Straight-through processing (STP) memungkinkan seluruh perdagangan memproses transaksi pasar modal (capital market) dan pembayaran harus dilakukan secara elektronik tanpa perlu untuk intervensi re-keying atau manual, tunduk pada pembatasan hukum dan peraturan. Konsep juga dipindahkan ke sektor lain termasuk energi (minyak, gas) perdagangan dan perbankan, dan financial planning. (wikipedia)
STP - Straight Though Processing - berarti bahwa ada tidak adanya dealing desk terlibat dalam quoting & controlling harga (tidak membuat pasar), tetapi sebaliknya semua pesanan yang melewati ke penyedia likuiditas (broker lain dan Bank), dimana mereka dieksekusi pada harga bid/ask yang diberikan oleh penyedia likuiditas mereka.
Jadi, broker STP dengan tidak adanya dealing desk akan mengarahkan semua perintah untuk likuiditas Provider(s). Apa yang terjadi selanjutnya?
Penyedia Likuiditas (LP) selalu bertindak sebagai kepala dan Conterparty untuk perdagangan Anda. LP mengambil sisi lain dari posisi Anda, sambil melihat untuk membuat keuntungan dengan menutup posisi ini kemudian dalam perdagangan dengan pihak lain.
(Sama seperti dengan ECN broker, yang melempar perdagangan Anda ke kolam ECN (ECN Pool), dimana penyedia likuiditas lain - Bank, hedge fund, broker, investor - menjadi rekanan untuk perdagangan Anda).
Penjelasan lengkap mengenai STP dapat di cek di bawah:
| STP broker | ||||
|---|---|---|---|---|
| 1lotstp | Instant & Market execution | fixed & variable | All accounts | > 30 |
| 1pipfix | Instant execution | fixed | All accounts | 25 |
| 3TG Brokers | Instant & Market execution | fixed & variable | Fixed & Variable accounts | 70+ |
| 4runnerforex | Instant execution | fixed | Fixed spread accounts | 25 |
| 4XDG | Instant execution | fixed & variable | STP accounts | 3 |
| AAAFx | Market execution | variable | All accounts | 3 |
| Abshire-Smith | Instant & Market execution | fixed & variable | All accounts | 12 |
| AccentForex | Instant & Market execution | fixed & variable | STP accounts - Market execution | 5+ |
| ACFX | Market execution | variable | STP accounts | 2 |
| ACM Gold | Market execution | fixed | All accounts | 1 |
| ACM (Swissquote Bank) | Instant execution | fixed | All accounts | 7 |
| ActivTrades | Market execution | variable | Interbank accounts | 2 (Citi, Deutsche Bank) |
| Advanced Markets | Market execution | variable | All accounts | 11 (Macquarie Bank, Bank of America, Barclays Capital, Citi, Commerzbank, BNP Paribas, Deutsche Bank, J.P. Morgan, Morgan Stanley, Nomura, UBS) |
| AFX Capital | Market execution | variable | AFX Classic accounts | 5 |
| Alpha Trading CM | Instant execution | fixed & variable | All accounts | > 20 |
| AmigaFX | Instant execution | fixed | All accounts | 2 |
| Andromex | Market execution | variable | All accounts | 2-10 |
| Arab Financial Brokers (AFB) | Instant execution | fixed | All accounts | 2 |
| Araxo4x | Instant & Market execution | fixed & variable | All accounts | 22+ |
| Armada Markets | Market execution | variable | All accounts | 5 |
| AssetsFX | Instant & Market execution | variable | All accounts | 1 (LMAX) |
| ATC Brokers | Instant & Market execution | variable | All accounts | 1 (FXCM) |
| Axiory | Market execution | variable | All accounts | 8 banks |
| AxiTrader | Market execution | variable | All accounts | 14 |
| BeamFX | Instant execution | variable | All accounts | 1 (Alpari, dbFX, Dukascopy, FXCM, Forex.com) |
| BelforFx | Instant & Market execution | fixed & variable | All accounts | 30 |
| Blackwell Global | Instant & Market execution | fixed & variable | All accounts | 12 (BOA, Barclays, Citi, Credit Suisse, HSBC, JP Morgan, Standard Chartered, BNP Paribus, Deutsche Bank, RBS, USB, and Morgan Stanley) |
| BNFX | Market execution | variable | All accounts | 11 |
| Boston Prime | Market execution | variable | All accounts | 12 |
| Brokers Star | Market execution | variable | All accounts | 14 |
| CFH Markets | Instant & Market execution | variable | All accounts | all top tier 1 banks |
| Direct FX | Instant & Market execution | variable | All accounts | 15 (tier 1 banks) |
