Anyone had experience w/broadway trading?

Discussion in 'Prop Firms' started by EF4869, Jun 4, 2002.

  1. EF4869


  2. I thought they were bought out.....mayby im wrong
  3. for less than 1 year

    about 5 yrs ago ...

    was growing by leaps and bounds then

    had alot of good traders some of whom were written up in a book

    I was not profitable at that time so I left them

    they used to be on broad street in downtown manhattan

    perhaps they are still there
  4. Broadway was probably the largest daytrading firm in NYC (beside Shonfeld) in terms of share volume in the 90's. I have heard from reliable sources that they were acquired by Shonfeld Securities. The industry is continuing to consolidate in these tough times. Mark Friedfertig was one of the senior partners at Broadway. If you are interested in trading there, give them a call. Their web site is listed in the broker section of Elite.

    There is also many misconceptions about "merging" or consolidating in the brokerage business. Just because a firm merges or is acquired by another firm, does not mean that this is
    a "bad" firm or they are in any kind of financial trouble(though it could). For example, many NYSE specialists have merged to form super specialist units(my terminology) because there is economies of scale when you have a larger firm and the specialist "billings" on billable orders is much lower than
    it used to be. If you are a small specialist unit(well capitalized
    with 50 stocks), it just makes sense to join a large specialist group like Van Der Moolen , SLK or LaBranche . In direct access
    trading, we are now seeing the same consolidation at the retail level.

    Gene Weissman
    Lieber & Weissman Sec., L.,L.C.