receive true ASX prices on every trade. DMA CFDs result in real-time execution with market prices and allows to you to participate in the order book and opening and closing phases of the market.

The flow chart below shows how the price fee comes directly from the market rather than through a dealer.

DMAorMM1

Watch a Direct Market Access trade being placed

The following video shows a Direct Market Access trade being placed on IRESSTrader

Exchange Traded CFDs

When trading ASX CFDs, orders are entered directly via a Participant into the ASX CFD central market order book. This order book is available for the market to see. All orders are executed on a strict price/time priority. This means that the first order with the best bid or offer price is always executed first. Trading in the ASX CFD central market order book also ensures ‘client orders’ are always given priority over a broker’s ‘house orders’.

Market Maker CFDs

Market Maker CFD prices are not identical to the prices on the underlying market. Market Makers derive their prices from the underlying market usually adding a spread. As an intermediary a Market Maker has the ability to alter prices in their favour, causing slippage which can be a significant cost of trading. Market Makers do not hedge 100% of their CFD positions and have the potential to profit from client losses. When trading through a Market Maker orders are at the discretion of a dealer. CFD orders are not placed directly on the market but flow through a dealer, resulting in orders being filled at inferior prices, so trading is slower especially in fast moving markets.

Market Makers will not provide clients with market depth and/or volumes which can be vital for successful trading. Price re-quotes or order rejections make it very hard to get decent execution and the inability to trade in market auctions means less liquidity.

The flow chart below illustrates how all orders and price feeds flow directly through a dealer and that all decisions are at the dealers discretion.

DMAorMM2

 

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