| Divisa Capital | Market execution | variable | All accounts | 12 |
| ECNTradeFX (ETF) | Market Execution | variable | "ECN" accounts | 16 (banks) |
| eToro | Instant execution | fixed | All accounts | 1 (RetailFX) |
| Exto Capital | Instant execution | variable | All accounts | 13-15 |
| FBS | Market execution | fixed & variable | All accounts | 10+ |
| Fidelis | Market execution | variable | All accounts | 10+ |
| FinFX | Market execution | variable | All accounts | 15, termasuk Integral’s FX Grid |
| Finotec | Instant execution | variable | All accounts | 18 |
| Forex Broker Inc | Instant & Market execution | fixed & variable | All accounts | 3 |
| Forex Club | Instant execution | fixed & variable | ActTrader platform | 7-10 |
| Forex FS | Instant & Market execution | variable | All accounts | 4 (banks) |
| Forex4you | Instant & Market execution | fixed & variable | All accounts | 2 (primary; + few reserve) |
| ForexTrading | Instant & Market execution | fixed & variable | All accounts | 12+ |
| Fortune4x | Instant execution | fixed | All accounts | 2 |
| Fortress Capital | Instant execution | fixed & variable | All accounts | > 30 |
| FW Markets | Markets execution | variable | All accounts | 3 |
| FX Online Trading | Instant & Market execution | variable | All accounts | 10 |
| FXcast | Instant execution | fixed | All accounts | 5 |
| FXCH | Instant execution | fixed | All accounts | 8 |
| FXCM - Forex Capital Markets | Market execution | variable | All accounts | 10+ |
| FXDealer | Instant & Market execution | fixed | All accounts | 1 (FXDD Malta) |
| FxGlory | Instant & Market execution | fixed | All accounts | 5 |
| FXGM | Instant execution | fixed | All accounts | broker menolak memberikan info |
| FxNet | Instant execution | fixed | All accounts | 3 |
| FXOptimax | Market execution | fixed & variable | All accounts | 1 |
| FXPRIMUS | Instant execution | fixed & variable | All accounts | 5-10 |
| FXTG (ForexTG) | Instant execution | fixed & variable | All accounts | 15 banks |
| FX|Clearing | Instant execution | variable | "ECN-PRO" accounts | 1 |
| GAINSY | Market execution | variable | STP accounts | 20 |
| Gallant Capital Markets | Market execution | variable | Micro & Standard accounts | 15 |
| GCI Financial | Instant execution | fixed | All accounts | 10 |
| GDMFX | Instant & Market execution | fixed & variable | All accounts | 15 |
| GKFX | Instant & Market execution | fixed & variable | All accounts | 10 |
| GO Markets | Market execution | variable | All accounts | 70 |
| Goldstein Brokers | Market execution | variable | All accounts | 9 |
| Grand Capital | Instant & Market execution | variable | All accounts | 11 (Bank of America, BNP Paribas, Citibank, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Newedge, Prudential Financial, Societe Generale) |
| GreenFX traders | Instant execution | fixed & variable | All accounts | 6 banks |
| GTL Forex | Instant execution | fixed | All accounts | broker menolak memberikan info |
| Hirose Financial UK | Instant & Market execution | fixed | All accounts | 10 |
| HotForex | Market execution | variable | All accounts | 6 |
| IamFX | Market execution | variable | All accounts | 2 (IB for GCMFX) |
| IBFX | Market execution | variable | All accounts | 11-12 |
| Iceberg Brokers | Instant execution | variable | All accounts | 18 |
| IC Markets | Market execution | variable | STP accounts | 2 |
| IFC Markets | Instant execution | fixed | All accounts | 5 |
| IKON Markets | Instant & Market execution | variable | All accounts | 15-20 global banks and financial institutions |
| InstaForex | Instant execution | fixed | All accounts | broker menolak memberikan info |
| InvestTechFX | Instant execution | fixed | All accounts | 1 (Globex Interbank - Interbank FX Clearing group) |
| Investorseurope | Market execution | variable | All accounts | 15 banks |
| IronFX | Instant execution | variable | All accounts | 2 |
| JFX | Instant execution | variable | STP accounts | 9 |
| Lider Forex | Instant execution | variable | All accounts | 1 (FXCM broker) |
