Hello Phil,

I've personally seen good use of FRR feature in the past, but these days I would agree with noggin-scratcher regarding the issue of "an enormous wall of offers all placed at the single FRR" and the resulting huge spikes (like today, to 0.7%!!!) when this wall is gone. I do not think however that FRR feature needs to be eliminated entirely.

To your list of simpler solution suggestions, I would propose to limit the total volume of FRR offers to a certain percentage of total offers on the order book. I don't know what percentage allocated to FRR will be optimal, but I guess you could start from some high value and go down over time, to ensure smooth transition.

It basically comes to the (optional) requirement for users to specify the rate when they are placing FRR offer. We already have a box for this entry, but currently it gets ignored by the system, if user clicks on FRR option, so perhaps we should try to enable that.
Under simplest implementation of this feature, user's offer will be placed at FRR, or at specified by him/her rate if FRR quote is already taken.

Slight modification of the above will be the availability of additional options, when placing the swap offer, such as the following:
1. Place offer at FRR, or if not available - at user specified rate (this is the same as described above)
2. Place offer at FRR, or if not available - at equal to then current FRR rate (this can be useful, for those using auto-renewal option)
3. Place offer at FRR, or if not available - do NOT place any fixed rate offer, wait until FRR offer CAN be placed.

Note that the option 3 above is very similar to what we have right now (meaning that your offer will "stand in line" for placement at FRR). For this reason, option 3 can be made a default setting. Options 1 and 2 will create much thicker order book and prevent big spikes.

Other than the above, availability of some algos would be ideal and by the way, if you do not want to make the whole platform "overly complicated" (this is of course understandable), perhaps you can make algos available only to those who wants to use them, leaving simpler solution for the rest. I guess BFX will run into problem when people would just "enable" the algos and then annoy the hell out of support team asking basic question instead of reading some sort of a "how to" . To avoid this, a comprehensive "How to" section can be created and users wishing to use the "algo system" would have to pass a simple quiz, before it is enabled on their account for them.  

What do you (and all) think?