Fatman: You will NEVER get a straight answer on this board. Just hens clucking from the henhouse. You will get answers to every other question except the one you asked and flamed for any opinion other than the next guys. Call SUNGUARD!
We have never locked up people's money for RegT purposes. Years ago when we switched Exchanges there was mention made of doing so, but after we realized it was just an issue of a Firm's solvency, we were able to refund money immediately if needed. We always choose to "err on the side of caution" so as to be sure that we don't violate any rules. Some firms seem to be a bit less cautious. I agree, don't fall for any BS, no "sub llc's" with no guarntees to you from the "background" firm.....(usually just a marketing "dodge" .."We are owned by xxxxxxx, so you "know" your money is safe"...just like Enron and all the rest....if they screw you once, shame on them, if they do it again, shame on you")......do your homework, insist on audited balance sheets, and cut off the conversation if they are not supplied!! We are encouraging our new traders, and College students to increase their depth of understanding by analyzing the stocks they trade, even to the extent of going to Edgar (SEC) and reading 10K's....we do our best to help them interpret the "fine print." You would think that traders would at least insist on the doing the same due diligence with the "partner" they are aligned with. Don Don
(See post above).... This is an excellent idea!. Ask Sungard to verify that they are responsible for all of Assent's risk regarding it's traders capital. This is true "due diligence." Has anyone reviewed Sungard's 10K yet? I assume it's pretty solid, but I haven't had a reason to check it out yet. I may assign this task as homework to my college students. And, yes, I will also asign Goldman Sachs as well. Don (no clucking, just trying to help)
It all depends on which branch you go to , who you talk to and how good you are at negotiating. Every trader is different. If you do overnights everyday then it's certainly fair for ANY prop firm to ask you to put up more. For the majority 5000 or less is reasonable in my opinion. I hope both prop traders and firms will learn a lesson from this Worldco fiasco.
Am I starting to agree with Don? No money lockups and now Bright even has no cost trading. I might have to check into that. I was wondering if I could get free checking.
No free checking, but you can draw out profits twice a week if you like (no reason for us to shut down the bank, ala the "bank runs" of old, and I guess "new" as well). Don
fattyasids if that is true, please let us know what firm(s) there are out there that doesn't have a one year lock up. i was referring to assent since that is what the initial topic is in regards to.