| Liquid Markets | Market execution | fixed & variable | All accounts | 10 |
| Liquidex | Market execution | variable | All accounts | 3 |
| LiteForex | Instant & Market execution | fixed & variable | All accounts | 21 |
| LMAX | Market execution | variable | All accounts | 4 (LCH.Clearnet (central LP), Goldman Sachs, JPMorgan, Optiver) |
| Loyal Forex | Instant execution | fixed | Mini & Standard accounts | 25 |
| Lucror FX | Instant execution | variable | All accounts | broker menolak memberikan info |
| Mandus Invest | Instant execution | fixed | All accounts | 1 (ODL Securities broker) |
| Masarut Capital Group | Instant execution | fixed | All accounts | broker menolak memberikan info |
| MaxProCapital (MPCL) | Instant & Market execution | fixed & variable | All accounts | 27+ |
| MAYZUS | Instant & Market execution | fixed & variable | STP accounts | 2 banks (+10 via Currenex) |
| MBCFX | Instant execution (Market execution on Currenex) | fixed & variable | All accounts | 20 |
| MIG Bank | Instant & Market execution | variable | All accounts | 17 (Bank of America, Barclays, BNP Paribas, Citibank, Commerz Bank, Credit Suisse, Deutsche bank, Goldman Sachs, HSBC, J.P.Morgan, Lucid Markets, Morgan Stanley, Nomura, RBS, SEB, Societe Generale, UBS) |
| MFC Investment | Market execution | variable | All accounts | 18 |
| MyTrade Markets | Instant & Market execution | fixed & variable | STP accounts | 5 |
| Nord FX | Instant execution | variable | Standard accounts | 18+ (via Currenex and Integral to: Bank of America, Barclays, BNP Paribas, Citibank, Commerz Bank, Credit Suisse, Deutsche bank, Goldman Sachs, HSBC, J.P.Morgan, Morgan Stanley, MUFG, Natixis, Nomura, RBS, SEB, SMBC, UBS)) |
| OctaFX | Market execution | variable | All accounts | 10 |
| PaxForex | Instant execution | variable | All accounts | 5 |
| Pepperstone | Market execution | variable | All accounts | 22 (banks and ECNs) |
| Pacific Financial Derivatives (PFD-NZ) | Instant & Market execution | fixed & variable | All accounts | 12 |
| PipFixed | Instant execution | fixed & variable | All accounts | 1 (2PipFixed) |
| Profiforex | Instant & Market execution | fixed & variable | All accounts | 3 |
| Real-Forex | Market execution | variable | All accounts | 10 (Bank of America, Citibank, Deutsche Bank, Goldman Sachs, J.P.Morgan, Morgan Stanley, UBS) |
| Renesource Capital | Market execution | variable | FX Calssic accounts | 26 (ADM, Deutsche Bank, MAREX, GFT, JSC IBC Finasta, JSC Citadele Banka, JSC Latvijas Krajbanka, KIT Finance, MF Glbal, ODL Securities, Penson Financial, Pinnacle Capital Markets, Saxo Bank, Swedbank, Commerzbank and other ) |
| RFXT - Royal Forex Trading | Instant execution | fixed & variable | R-Fixed, R-Variable accounts | 5 (Deutsche Bank NY, Alpari UK, CMS Forex UK, ASD Securities etc.) |
| RoboForex | Instant & Market execution | fixed & variable | Pro accounts | 16 (through Integral: Citibank, Deutsche Bank, Bank of America, UBS, HSBC, NOMURA, RBS, BNP Paribas, Credit Suisse, COMMERZBANK, SEB, SMBC, Morgan Stanley, Goldman Sachs, JPMorganChase, NATIXIS |
| RobustFX | Instant execution | fixed | All accounts | 30+ |
| RPD FX | Market execution | variable | All accounts | 20 (through Integral) |
| Sensus Capital Markets | Market execution | variable | All accounts | 10 |
| SGT - Sterling Gent Trading | Instant & Market execution | fixed | All accounts | 12 |
| Shaw Markets | Instant execution | variable | All accounts | broker menolak memberikan info |
| Sun Hung Kai Forex | Market execution | variable | All accounts | broker menolak memberikan info |
| Sisma Capital | Instant & Market execution | fixed & variable | All accounts | 67 |
| Strategem FX | Instant & Market execution | fixed & variable | All accounts | 10+ |
| Solidity Brokers | Instant & Market execution | fixed | FIX-STP accounts | 11 (banks) |
| SpartanFX | Instant execution | variable | All accounts | 5 |
| STRATO Markets | Instant execution | fixed & variable | All accounts | 10+ |
| Sucden Financial | Instant & Market execution | variable | All accounts | 15 banks |
