司法冲突
除了技术矛盾之外，我们仍然需要考虑司法方面的冲突。交易者至少可以审核2种基本的文件：许可证（如果交易商有）以及客户协议。避免利益冲突的唯一情况是：企业只有“接收传输”许可并且100%按照DMA/STP模式操作。如果是这样，公司的所有功能就是清算以及客户服务（在线支持以及网络接口等），而不是执行订单。我们强调的是订单直接传到做市商而不是在公司的账户开设，第三方做市商负责订单的执行。另外一种许可证类型是一个扩展的做市商许可证，包括“在公司自己的账户中处理订单”。这种情况下，公司可以不需要把订单传到同业银行。这类公司需要进行自有资本许可。下面是关于CySEC（塞浦路斯证监会）颁布的关于公司需要满足的要求范例：如果一个公司声称自己是流通性提供者，或者，换句话说，将在自己的账户中处理交易，资金要求从€200 000 上升到 €1000 000。如果资金达不到要求，那么它的许可证将会吊销。
因此，如果你的经纪商拥有“在自己账户上处理订单”的许可，那么你可以立即总结出以下两点：
• 公司限制了自己的费用以及风险，具有足以维持做市商许可证的资金水平，在自己内部处理订单；
• 你没有任何根据可以得出经纪商将订单传输到同业银行的结论；
• 法律上来讲，经纪商有权不那么做，只需要为自己的选择付出相应费用。
让我们通过CySEC的例子来看一下如何检测经纪商的许可证。打开监管机构的官方网站的监管机构列表http://www.cysec.gov.cy/en-GB/entities/investment-firms/.如果一个公司在塞浦路斯注册，点击Investment Firms (Cypriot) ；在欧洲注册，则点击Investment Firms (Member States)。我们假设一个公司在欧洲注册，点击Investment Firms (Cypriot)，在搜索框中输入公司名字便可以快速预览该公司的主要信息。“Investment services”列出了公司手续可的功能：接收以及传输客户的订单以及在自己的账户中处理客户订单。
在自己的账户中处理订单意思是，该公司可以是一个做市商，并没有把所有客户的单子都传到同业银行的义务。如果你发现这类的许可证种类，那么你将不能保证自己的交易会被传递出去。
交易者可以获得的第二个文件是客户协议。当客户开户的时候公司就应该提供。客户协议最好可以在官网找到，这样如果协议与许可有不符之处，监管机构便可以提出诉讼，有可能会是刑事责任诉讼。如果公司没有主动给你协议，那么你可以很合理地索要。
我们对公司的名义能力很感兴趣。我打开了一个很受欢迎的经纪商客户协议，下面的第一句话十分关键：
8.1 公司任何时候都可以作为当事人执行该交易
注意！经纪商可以作为当事人意思是，它不会为做出或者执行交易承担司法责任。如果经纪商只将订单传到第三方，或者，换句话说，执行订单的责任是相应的交易机构而不是经纪商。我们与做市商做交易。
“服务”是另一篇有趣的文章：
6.3 客户账户CFD产品没有实际交割。
>提醒一下，CFD产品是差价合约，是在客户以及经纪商之间完成的。CFD是经纪商根据标的资产报价的衍生品，与同业银行的交易间接相关。所有的这些都写在公司的客户协议中，经纪商自己定位成一个银行机构。与这类公司交易十分危险，因为它们的运营缺乏最珍贵以及最重要的一个要素——诚实。
结论
那么如果银行或者大经纪商总是在利益链的最后端，交易者应该如何做？如果第一步没有利益冲突，那么最后一步肯定存在冲突，应为市场是由做市商决定的。如果你开发了一个交易策略，希望进行足够多的数据测试，并且你有资金管理原则，那么你对经纪商的主要要求如下：
• 市场报价。在同一个经纪商开立2个账户并对比报价。有网页版登录平台最好。如果两个账户的报价完全吻合，那么你就成功地避免了经纪商的欺诈行为；
• 最快速度执行。延迟有可能会终止你的测试，并侵蚀你一部分利润。
• 最好是固定点差，因为在滑点的情况下你不可能很准确地测试你的策略；
• 没有重复报价或滑点；
• 清楚的运行方案以及监管；
• 信息披露以及独立审计。这是一个额外要求，但是你应该牢记它的重要性。
如果你对交易感兴趣并将它作为盈利方式之一，关注这些要求就足以开户（尤其是那些在金融市场几年或数十年的经纪商）。经纪商如何处理你的头寸——传输到同业银行，部分传输或者是内部对赌——都不是考虑的主要因素。只有一种情况：上面所有的要求或者大部分要求都满足。以自己的风格交易，并对经纪商提供的情况持怀疑态度，使自己的策略多样化，那么你的风险就在可以承受范围内，你也因此可以维持你的交易。最重要的一点是，你一点发现经纪商有不匹配之处或者存在欺诈行为，尽快通知别的交易者。
Juridical conflicts
Apart from technological contradiction there are juridical aspects that cannot be left behind. A trader can check at least two basic documents: a license (if a broker has one) and a client agreement. There can be no interest conflict only upon the sole condition: a company has only a “Reception and transmission” license and operates according to 100% DMA/STP agency model. If so, all the company's functions are clearing and client services (online support, web interface etc.) and it doesn't execute orders. We emphasize that orders are transmitted to a market maker's venue and are not opened on a company's account. A third party (market maker) is to bear responsibility for execution. Another license type is an expanded market maker's license which includes “Dealing on Own account”. In this case a company has the opportunity not to transfer deals to interbank. Such companies have to meet exclusive capital authorization. Let us consider as example the requirements, set by CySEC (Cyprus Securities and Exchange Commission). If a company claims to be a liquidity provider, or, in other words, is going to deal on own account, capital requirements jump from €200 000 to €1000 000. If capital falls below, the license is revoked.
