How do broker-dealers price CFDs? What is a price validator? How do they profile traders? Finance Magnates (and an industry expert) have taken an educational initiative to dissect and reveal the basics of the broker-dealer industry. Anyone working in this industry or willing to join must know the structure of how a broker-dealer operates.

该系列的第一部分探讨了经纪交易商行业的基本定义。现在，第二部分深入研究经纪交易商运营的定价以及他们如何监控交易员。

定价

正确的定价工具是任何经纪商运营的重要组成部分。那么，经纪交易商如何为工具定价并接收价格反馈，什么是价格验证器？

定价手段

经纪交易商从工具定价中获得的收入主要来自三个来源：加价、佣金和展期费。经纪交易商必须正确管理所有这三个创收组成部分。

标记: A markup is the additional amount a broker-dealer adds to the spread or price of a financial instrument when offering it to traders. Broker-dealers must apply markups to both sides, bid and ask, and never use negative markups, as this will expose them to arbitrage. However, markups must be fair and transparent to maintain compliance with regulatory standards and uphold client trust.

在某些极少数情况下，经纪商故意使用狭窄的价差或略微负的加价来吸引流动性或在竞争中击败竞争对手。然而，这是一个经过深思熟虑的决定，而不是标准做法。在这种情况下，经纪商通过其他方式（例如佣金或替代费用结构）产生收入。

委员会: Commissions are fees charged by broker-dealers for executing trades on behalf of their clients. For CFDs broker-dealers, commissions can generally only be zero if markups are in place. However, it is to be noted that some broker-dealers offer commission-free trading models without applying markups, generating revenue through other means such as payment for order flow or interest on uninvested cash balances.

展期费用: Rollover fees, also known as swap fees, are charges applied when a trader holds a position overnight. Long-short or short-long rollover fees are influenced by the interest rate differentials between the currencies in a forex pair. It is generally positive for most of the currency pairs but can also be negative depending on the direction of the trade and the specific currency pair involved. Any abnormal rollover fees might allow traders to open arbitrage positions (e.g. holding one long and one short position, not necessarily in the same accounts).

价格反馈

从SEN生成的价格信息对于经纪交易商至关重要，因为交易员可能会利用定价漏洞或在某些情况下经历不利条件，从而导致有毒行为或滥用。

延迟价格: Due to slow updates, traders may engage in arbitrage.

坏的价格: Due to filtration errors, traders may arbitrage or get stopped out, requiring broker-dealers to reopen trades.

秒杀价: Due to mispricing in feeds, traders may face liquidation.

非更新价格: Due to technical issues, traders may be unable to execute trades, their orders may not be filled, or they may trade at stale prices and potentially benefit from this, depending on the platform.

与任何事情一样，如果一个提要出现故障，最好拥有两个价格提要，从而提供冗余并通过延迟均衡确保一致性。

价格验证者

价格验证员或检查员双重检查交易的进入和退出价格。交易者可能会以低价进入（套利）并以高价退出，反之亦然。在这种情况下，很难检测交易者何时套利或违反与陈旧或错误报价相关的条款和条件。

当经纪交易商被问及如何确定价格是否好时，它需要将价格与至少一个或多个价格提要进行比较，以检查您提供的价格是否不准确或定价错误。有时，这可能会导致经纪交易商的过滤系统提供错误的价格，因为匹配引擎可能会假设流动性提供商（LP）的价格更好，而实际上LP提供了错误的价格。调整过滤设置可以帮助纠正此问题。

监控交易者

风险分析交易员对于经纪交易商至关重要。因此，这些平台必须监控交易。然而，经纪商必须对交易员进行道德分析并遵守数据保护法。

交易者行为：三种交易规则

为了快速分析交易员，通常只需三笔交易即可形成股票曲线并评估他们的行为。常见的交易者简介通常包括套利者、新手交易者和技术分析师。在某些情况下，经纪交易商还可能遇到内幕交易员（新闻交易员），他们可以访问与您提供的金融产品相关的非公开信息。

然而，如果交易员掩盖其交易行为，则此分析可能不准确。

统计正确：30个行业规则

如果经纪交易商更喜欢数学化的方法，则需要至少30个观察（一般经验法则）来验证交易员的行为，类似于执行统计学意义的T检验。

交易表现

如果经纪交易商希望评估哪些交易员的表现比其他交易员更好，则可以使用以下指标监控他们的表现：

成功率（SR）: The Success Ratio, or “win ratio,” is the percentage of winning trades relative to all executed trades. It is used to measure a trader's ability to consistently predict future price movements.

投资回报率（投资回报率）: This metric indicates the per-period profitability of a trader and how effectively their capital was invested during the observed timeframe.

大热门能力（BH）: Using a small regression analysis, the forecasting ability and investment performance of a trader can be assessed. This method assumes multiple small losses offset by a few large wins, which helps keep profitability high. It involves a simple correlation between trade volume and realized profits or losses.

正如我们所探讨的那样，经纪交易商在复杂的环境中运营，准确的定价、交易员分析和合规齐头并进。对于业内人士来说，这些做法是保持竞争优势同时维护信任和透明度的基础。

在本系列的最后一部分，我们将深入探讨对冲在经纪交易商业务中的关键作用。请继续关注，继续加深您对这个迷人行业的了解。

声明：本指南仅供参考，无意作为财务、法律或运营建议。所提供的策略和建议可能不适合所有经纪交易商或适用于所有司法管辖区。建议读者在实施所讨论的任何实践之前咨询合格的专业人士和监管机构。出版商对因使用此内容而产生的任何财务损失或监管问题不承担任何责任。

How do broker-dealers price CFDs? What is a price validator? How do they profile traders? Finance Magnates (and an industry expert) have taken an educational initiative to dissect and reveal the basics of the broker-dealer industry. Anyone working in this industry or willing to join must know the structure of how a broker-dealer operates.