| Sunbird | Market execution | variable | All accounts | 5 |
| Synergy FX | Market execution | variable | All accounts | 20 banks |
| The Collective FX GLOBAL | Market execution | variable | All accounts | 1 (FXPro) -> to 27 LPs |
| ThinkForex | Market execution | variable | All accounts | 70 (banks via Currenex) |
| Trade Bank FX | Market execution | variable | All accounts | 10+ |
| TradeFort | Instant & Market execution | fixed & variable | All accounts | 8 (Deutsche Bank, Barclays, Goldman Sachs, Morgan Stanley, Nomura, UBS, Merrill Lynch, Credit Suisee) |
| Tradenext | Market execution | variable | All accounts | 2 |
| TradeNovaFX | Market execution | variable | All accounts | 7 banks |
| Trader's Way | Instant execution | variable | STP accounts | 18 |
| Traders Pulse | Instant execution | variable | All accounts | 30 |
| Traders Trust | Instant execution | variable | STP accounts | 3 (Barclays, Deutsche Bank and Citybank) |
| TradersChoiceFX | Instant & Market execution | fixed & variable | STP accounts | 1 (one of: GAIN Capital, FXDD and FXCM brokers) |
| Tradestation Securities | Market execution | variable | All accounts | 23 (numerous market centers such as NYSE, Nasdaq, ATD, CME, CBOT) |
| Tradeview | Market execution | variable | All accounts | 30 |
| UFXMarkets | Instant execution | fixed | All accounts | 1 (broker) |
| United Forex | Instant execution | fixed | All accounts | 10 |
| UpFX | Instant & Market execution | variable | All accounts | 10 banks and 4 private hedge fund/brokers |
| UPME Group | Instant & Market execution | fixed & variable | All accounts | broker menolak memberikan info |
| Valbury Capital | Market execution | variable | All accounts | a basket of banks |
| Vantage FX | Instant & Market execution | variable | All accounts | 70 |
| Vantage FX UK | Instant & Market execution | variable | All accounts | 70 |
| Varengold Bank FX | Instant & Market execution | variable | All accounts | 10+ |
| Velocity Trade | Market execution | variable | All accounts | 8 |
| Vitesse Blue | Instant execution | variable | All accounts | 5 |
| WFX Markets | Market execution | variable | All accounts | over 30 |
| WH SelfInvest | Market execution | variable | All accounts | 15 (banks: J.P.Morgan, Citibank, Deutsche Bank, Barclays ...) |
| Windsor Brokers | Instant & Market execution | variable | Dynamic STP accounts | broker menolak memberikan info |
| WorldPro FX | Instant execution | fixed & variable | All accounts | 7 |
| YouTradeFX | Instant execution | fixed | All accounts | 60 |
| Market execution | variable | All accounts | 6 |
No Dealing Desk - Berarti STP
Setiap broker forex yang tidak menjalankan dealing desk biasa di sebut "STP broker".
Tetapi setiap broker STP dapat berbeda:
Broker A - No dealing desk IB (introducing broker) yang hanya melempar order klien ke broker utama - menyebutnya "STP"
Broker B - No dealing desk broker, yang mengisi order klien sendiri menggunakan eksekusi instan, dan kemudian segera (dan secara otomatis, tanpa campur tangan manusia) offset 100% dari mereka pesanan dengan penyedia likuiditas sendiri - menyebutnya "STP"
Broker C - No dealing desk broker, yang melewati order klien langsung ke penyedia likuiditas yang menggunakan Market execution - menyebutnya "STP"
Ada 3 komponen penting yang akan membantu Anda untuk mempelajari lebih lanjut tentang setiap broker STP:1. Kedalaman kolam likuiditas (jumlah penyedia likuiditas)
2. Tipe Spreads (tetap atau variabel)
3. Jenis eksekusi (instan atau market)
1. Liquidity providers and Depth of the liquidity pool. Kenapa begitu penting?
Tidak seperti broker ECN yang mengirim pesanan ke kolam liquidity ECN dengan sejumlah besar penyedia likuiditas perdagangan di interbank, STP broker memiliki "kolam likuiditas internal sendiri", yang terdiri dari sejumlah ditentukan lebih kecil dari penyedia likuiditas - hanya mereka dengan siapa STP broker telah menandatangani kontrak bisnis. Penyedia likuiditas tersebut kemudian akan bersaing untuk menyediakan harga bid/ask terbaik untuk pesanan datang dari STP broker.
