Tight Pricing
0.0pips Spreads From
Deep Liquidity
1ms Execution From
Transparent Trade receipts
Performance ECN | STP | NDD

Best execution is about achieving the best possible result for our clients trades.

Global Prime aims to be the #1 retail broker in the world for pricing and execution across all forex and metals. You can read more about our purpose. To achieve our goal of becoming the #1 broker in the world for pricing and execution, and thus achieving best execution for our clients, we consider the following factors:

Spreads Price Integrity Rejections Slippage Small Trades Order execution rules Trading counterparties

Pricing

Spreads

Consistently tight spreads are the most effective way of reducing trading costs.

  • We encourage price competitiveness between our 20+ trading counterparties through our unique ECN model. Our liquidity providers compress their spreads to compete for our clients flow.
  • Our spreads rank amongst the tightest in the world across all FX, metals, indices and commodities products.
Global Prime Execution
Spreads

Our Most Popular Markets

Symbol Description Min Avg
EURUSD Euro vs United States Dollar 0.0 0.1
AUDUSD Australian Dollar vs United States Dollar 0.0 0.1
XAUUSD Gold vs United States Dollar 0.0 12.8c
XTIUSD WTI Crude Oil Spot vs United States Dollar 1.6 1.6c
GER30 DAX Germany 30 Index 0.6 0.7
Pricing

Integrity & Reliability

Price reliability and integrity is about ensuring that our prices are in line with market prices.

This means our market mid point is in line with other providers or the underlying markets that the product is based off. This takes into consideration factors such as news events, rollover, periods of illiquidity, fair value and so on.

  • We source our prices from a diverse range of counterparties including over 20 different tier-1 banks, non-bank market makers and ECNs.
  • We do not create our own price, i.e. we simply stream the prices that we receive from our trading counterparties. This means our clients orders are never visible to our trading counterparties - completely negating this potential conflict of interest.
  • We review our prices relative to other providers. For products where we do not have an ‘aggregated’ price and therefore the price is more susceptible to manipulation, e.g. Indices CFDs, we take factors such as fair value and skew into consideration to ensure the fairness and competitiveness of our prices.
  • We regularly review all trading counterparties and are always adding new ones to improve our pricing and execution. See the trading counterparties section for more information.

Rejection Rates

  • We execute all orders as limit orders. This means we put a zero price tolerance on orders that are sent to our trading counterparties. While this should result in a higher rejection rate, the high fill ratio from our liquidity providers of greater than 90%, keeps our rejection rates and slippage low.
  • Our deep and diverse liquidity ensures that an order which is rejected by one liquidity provider can be filled by another. This is how our rejection rates can remain at around 1% while our individual liquidity provider rejections are <10%.

Our Average Rejection Rates

Market Q1-19 Q2-19 Q3-19 Q4-19
Forex 4.52%* 1.78% 1.78% 1.52%
Commodities 1.48% 0.70% 0.40% 0.38%
Indices 1.27% 0.27% 0.49% 1.46%
*For Forex Q1-19. JPY flash crash on 2 January 2019.

Slippage

Slippage is the difference between the requested price and the fill price or (more accurately) the market price at the time the order is received and the fill price.

  • Slippage generally occurs for 2 reasons, either due to a delay between an action and its execution or due to a lack of liquidity depth resulting in VWAP (volume weighted average price) slippage. Global Prime is dedicated to ensuring minimal slippage for all of its clients.
  • Our extensive and diverse liquidity mix enables us to hold our trading counterparties to a high standard. We maintain fill ratios with individual LPs of greater than 90% and use ‘no last look’ when supported for improved execution and reduced slippage on your trades.
  • Global Prime selects its technology providers very specifically to ensure the highest quality for its clients. By maintaining a close relationship with all technology providers and through constant monitoring and reporting we are able to refine our trading environment to reduce slippage across the board.
  • We pass on all price improvements so our positive and negative slippage is symmetrical.

Slippage statistics

Market Positive At Price Negative
Forex 19.56% 66.86% 13.58%
Commodities 12.87% 67.43% 19.70%
Indices 25.84% 51.65% 22.51%

Global Prime removes the potential conflict of interest between the best execution of your trades and our profitability.

