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Maverick74

Registered: Mar 2002
Posts: 17361

07-17-12 11:59 PM

Quote from ScalperJoe:

Hi Mav, "going under" is perhaps an overstatement. According to FINRA's broker check, FNYS is listed as "active". In their latest SEC filings, FNYS listed 4 billion in assets, 90 million in member's equity, and lease agreements through 2015, certainly things that suggest that a firm is not "going under" for now.

If I'm not mistaken 3 of the 4 partners have left as well as several top traders. And PFG looked like they were doing well too according to their filings. I will never believe another filing again the rest of my life. Follow the partners I always say.

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ScalperJoe

Registered: Mar 2010
Posts: 608

07-18-12 12:11 AM

I do believe filings have some merit, but like you said PFG was doing well and look what happened. Things can turn on a dime in this business as you already know.

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traderchi128

Registered: Feb 2012
Posts: 341

07-18-12 04:29 AM

Quote from Maverick74:

Well, FNYS is going under and Schonfeld abandoned that model. So you don't even have those two choices left.

FNYS is not going under (changed their structure) and Schonfeld has the same exact model since the 90's.

Otherwise you are right........

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Maverick74

Registered: Mar 2002
Posts: 17361

07-18-12 05:28 AM

Quote from traderchi128:

FNYS is not going under (changed their structure) and Schonfeld has the same exact model since the 90's.

Otherwise you are right........

I have heard from most of the big traders there that they no longer run the same model they ran in the 90's or early 2000's. In fact Schonfeld stated that himself in a recent article.

And FNYS has basically completely stopped backing new guys.

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bears21

Registered: Jan 2007
Posts: 195

07-19-12 05:24 AM

Quote from Maverick74:

I have heard from most of the big traders there that they no longer run the same model they ran in the 90's or early 2000's. In fact Schonfeld stated that himself in a recent article.

And FNYS has basically completely stopped backing new guys.

I heard they were changing to a hedge fund model but had to scrap it, wasn't enough interest in raising investor capital. Prop model is dead so who knows what their new model is.

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traderchi128

Registered: Feb 2012
Posts: 341

07-20-12 04:43 AM

Quote from Maverick74:

I have heard from most of the big traders there that they no longer run the same model they ran in the 90's or early 2000's. In fact Schonfeld stated that himself in a recent article.

And FNYS has basically completely stopped backing new guys.

They still run almost the exact same model at Schonfeld. Same strategy. The software/filter they have is basically the same they had back in the early 90's.

If you are talking payout/backing model. That too is almost identical to what they had in the 90's.

FNYS, I agree ...seems to be "in a different place" these days. But "going under"...not sure that's the case.

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