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rmorse
Registered: Apr 2011
Posts: 1056 |
05-15-12 05:36 PM
Quote from Swan Noir:
Imagine what it means to Goldman or Lazard even if you are connected? The time to think like a high net worth player is when you are one -- minimum $5,000,000. You do not need a prime broker, you need a broker. You never want to be the least significant customer anywhere. [/B]
This is one reason why hedge funds, trading groups and active trader use Introducing Brokers. They custody and clear at the Prime Broker, but we service the account. At ML with us as the broker on the account, our clients get the best of both.
Bob
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amazingIndustry
Registered: Aug 2009
Posts: 570 |
05-15-12 05:39 PM
Bob, with all due respect but could you please stop bs..ing? You recommending a prime brokerage account at such size makes you one of the most irresponsible introducing brokers on the planet. I understand you want business but are you truly that desperate? Gee...
Quote from rmorse:
This is one reason why hedge funds, trading groups and active trader use Introducing Brokers. They custody and clear at the Prime Broker, but we service the account. At ML with us as the broker on the account, our clients get the best of both.
Bob
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Swan Noir
Registered: Jun 2009
Posts: 1707 |
05-15-12 06:25 PM
Given the shape Penson has been in for the past year do you think that they would clear Pee Wee Herman if he called them? Why make a fool of yourself repeatedly?
Quote from rmorse:
This is one reason why hedge funds, trading groups and active trader use Introducing Brokers. They custody and clear at the Prime Broker, but we service the account. At ML with us as the broker on the account, our clients get the best of both.
Bob
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amazingIndustry
Registered: Aug 2009
Posts: 570 |
05-15-12 06:57 PM
Bob,
Would appreciate if you could refrain from PM me, lets keep the discussion for everyone to see. You wrote:
prime brokers
Interactive Brokers is a Prime Broker. You know nothing about his needs and either do I. You also seem to know very little about professional brokers and what we offer. I have accounts with $150K and some with millions. We make our money on executions, not a percentage of assets. I client with $500K can do more trading than one with $50M.
Bob
I disagree with you, a)IB's retail entity certainly does not fit the prime brokerage model. b) I made inferences about his need and if you want to participate in the discussion you would probably need to make inferences as well unless you talked privately with the OP. c) Please state ANY commission structure FOR EVERYONE TO SEE HERE (make assumptions how much a 500k account would trade) otherwise I recommend you do not try to convince the world that you can in any way beat commission schedules set forth by IB or other similar brokers that built their whole business model around discounted online trading for more than a decade. Your "I can only talk commissions when you PM me" sounds shady to say the least. d) Last but not least I think I am qualified to speak about what service you can expect from a prime broker when sending a check in the amount of 500k: A SHITTY SERVICE.
The problem I have is that you do not CLEARLY state that you enable guys with a 500k account to trade with a prime broker through you only by marking up commissions (otherwise how would you feed your kids). Your argument is like "Hey do not buy a no-name brand which may provide the same or better service at much lower cost because I can hook you up with the brand name that would usually charge outrageous cost but because I pool funds I get a lower rate from them". Well that may be true but the whole story is that your "discounted rates" are most likely still 100-200% higher (if not more) than what you pay for the no-name brand.
Bob, you are not the only one who has worked for quite a long time in this industry. What gets me is the dishonesty at which this game is played. State your commissions (make whatever trading assumptions you chose) and show us what you have to offer. There is no reason in the world to keep it a well-hidden secret for all but the few lucky ones that give their phone number and private email address away so that you can apply your sales techniques day in day out.
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