Adjunto un comentario de Michal Kreslik, que es el mejor hilo que encontré en su día en foros que hablen sobre anillos. De hecho ahí está todo lo que se necesita saber sobre el tema. Al cabo de 2 años llegó a la siguiente conclusión.
Hi, investor,
thanks, but currently I'm not looking for any investors in the FPI. I'm trading other systems on the interbank platform with direct streams from almost all the major banks.
The FPI is so sensitive to the execution quality that it's not possible to trade it on the retail broker platforms (obviously), but also it's not possible to run it safely on the interbank platforms because of a wide variety of problems I've encountered there in the past 12 months or so. I could probably write a book on the various issues you have to overcome in this environment in order to make the whole trading framework reliable.
In order to run an arbitrage like FPI, it's either needed to aggregate the banks' streams directly, so that there are no free option quotes that can destabilize the whole framework, or, as you correctly stated, you need to place the orders on EBS (preferably directly within Equinix Smile or Reuters.
I have an access to EBS and currently me and my colleagues are working on the API connection. Reuters comes next as EBS is the primary price discovery source for the most important majors.
I'm not checking kreslik.com regularly, so if you need to contact me, please use my email.
Have a great day!
Michal
Es decir, el mercado es ineficiente, pero los brokers ya se encargan de hacerlo eficiente.
