ICE FX provides customers with liquidity, aggregated from several counterparties. This gives a number of advantages: customers always receive the best prices, they are protected against low-quality order execution by a counterparty, and are completely anonymous to him.
Advantages of Liquidity Aggregation
There is no opportunity to choose the best price. There is need to execute an order at the price of a single counterparty.
If a counterparty offers an off-market price (pin), the stop order will be activated by this quote and the client will incur additional losses.
There is high probability that an order will be executed with large slippage, delay and other low-quality execution attributes.
There is no way to avoid force majeure events: loss in communication with the counterparty, no flow of quotes, etc.
Counterparties offer different prices. The aggregator allows you to choose the best of the proposed prices.
If the counterparty offers a non-market quote (pin), the stop order will not be activated by this quote.
The likelihood of execution with large slippage, delay and other low-quality execution attributes is minimized.
In the event of any force majeure (loss in communication with the counterparty, no flow of quotes, etc.), the order in question will be executed by another counterparty.
The counterparty receives the orders of each client in a personalized manner, and can worsen execution individually for individual clients trading profitably.
The counterparty receives client orders anonymously, and cannot determine which of the clients is trading profitably or unprofitably, and so cannot worsen execution on an individual basis.