A few questions on registered prop firms

Discussion in 'Prop Firms' started by Crispy, Feb 9, 2012.

  1. Crispy


    How fast can one get an account set up?

    Does a 7 override the new 56?

    Are there any firms that have OSO order types available for equities?

    To all the pros, who do you suggest? I have a short list...but im not currently in this space so my knowledge is rather limited. All I really know are the listed advertisers here.

    I have no idea how rates are now, last time I was prop was with worldco paying 15 tix and .02 ps...lol. What can I expect to pay ps if im trading about 200,000 shares a month?
  2. It takes about 2 weeks generally if you have a series 7 because you have to do fingerprinting & clear finra. The firms have to u4 you and follow AML procedures and all the compliance stuff. You also have to fill out the class b-membership paperwork and the u4 yourself and get fingerprinted.

    A 7 does override the 56 exam with CBOE firms, but they still charge the same $200 for the waiver application I believe.

    for 200k shares per month most places will charge .004-.005 per share and add on another 250 or so for software.

    How much are you looking to put up? That will give you a better idea of your options.

    If you have 10-20k, try Bright or Echotrade. Bright clears with GS so they'll have a great short list.

    If you don't have that much, try broad street securities or capital traders group. capital traders group clears Wedbush. They also offer you a service to locate your own shorts. for like $25/month
  3. Crispy


    2 weeks, damn just like a standard brokerage position huh.

    I can accept .004-.005 and software fees as cost of doing biz.

    Probably 20k.

    I only trade spy, qqq, tlt, gld, slv, uso, and fxe so shorts are not an issue really. No individual names at all.

    I know bright clears GSEC and uses REDI, which does not have OSO order types. Ive been using REDI for years. Do the other firms you list have more order entry and order type functions in the software?
  4. Hmm? OK, as I understand it. SOS, is simply sending an order after another is filled. You're right about Redi not having that capacity, However.... we have programs in use that do just that for pairs trading.

    I.E. if you want to trigger an order after being filled on the initial order, no problem. Something to think about.

    PM me if interested, keeping a low profile these days, LOL.

    All the best,