Global Prime does not:
  • Run a B-book or make money from client losses.
  • Receive any form of profit share from a group entity relating to our clients trading losses, i.e. no other company runs a B-book on our behalf.
  • Have arrangements with trading counterparties to run a B-book on our behalf.
  • Our trading is fully automated, i.e. ‘No Deal Desk’. We have no human discretionary traders and we do not make hedge execution decisions based on client trading behaviour or account profitability.
  • Make proprietary trades or hold proprietary risk positions.

While this information doesn’t form part of our client agreement, this is information that we expect to be held to account to, and which we are always happy to verify, as all brokers should.

How we handle

Small Trades

Due to ticket fees imposed on the execution of small trades by our prime broker, forex trades less than 50,000, XAU trades less than or equal to 30oz are executed internally by Gleneagle Securities and batch hedged once the position size exceeds the prime broker minimum. This means Gleneagle Securities will take the other side of the trade until the position grows to greater than 100,000, or an opposing trade comes in from another client.

These interbank minimum ticket fee charges are standard across all FX market participants who trade via ‘prime broker’ and the process of batch hedging small tickets to avoid excessive clearing charges is also common place.

Order execution

Rules per asset class

Asset Class Pricing Execution Comments
Forex ECN
Tier-1 banks, non-bank market makers and institutional ECNs
STP | NDD
Trades are executed back-to-back with LPs
FX Trades < 50,000 are executed internally and batch hedged.
Metals ECN
Tier-1 banks, non-bank market makers and institutional ECNs
STP | NDD XAU trades <= 30oz are executed internally and batch hedged.
Indices Non-bank market makers STP | NDD*
Trades are executed back-to-back with CFD LPs
 
Energies Non-bank market makers STP | NDD*
Trades are executed back-to-back with CFD LPs
 
*Refer to our ‘how we make money’ page for pricing and execution disclosures regarding non-bank market makers on our Indices and Energies products.
Global Prime's

Trading Counterparties

As an ECN, STP and NDD broker, our focus is to find the best trading counterparties for your trades.

Global Prime executes all trades on a back to back, 1:1 basis, with the group parent Gleneagle Securities Pty Ltd. Gleneagle maintains all prime broker and trading relationships for the group. Gleneagle Securities executes trades with the trading counterparties below for Global Prime.

When you request a trade receipt from Global Prime, one of these trading counterparties will always feature - assuming the trade is above the interbank minimum.

  • We review our prices relative to other providers. For products where we do not have an ‘aggregated’ price and therefore the price is more susceptible to manipulation, e.g. Indices CFDs, we take factors such as fair value and skew into consideration to ensure the fairness and competitiveness of our prices.
  • We regularly review all trading counterparties and are always adding new ones to improve our pricing and execution.
Banks Non-bank Market Makers
BARCLAYS BANK PLC XTX Markets
BNP PARIBAS HC Tech
COMMERZBANK AG Citadel Securities
CREDIT SUISSE Jump Trading
GOLDMAN SACHS Vidarr Capital
HSBC Virtu
Natwest LMAX
STANDARD CHARTERED BANK  
UBS AG EB  
Brokers/Prime of Primes Institutional ECNs & Aggregators
CFH FlexTrade
CMC HotSpot
Exante Currenex
  Fastmatch
  EBS
Other

We trade with you as principal

When you trade with Global Prime, we execute your trades as principal since we issue the product to you, i.e. we are the financial services provider giving you the product.

This legal relationship does not mean your trade is not executed by one of the group's liquidity providers, it just means that Global Prime is the legal counterparty to your trade. This legal relationship will be the same wherever you trade unless the broker is an ‘agent’, i.e. They’re a middleman between you and the real broker, who you will trade with as principal. This is generally how OTC markets operate.

Global Prime cannot act as an agent between a trader and the market since this would require the trader to have a relationship with the prime broker, which they could not do without tens of millions of capital behind them. Global Prime can and does facilitate such arrangements for institutional traders that have their own prime broker.

Who is the counterparty on your trades?

Global Prime is the legal counterparty to all of your trades. We are the financial services provider issuing the product to you and we are trading with you as principal.

Global Prime offsets 100% of its market risk with Gleneagle Securities Pty Ltd who in turn offsets most of this risk with its trading counterparties - banks, non-banks and ECNs. See the small trades section above for how small trades are executed.

Despite the fact that we are the counterparty to your trades, we are always able to demonstrate which liquidity provider filled your trades and this is the core difference between Global Prime’s ECN, STP, NDD business model and 99.99% of other brokers.

If all you did was choose a broker that's on your side, wouldn't it be worth it?