该系列的第一部分探讨了经纪交易商行业的基本定义。现在，第二部分深入研究经纪交易商运营的定价以及他们如何监控交易员。

定价

正确的定价工具是任何经纪商运营的重要组成部分。那么，经纪交易商如何为工具定价并接收价格反馈，什么是价格验证器？

定价手段

经纪交易商从工具定价中获得的收入主要来自三个来源：加价、佣金和展期费。经纪交易商必须正确管理所有这三个创收组成部分。

标记: A markup is the additional amount a broker-dealer adds to the spread or price of a financial instrument when offering it to traders. Broker-dealers must apply markups to both sides, bid and ask, and never use negative markups, as this will expose them to arbitrage. However, markups must be fair and transparent to maintain compliance with regulatory standards and uphold client trust.

在某些极少数情况下，经纪商故意使用狭窄的价差或略微负的加价来吸引流动性或在竞争中击败竞争对手。然而，这是一个经过深思熟虑的决定，而不是标准做法。在这种情况下，经纪商通过其他方式（例如佣金或替代费用结构）产生收入。

委员会: Commissions are fees charged by broker-dealers for executing trades on behalf of their clients. For CFDs broker-dealers, commissions can generally only be zero if markups are in place. However, it is to be noted that some broker-dealers offer commission-free trading models without applying markups, generating revenue through other means such as payment for order flow or interest on uninvested cash balances.

展期费用: Rollover fees, also known as swap fees, are charges applied when a trader holds a position overnight. Long-short or short-long rollover fees are influenced by the interest rate differentials between the currencies in a forex pair. It is generally positive for most of the currency pairs but can also be negative depending on the direction of the trade and the specific currency pair involved. Any abnormal rollover fees might allow traders to open arbitrage positions (e.g. holding one long and one short position, not necessarily in the same accounts).

价格反馈

从SEN生成的价格信息对于经纪交易商至关重要，因为交易员可能会利用定价漏洞或在某些情况下经历不利条件，从而导致有毒行为或滥用。

延迟价格: Due to slow updates, traders may engage in arbitrage.

坏的价格: Due to filtration errors, traders may arbitrage or get stopped out, requiring broker-dealers to reopen trades.

秒杀价: Due to mispricing in feeds, traders may face liquidation.

非更新价格: Due to technical issues, traders may be unable to execute trades, their orders may not be filled, or they may trade at stale prices and potentially benefit from this, depending on the platform.

与任何事情一样，如果一个提要出现故障，最好拥有两个价格提要，从而提供冗余并通过延迟均衡确保一致性。

价格验证者

价格验证员或检查员双重检查交易的进入和退出价格。交易者可能会以低价进入（套利）并以高价退出，反之亦然。在这种情况下，很难检测交易者何时套利或违反与陈旧或错误报价相关的条款和条件。

当经纪交易商被问及如何确定价格是否好时，它需要将价格与至少一个或多个价格提要进行比较，以检查您提供的价格是否不准确或定价错误。有时，这可能会导致经纪交易商的过滤系统提供错误的价格，因为匹配引擎可能会假设流动性提供商（LP）的价格更好，而实际上LP提供了错误的价格。调整过滤设置可以帮助纠正此问题。

监控交易者

风险分析交易员对于经纪交易商至关重要。因此，这些平台必须监控交易。然而，经纪商必须对交易员进行道德分析并遵守数据保护法。

交易者行为：三种交易规则

为了快速分析交易员，通常只需三笔交易即可形成股票曲线并评估他们的行为。常见的交易者简介通常包括套利者、新手交易者和技术分析师。在某些情况下，经纪交易商还可能遇到内幕交易员（新闻交易员），他们可以访问与您提供的金融产品相关的非公开信息。

然而，如果交易员掩盖其交易行为，则此分析可能不准确。

统计正确：30个行业规则

如果经纪交易商更喜欢数学化的方法，则需要至少30个观察（一般经验法则）来验证交易员的行为，类似于执行统计学意义的T检验。

交易表现

如果经纪交易商希望评估哪些交易员的表现比其他交易员更好，则可以使用以下指标监控他们的表现：

成功率（SR）: The Success Ratio, or “win ratio,” is the percentage of winning trades relative to all executed trades. It is used to measure a trader's ability to consistently predict future price movements.

投资回报率（投资回报率）: This metric indicates the per-period profitability of a trader and how effectively their capital was invested during the observed timeframe.

大热门能力（BH）: Using a small regression analysis, the forecasting ability and investment performance of a trader can be assessed. This method assumes multiple small losses offset by a few large wins, which helps keep profitability high. It involves a simple correlation between trade volume and realized profits or losses.

正如我们所探讨的那样，经纪交易商在复杂的环境中运营，准确的定价、交易员分析和合规齐头并进。对于业内人士来说，这些做法是保持竞争优势同时维护信任和透明度的基础。

在本系列的最后一部分，我们将深入探讨对冲在经纪交易商业务中的关键作用。请继续关注，继续加深您对这个迷人行业的了解。

声明：本指南仅供参考，无意作为财务、法律或运营建议。所提供的策略和建议可能不适合所有经纪交易商或适用于所有司法管辖区。建议读者在实施所讨论的任何实践之前咨询合格的专业人士和监管机构。出版商对因使用此内容而产生的任何财务损失或监管问题不承担任何责任。