Just visited Genisis, They have a superior platform for both listed and nasdaq (one of the best i,ve seen).Unfortunatly I cant join due to lack of leverage they provide.
I personally prefer that Genesis does not provide a greater than 10:1 leverage ratio... It takes good management to look after 10:1... I would not feel very confident in larger ratios...
For 2 mil shares a month? That's insane. These rate wars will not have a good end for the industry, if anything they promote the penny fighting in stocks. I don't care what all the Genesis pumpers say, but stop trying to make it out like Genesis is a top firm. Seeing the downtown office was enough to get a feel reminiscent of the Hold Bros skeleton cut costs environment. I don't know what you guys mean by a great and "reliable" system, maybe my standards are too high but if the system has a pattern of going down or having delayed quotes about once a week, well that's not acceptable to me. Yes it does happen at the downtown office along with other problems, I spoke to a friend everyday for 3 months on IM and heard the specifics everytime. At .002 and lower per share, maybe it is worth it to some but not to me. I'm insured against any losses during system outages at my firm, surprise surprise, the system has went down ONCE in the past 6 months and it was a local problem (firewall had to be reset to stop ppl from messing with online poker). Hence I pay higher rates because I get what I pay for and no freaking way could a firm like Genesis provide me with what I get now. So realize that there are consequences with getting such low rates. Maybe it won't matter to you but maybe it will. Just hope that it won't affect your trading significantly.
Have been trading with Genesis since January... Comparatively speaking...my experience has been better with them than my experiences with... RealTick Hammer REDI Lightspeed Excellent executions...fast...
I've about given up on even addressing the issue. Those talking crap about Genesis invariably are those that own an office of a competing firm. And certainly, they are almost 100% of the time traders that have never traded at Genesis or used their software. Among those that have used their software, they get consistently fantastic ratings. Like yourself, I am a Genesis client. I have traded through Genesis since Aug 2004 and have found them to be superior to any prior firm that I have ever had an account with (Brown, RealTick, AllTech, RML, Castle). In fact, none of the others have even come close. During my time at Genesis, I have executed over 300,000 orders and you can bet I would not still be at Genesis unless they were superior to every other firm I've used. However, the naysayers don't want to hear anything from real people that have actual first-hand experience trading with Genesis. It is much more fun to talk third-hand trash, and so easy too! -Eric
What about Genesis' policy of holding your capital contribution for a year after you leave? That isn't a great point...I don't know of many firms that do that.
You're right cause it is absolutely illogical to be upset with ANY firm in this industry. If you have the slightest problem with prop/retail firm it can only be because you are a losing trader or you are pumping competition. I'm going by what I saw and what I was relayed to by my friend. I actually considered going to Genesis because of the rates but like the saying goes "too good to be true". There is no way you can get .002 for 1-2mil shares a month without some drawbacks. Seeing the office gave me enough of the idea. If it does not matter to you, then more power to your trading. I know that some ppl only care about the lowest rates possible. They are damn competitive, no doubt about that.
I call them as I see them. Some months ago, a trader was talking crap about how Genesis' NYSE performance sucks. Now, I can't personally comment on it, since I never trade NYSE stocks. However, I know that Dustin (a well respected ET poster with no axe to grind) trades exclusively NYSE and joined Genesis in January and is very happy with them. As far as their NYC office... I trade remote, but have been in their NYC office ~3 times. What could possibly have turned you off about their offices? Beautiful office space on the same block as the NYSE, fastest possible connections to the various exchanges/ECN's... Please clarify what you saw so distasteful about their office that would make profitable trading from their location more difficult. It really doesn't matter to me which firm you or your friend is with. My only concern is to make sure that at least some unbiased information is available to those seeking it. If I were looking for a new firm, I would like to have information from a current client of that firm provide some feedback, not second hand information from someone that has never traded with the firm, nor information from a friend of a friend who may have once traded there some time ago. You can go through my history and see that I have never posted crap about Echo, or Assent, or Bright (although have needled Bright at times), or posted anything negative about any firm that I don't have any direct experience with. I will stand by my assertion than I haven't seen any comments posted on ET from any current clients that dislike the firm. Lowest possible rates is not my greatest concern. My end of the year P&L is my greatest concern. Now I recognize that my commission rate structure impacts upon that, but many other factors are critical towards supporting my end of year P&L, including reliability, short list, leverage, firm integrity, risk of blowup, customer service, etc. Based upon all of these factors, I know of no other firm that can serve my needs as well as Genesis. I am glad there is good competition in the brokerage industry, though, as it keeps all of the firms on their toes towards supporting their clients (i.e. us). Just curious, Hydro. What firm do you use? Do you have any association with them outside of simply being a satisfied client? What kind of monthly volume do you do? (I imagine that this might impact which firm is best suited for a trader) And, why do you think they are superior to all other firms? (Possibly you have already posted this before on some other thread, and if so, then a link would be great). Thanks, -Eric Edit: I went ahead and looked at some of your past posts for a little better insight into your thinking. You seem to be a very negative person. It did seem as though you have some sort of competing firm or branch office from the following post: http://www.elitetrader.com/vb/showthread.php?s=&postid=749735#post749735 If so, I can certainly see why a competing firm with consistently good service and great rates would be a threat to you.
"How does Genesis get orders to the floor? Are they [you] NYSE members, or do they use a third-party, like Jefferies/Helfant?" Yes, I quoted myself. Just curious... someone has to know the answer. And, since the thread was about Genesis, I figure it's relevant. now listening : rush - here again