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Electronic FX (eFX)

By Jarosław Wasiński • Published: • Updated:
Electronic FX quoting, order handling and trade processing across different platforms and feeds. Single-dealer and multidealer systems have different access and execution rules. There is no single centralised feed for all FX; retail prices depend on the product, sources, latency and provider terms.
Example.

A bank portal and multidealer venue may simultaneously show different EUR/USD prices to the same customer. Quotes cover specified size and credit terms. A retail CFD price belongs to a separate product and agreement, not one worldwide tape.

Different platform types

eFX includes electronic quoting, order handling and trade processing. Single-dealer, multidealer and anonymous systems follow different rules. Electronic does not automatically mean exchange-traded or centralised.

Firm prices and last look

Execution may involve acceptance, a last-look window or automatic matching. Time, size, credit access and latency affect executability. Two feeds need not represent the same offer.

Retail feeds and data

A broker may aggregate or internalise flows and apply a markup. Not every retail feed is intentionally delayed; measure the relevant conditions. Comparisons require matching timestamps, products and Bid/Ask sides.

FAQ

Is eFX one currency exchange?

No. It covers technologies and trading venues with different participants and rules.

Is every displayed price executable?

No. A price may be indicative, quantity-limited or conditional; check the feed and product specification.

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Jarosław Wasiński

Editor-in-chief, ForexMechanics.com • Macro & FX analyst

Independent analyst and practitioner with over 20 years of experience in financial markets. Actively involved in Forex since 2007, with a focus on fundamental analysis, OTC market structure, and disciplined capital risk management.

  • Creator and editor-in-chief of MyBank.pl, providing reliable financial education since 2004.
  • Author of hundreds of in-depth market commentaries, structural analyses, and educational materials for traders and investors.
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All content is educational and informational only – it does not constitute investment advice or a recommendation. Remember: leveraged trading (Forex/CFD) carries a high risk of rapid capital loss.