Patrick, A very large percentage of Worldco traders are foreign-born. We probably have people from most countries. The guy I sit next to is from Poland..another from China. So I don't think it would be too much of a problem. Here is the contact information located from there Monster.com ad: Contact Information Magda Kaczorowska mk@wldc.com Worldco Financial Services 110 Wall Steet, 19th Floor New York NY Ph: (212)601-7038 Fax: (212)292-0246 Magda should be able to answer all of your questions. In fact she is also foreign-born. I believe Russian, but not sure. also check out the website: http://www.worldcollc.com
Thanks Trader58, i will contact her and ask all i want to know. Could not imagine that there are so much people working from different countries. Are they mostly born in USA or they immigrated to USA?
A couple of questons. How many offices does worldco have? I can't seem to find any info on the web site. Are they planning on opening several in diff. parts of the country? Do they have any certain biases on what they want their traders to trade? For example, NYSE only. Also, how do they compare to say Bright Trading. With Bright you need a series 7, and $25,000 initial capital. The way I understand it, your losses come out of the $25,000 but you can also use their capital for added leverage and of course get the other advantages of a pro firm. There is a Bright office in my city but nothing else so that's why I ask. Thanks.
Expanding all over the country. Just opened one in Florida. In the process of openings branches in San Diego and Connecticut. If you are a prop trader the capital contribution can range from 0 to a couple thousand. It all depends on your credentials (resume, GPA, experience etc.) Most traders trade NYSE but if you have NASDAQ experience they'll let you trade it. They have many different options with software. CHARTING: 1) AT Financial 2) ILX 3) Reuters DOT Execution: 1) Market Machine 2) Townsend 3) Belzberg OTC Execution: 1) RediPlus 2) TradeStation 3)WatcherPlus Top of the line Agency Desk: Being able to put up a "bullet" in less than five seconds is the difference between making points in a stock or not being able to get short. Various types of Screening software. Worldco also offers various Proprietary Software Applications like IE-Blotter to keep track of all your positions. Bloomberg also.
I have had some talks with a gentleman from WorldCO I am hazy on "self clearing" - I asked him if they are NYSE member - you don't have any commission costs, or what? Any seasoned member here - why would "self clearing" let them trade so cheaply ?? and how is it different from NYSE member ? Also hazy on costs of being there. Is there a desk fee ? Ideally I would like any company to have standards in ways of dealing with people/associates, they don't seem to think so. Anyways just wondering....
Ther is no desk-fee at Worldco...Self-Clearing means that they process all their own paperwork and hold all their records. There is also a capital requirement. The biggest cost of a clearing firm such as Bear Stearns Clearing or U.S Clearing is the overhead associated with paperwork and record keeping. For example Bear Stearns Clearing (located in Brooklyn) has a lot of overhead. I used to work at a firm which cleared through them and we received about 15 pounds of paperwork from them EVERY DAY!!! Not to mention the monthly statements that must go out to all active accounts. They also have to pay hundreds or maybe thousands of full time employees for various positions. Worldco saves money by NOT having to clear through a firm like this. Worldco has sufficient capital to clear their own trades. And there is minimal paperwork...since everything is on the corporate intranet(paperless). Because of this Worldco can offer some of the lowest commissions around. My friend pays only .007 per share with no ticket charge. Other firms which are not self-clearing must pass on the excess charges they have to pay their clearing firm. As for NYSE members (there are only 1366 of them) they can trade on the floor. I am not sure exactly how it works, BUT I believe all fees from DOT orders are split amongst the member firms. I do not know if a firm needs to be sponsored to trade through the DOT or not. I hope this helps...
Trader58, Do you trade in the NYC office of Worldco? Any chances that a Worldco office would open in Michigan? L
I don't think Worldco will be opening an office in Michigan soon. These sites are not randomly picked. They are places that Senior traders have offered to start up and manage. For example the firm in Boca Raton was started by a few senior traders that wanted to move to Florida. Another Senior trader that lives upstate NY is opening the one in connecticut because it is within 30 minutes of his home. I work at the office in Melville, NY. This office was started because a lot of the traders live on Long Island. Working five minutes from my house has alot of benefits. The biggest one is that I save 15 hours a week of traveling.