司法沖突
除了技術矛盾之外，我們仍然需要考慮司法方面的沖突。交易者至少可以審核2種基本的文件：許可證（如果交易商有）以及客戶協議。避免利益沖突的唯一情況是：企業只有“接收傳輸”許可並且100%按照DMA/STP模式操作。如果是這樣，公司的所有功能就是清算以及客戶服務（在線支持以及網絡接口等），而不是執行訂單。我們強調的是訂單直接傳到做市商而不是在公司的賬戶開設，第三方做市商負責訂單的執行。另外一種許可證類型是一個擴展的做市商許可證，包括“在公司自己的賬戶中處理訂單”。這種情況下，公司可以不需要把訂單傳到同業銀行。這類公司需要進行自有資本許可。下面是關於CySEC（塞浦路斯證監會）頒佈的關於公司需要滿足的要求範例：如果一個公司聲稱自己是流通性提供者，或者，換句話說，將在自己的賬戶中處理交易，資金要求從€200 000 上升到 €1000 000。如果資金達不到要求，那麼它的許可證將會吊銷。
因此，如果你的經紀商擁有“在自己賬戶上處理訂單”的許可，那麼你可以立即總結出以下兩點：
• 公司限制了自己的費用以及風險，具有足以維持做市商許可證的資金水平，在自己内部處理訂單；
• 你沒有任何根據可以得出經紀商將訂單傳輸到同業銀行的結論；
• 法律上來講，經紀商有權不那麼做，只需要為自己的選擇付出相應費用。
讓我們通過CySEC的例子來看一下如何檢測經紀商的許可證。打開監管機構的官方網站的監管機構列表http://www.cysec.gov.cy/en-GB/entities/investment-firms/.如果一個公司在塞浦路斯註冊，點擊Investment Firms (Cypriot) ；在歐洲註冊，則點擊Investment Firms (Member States)。我們假設一個公司在歐洲註冊，點擊Investment Firms (Cypriot)，在搜索框中輸入公司名字便可以快速預覽該公司的主要信息。“Investment services”列出了公司手續可的功能：接收以及傳輸客戶的訂單以及在自己的賬戶中處理客戶訂單。
在自己的賬戶中處理訂單意思是，該公司可以是一個做市商，並沒有把所有客戶的單子都傳到同業銀行的義務。如果你發現這類的許可證種類，那麼你將不能保證自己的交易會被傳遞出去。
交易者可以獲得的第二個文件是客戶協議。當客戶開戶的時候公司就應該提供。客戶協議最好可以在官網找到，這樣如果協議與許可有不符之處，監管機構便可以提出訴訟，有可能會是刑事責任訴訟。如果公司沒有主動給你協議，那麼你可以很合理地索要。
我們對公司的名義能力很感興趣。我打開了一個很受歡迎的經紀商客戶協議，下面的第一句話十分關鍵：
8.1 公司任何時候都可以作為當事人執行該交易
註意！經紀商可以作為當事人意思是，它不會為做出或者執行交易承擔司法責任。如果經紀商只將訂單傳到第三方，或者，換句話說，執行訂單的責任是相應的交易機構而不是經紀商。我們與做市商做交易。
“服務”是另一篇有趣的文章：
6.3 客戶賬戶CFD產品沒有實際交割。
>提醒一下，CFD產品是差價合約，是在客戶以及經紀商之間完成的。CFD是經紀商根據標的資產報價的衍生品，與同業銀行的交易間接相關。所有的這些都寫在公司的客戶協議中，經紀商自己定位成一個銀行機構。與這類公司交易十分危險，因為它們的運營缺乏最珍貴以及最重要的一個要素——誠實。
結論
那麼如果銀行或者大經紀商總是在利益鍊的最後端，交易者應該如何做？如果第一步沒有利益沖突，那麼最後一步肯定存在沖突，應為市場是由做市商決定的。如果你開發了一個交易策略，希望進行足夠多的數據測試，並且你有資金管理原則，那麼你對經紀商的主要要求如下：
• 市場報價。在同一個經紀商開立2個賬戶並對比報價。有網頁版登錄平台最好。如果兩個賬戶的報價完全吻合，那麼你就成功地避免了經紀商的欺詐行為；
• 最快速度執行。延遲有可能會終止你的測試，並侵蝕你一部分利潤。
• 最好是固定點差，因為在滑點的情況下你不可能很準確地測試你的策略；
• 沒有重複報價或滑點；
• 清楚的運行方案以及監管；
• 信息披露以及獨立審計。這是一個額外要求，但是你應該牢記它的重要性。
如果你對交易感興趣並將它作為盈利方式之一，關註這些要求就足以開戶（尤其是那些在金融市場幾年或數十年的經紀商）。經紀商如何處理你的頭寸——傳輸到同業銀行，部分傳輸或者是内部對賭——都不是考慮的主要因素。只有一種情況：上面所有的要求或者大部分要求都滿足。以自己的風格交易，並對經紀商提供的情況持懷疑態度，使自己的策略多樣化，那麼你的風險就在可以承受範圍内，你也因此可以維持你的交易。最重要的一點是，你一點發現經紀商有不匹配之處或者存在欺詐行為，盡快通知別的交易者。
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.
本文翻譯由兄弟財經提供
文章來源：http://www.fxstreet.com/education/forex-basics/fx-brokerage-view-from-inside/2015/03/10/