How does CMS determine its prices?
Most if not all retail brokers quote prices based off of price discovery of the inter-bank market. At CMS we run several data feeds from our counterparties though algorithms to extract what we believe are the most accurate prices. As a market maker, CMS can quote any given price on any given currency pair. Obviously, doing so would not be in CMS’ best interest, but it is important to note that we along with other retail brokers (Future Commission Merchants) make the market in FX.