Thus, if your broker possesses a “Dealing on own Account” license, you may make 2 conclusions right away:
• A company limits its expenses and risks, sustaining the level of capital, necessary to keep a market maker license, which allows making deals internally;
• Nothing affords you ground for the fact that a broker sends your deals to interbank;
• Juridically the broker has the option not to do that and pays extra for that option.
Let us see how to easily check a broker's license type by the example of CySEC. Open the regulator's official web site and go to the list of regulated organizations: http://www.cysec.gov.cy/en-GB/entities/investment-firms/. If a company has Cyprus registration, go to Investment Firms (Cypriot). If a company is registered in the EU, go to Investment Firms (Member States). Let us assume that a broker is registered in Cyprus, i.e. acts as a resident. Input a company's name in the search field and get a quick license review. We chose a random company (figure below). The “Investment services” section lists company's functions, granted by the license: reception and transmission of orders and dealing on own account.
Dealing on own account means that the company can be a market maker and is not obliged to send all deals to interbank. If you discovered such license type, there is no guarantee your deal will get out of company. The second document at a client's disposal is a client agreement. A company is due to provide it when account is opened. It is advisable, that this document would be available online on official web site – in this case a regulator may lodge a complaint, if terms of agreement do not correspond to the license conditions. Criminal liability is also possible. If you are refused a client agreement, it is reasonable to ask yourself, if it is worth working with a company. The point we are interested in is named Capacity. I opened the client agreement of a popular agent. The article's first clause is essential:
8.1 Company shall act, at all times, as principal
Attention! The broker acts as principal means that it doesn't take juridical responsibility for making and executing deals. If a broker only transmits deals to a third party or, in other words, acts as agent, the responsibility for execution doesn't rest with the broker and is passed to the corresponding organization. We deal with a market maker. “Services” is another interesting article. It's enough to look at the first 3 clauses with one of them reading:
6.3 The client understands that no physical delivery of a CFD’s underlying instrument (or reference instrument) that he/ she traded through his/her trading account shall occur
As a reminder, CFD is a contract for difference, concluded between client and broker. CFD is a broker's own derivative, which uses quotes of its underlying instrument. Thus, this clause indicates, that the company introduces its own instrument, which is only indirectly related to interbank trade flows. All the above was written in client agreement of the company, which self-positions as a bank agent. It is dangerous to work with such a company because its business model lacks the most rare and important element – honesty.
Conclusion
So what should a trader do, if a market maker – a bank or a Prime Broker – is always at the end of the chain? If there is no interest conflict on the first step, it will surely be on the last one, because market is determined by market makers. If you devised a trade strategy, tested it with sufficient amount of data, if you have money management rules, the main requirements your present to a broker are supposed to be as follows:
• Market quotes. Open 2 accounts with a single broker and compare quotes. It is great if quotes are accessible online on the website. If they totally match, you secure yourself against fraud by the broker;
• The faster execution possible. Delays may drop out from testing and eat a part of your profit;
• Fixed spreads are perfect. You won't be able to test your strategy properly if there is floating commission;
• No requotes or slippage. Again you lose profit;
• Clear working scheme and regulation;
• Information disclosure and independent audit. This is a bonus option which is rare but worthy of keeping it in mind.
If you are interested in trading as a means of earning, paying attention to these requirements is enough to work with a company (especially if it has been on market for several years or decades). What a company does to your position – transfers it to interbank, transfers it partly (hedges) or makes it internally – is a side factor, but only in one condition: all the requirements or most requirements above are met. Work on your individual trading style and be skeptic towards conditions, offered by a broker. Distribute deposit among a number of brokers, diversify strategies and your risks will be acceptable for sustainable trading. And above all, as soon as you discover mismatch or fraud, warn other traders.
本文翻译由兄弟财经提供
文章来源：http://www.fxstreet.com/education/forex-basics/fx-brokerage-view-from-inside/2015/03/10/