Semakin banyak liquiditor provider disistem, semakin dalam kolam liqudity.
Penting menyebutkan bahwa jika seorang broker STP memiliki penyedia likuiditas hanya satu (LP), akan ada tidak ada persaingan harga antara LPs, dan karena itu akan sama dengan hanya menambahkan lagi "perantara" ke dalam perdagangan. Hari ini broker Forex mencoba untuk memiliki lebih dari satu provider likuiditas untuk dapat menawarkan lebih dalam likuiditas, harga yang lebih baik (bid/ask) dan, sebagai akibatnya, spread yang lebih rendah.
2. STP spreads: fixed vs variable?
Broker STP saat ini menawarkan dua jenis Spread: tetap dan variabel.Broker STP dengan spread variabel (floating spread) bekerja dalam cara serupa ke ECN (tapi di dalam kolam likuiditas internal sendiri): sementara penyedia likuiditas bersaing untuk menawarkan harga bid/ask terbaik, STP broker akan mengambil tawaran harga terbaik dari satu penyedia likuiditas dan meminta harga dari penyedia likuiditas lain yang terbaik dan memberikan arus terbaik menyebar ke klien sendiri (+ sendiri kecil mark-up yang memungkinkan STP broker untuk mendapatkan keuntungan (komisi)).
STP broker dengan spread tetap tidak akan menyesuaikan spread untuk klien berdasarkan harga bid/ask terendah ditawarkan oleh penyedia likuiditas. Spread akan tetap tetap sepanjang waktu.
Jika seorang broker STP memiliki hanya 1 penyedia likuiditas, penyedia likuiditas ini akan bertindak sebagai satu rekanan untuk semua klien perdagangan. Dalam hal ini pedagang berada di kendali dari penyedia likuiditas, yang memutuskan mana harga mengutip dan kapan.
Jika ada beberapa penyedia likuiditas, tetapi spread tetap, ini berarti bahwa STP broker menggunakan sendiri harga back-office yang pencocokan engine, yang memastikan bahwa broker dapat membuat keuntungan pada perbedaan spread. Untuk melakukan itu, klien dikenai spread tetap, yang lebih tinggi dari tingkat terbaik yang tersedia di broker tersebut. Broker kemudian menghasilkan perbedaan spreads sementara segera melakukan hedging perdagangan ini dengan LP pada tingkat yang lebih baik.
3. Instant vs Market execution?
Versi 1: "Instant execution" dalam kecepatan eksekusi order: pemrosesan order cepat, seketika.Versi 2: "Instant execution" mengacu pada metode pelaksanaan order: teknologi eksekusi yang digunakan pada trading platform. (Trader dapat menemukan di order window ketika mereka membuka/menutup posisi). Kami tertarik untuk definisi kedua - "Instant execution sebagai metode pelaksanaan order".
Cek juga pengertian Instan Execution dan Market Execution
Eksekusi instan berarti bahwa order tidak akan pergi ke market (itu akan langsung dipenuhi oleh broker Anda). Eksekusi market berarti order akan diteruskan ke market (mana itu akan diisi berdasarkan Penawaran tersedia dari penyedia likuiditas seperti bank atau broker besar).
Summary
| Ringkasan - Perbandingan - Untuk semua STP broker: | |||
| Fixed spreads | Spreads datang dari 1 broker atau 1 penyedia liquiditas | Variable spreads | Quotes datang dari beberapa liquidity providers, dengan spreads berdasarkan harga bid/ask terbaik dari liquiditor provider |
| Orders klien di penuhi oleh broker (Kurang transparan) | Order Klien langsung ke market, dimana di penuhi oleh liquiditor provider - lebih transparan | ||
| Satu liquidity provider | Tidak ada persaingan harga, satu liquidity provider mengontrol spread | Beberapa liquidity providers | Liquidity providers menciptakan persaingan harga yang kompetitif, yang mengakibatkan spread yang lebih baik untuk klien. |
Anda mengetahui broker lain yang menawarkan STP?
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Source: re-translated from wikipedia.org - 100forexbrokers.com
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