NOTE: You are encouraged to check this page regularly as it is updated from time to time; date of last update will be reflected at the end. Detailed guidance on these obligations can be obtained from Ellipsis as needed. Licensees should not rely on this page alone in ensuring that they remain compliant with their various obligations. You are required to submit annual reports containing calculations of fees from revenue derived from licensed service provision, as well as payment of these fees.
Ellipsis has prepared a guide to assist you with this. Ellipsis has prepared a calendar of all standard reporting obligations calculated on a February FYE. Individual ECS and ECNS licensees should not make changes to their shareholding without first obtaining advice on how this might affect their licences. If operations are not to be commenced within these periods, a licensee should apply to ICASA for an extension. On the other hand, Internet service providers and even VOIP providers which might own some of their own hardware, but which mainly make use of and rely on other companies' networks to provide their services, only require an ECS licence.
ICASA recently hiked up the fees for those licences, a move which has many telecommunications providers up in arms, with some complaining it will prevent them from being able to continue running their businesses, and saying it will have a adverse effect on broadband in South Africa. Before, service providers were allowed to determine and deduct costs based on a fixed percentage of the company's revenue fee, but now the fee is based on a licence holder's overall revenue," Barker says.
Barker warns that ICASA has been cracking down on companies that have defaulted on paying their licence fees. Apart from creating a major inconvenience, having you and your clients' connections severed also creates major loss of revenue, so it is advisable that you pay up, renew your licences annually and not fall into arrears. This research and comparison Web site allows users to extract research on various VOIP, hosted PBX, and connectivity providers, comparing these providers in a side-by-side format, as well as browse a comprehensive directory of credible carriers, providers, resellers, PBX partners, telecoms consultants, and support organisations.
If no match is found, the order is placed in the book immediately as a quote. Call markets accept orders one at a time, with buying and selling prices determined based on the exchange activity after the order is placed.
Instinet was the first ECN, founded in , and is used by small brokerages and for transactions between institutions. SelectNet is used primarily by market makers, but it does not require immediate order execution and helps investors trade with specific market makers. It facilitates electronic stock trading on major U. In foreign exchange markets, certain Forex brokers are designated as ECN brokers who can facilitate currency trades across electronic matching networks.
The term market makers refers to high-volume traders that literally "make a market" for securities by always standing at the ready to buy or sell. Unlike ECNs, market makers profit on the bid-ask spread rather than through commissions and fees. Market markers set both the bid and the ask prices on their systems and display them publicly on their quote screens.
The spread is typically kept lower than that investors can find in ECNs due to the fact that market makers generate their profit via the spread. Without market makers and ECNs, it would take considerably longer for buyers and sellers to be matched with one another.
This would reduce liquidity, making it more difficult to enter or exit positions and adding to the costs and risks of trading.
ECNs are computer-based programs that connect retail forex investors with major brokerages, all around the clock. After logging on to the ECN platform, investors will see the best available bid and ask quotes displayed from multiple market participants. ECNs will automatically match and execute orders. Electronic communication network ECN fees are applied on a per-trade basis, usually fractions of a cent. ECNs charge a service fee for matching buyers and sellers who trade on their exchange and networks.
To open an ECN trading account, simply create an account at one of the many ECN trading platforms available best suited to your needs. Whereas ECNs provide liquidity by connecting investors with a number of parties—whether brokers or other retail investors—in order to complete a trade, STP brokers are automated brokers that provide traders with the ability to skip the middle man, but only through select liquidity providers.
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