Our Services
Direct Market Access
BAXTER-FX allows you to trade across a range of different platforms.
Trade on any or all of the platforms supported by BAXTER-FX or even some individual bank platforms. You connect directly to the trading platforms of your choice in the way that gives you the most efficient execution. Trade on the platforms’ GUI or run your algorithm via a co-located FIX API - and anything in between. You decide on which platform you execute to get the best available rate. We are continually adding new venues to our portfolio so please let us know what platforms you are interested in. The platforms immediately send an STP message to BAXTER-FX and your fx prime brokerage account at BAXTER is updated in real time. BAXTER's competitive clearing fees and technological support, mean that you can hit the ground running in your trading business.
Cross Platform Margining
The second that your trade is executed, the ECN sends an STP (Straight Through Processing) message to our back office system.
Regardless of which platform you trade on, each trade is booked to your account in Real Time. This means that you can buy on one platform, and sell on another.
One account. One cash balance. One margin calculation.
Log in to our web based reporting portal FX Clearing 2.0 or connect via API to view your trade blotter, cash and forward balances, margin requirement, open positions, P/Ls and delivery ladder. All in real time. View and download your statements. Filter, sort and export your trade data into a spreadsheet.
FAQ
How do I connect to the platforms?
You connect directly to each ECN you want to trade on. We liaise with the platforms of your choice to set up either GUI or API accounts. If you want to connect by FIX API, it may be required to go through FIX conformance testing directly with the platforms. If you wish to cross-connect you need to deal directly with the ECN. We can put you in touch.
Which platforms can I trade on?
BAXTER - FX Clearing currently offers Currenex, HotSpot, FXAll, LMAX, Intergral, XCDE, FXCMPro, FastMatch, EBS, SolidFX, GainGTX. We are always looking to add more platforms and to give our clients what they need. Please ask if we provide a platform of your interest.
How do margins work?
We take the real time equity value of your account - the cash balance and any realised and unrealised P/Ls - and divide that by the total position value. This is expressed as a percentage. So a 2% margin level is the same as 50:1 gearing. We set up 3 levels of margins on each account: initial, call and close:
- Initial where you must have sufficient funds to open the position
- Call where you must either send additional funds or reduce the exposure, and
- Close where either you or us will close the position out.
What gearing can I have?
Traditionally, we set the margin levels at 3%, 2% and 1% for initial, call and close respectively but we are always happy to talk about margin rates if your trading risk is low. It depends on your type of trading, and the risk that you run. Do you run positions overnight, or over the weekend? etc
What Currency can I open my account in?
Currently we have clients who deposit USD, EUR, GBP and JPY. All G10 currencies are acceptable, please ask if you need something else.
What are your fees?
BAXTER FX Clearing offers its comprehensive services at competitive clearing fees. The Fee Schedule is volume based with a sliding scale.
How do I open the Clearing Account with BAXTER-FX?
Please register on the website and fill in Client Due Diligence application form online, that tells us a little bit about who you are - or your company is. You will need to supply us with some proof of your ID and address - or the make up of your company. You need to sign a Prime Brokerage Agreement. You can start the process by clicking the button below, giving us your name and email address, and we will be in touch.
What reporting style is my account run?
We have two account styles: TREASUARY STYLE and FUTURES STYLE.
With "Treasury Style" Clearing and Reporting, your FX trades are decomposed in their respective single currency components. We report the currencies positions that result from your trades - e.g. if you Bought 100K of EURCHF @ 1.5700, we will report a Long position of 100K in EUR and a Short position of 157K in CHF for the appropriate value date of the trade.
In Treasury Style accounts, Marking to Market is operated by calculating the USD conversion value of each of your Currency Positions.
All open Currency Positions in excess of $10,000(unless otherwise agreed with you) coming to maturity , will be rolled to Spot value date against US Dollars through a TN or ON Swap.
Currency Positions below this threshold will be allowed to go to maturity and delivered to your cash accounts. An automatic conversion of these multi currency cash amounts to your CAC can be agreed.
With "Futures Style" Clearing and Reporting, each Currency Pair you trade is considered as a distinct Instrument. A trade on a Currency Pair can only be closed buy an offsetting trade in the same Currency Pair.
Closing a Currency Pair Position will realise a P&L in the term currency (for the value date of the trade). We report the Currency Pair Positions by "Instrument" as e.g. Long 100k EUR/GBP @ 0.8942
Currency Pair positions that are below the agreed threshold will be allowed to go to maturity and delivered to your cash accounts. An automatic conversion of these multi currency cash amounts to your CAC can be mutually agreed.
How does BAXTER-FX define a Professional Client?
A Professional Client is a client who possesses the experience, knowledge and expertise to make its own investment decisions and properly assess the risks that it incurs. Please click here for further details.
How does BAXTER-FX define a Retail Client?
Any Clients not falling within the professional client criteria are, by default, Retail Clients. A Retail Client is a client who does not possess the required experience, knowledge and expertise to make its own investment decisions and properly assess the risks that it incurs. Please click here for further details.