I heard they got fined big for a buying power issue and have to personally monitor each traders account. Also heard they are moving to a new building in Manhattan. They are in a pretty nice building now so maybe itâs to save money. Is that the big change you are talking about?
I heard they are trying to make more money for class A members so they are cutting back on a lot of things and costs. They will cut services, and will be charging more fees for data. I heard they will be cutting back on buying power, but didn't know a fine was the reason. Moving the office makes sense for cutting expenses.
not sure if I am spelling the name right but supposedly "Mayer Offman" was a top trader part owner of the firm a few yrs ago. (?) is he still affiliated with Generic?
I anticipated some problems coming down the line, that's why I left them several months ago. Every time I dealt with them on the phone, they were always talking about "how are we going to make more money" and when I tried to get my black box connected to their systems, boy did they sure look for extra charges to tack on there. They didn't even honor the original deal we had inked that got me to switch in the first place. There are other firms out there who really care about their traders bottom line and not just their own, unfortunately, they weren't one of them. However, diligence and hardwork does pay off. I finally found an excellent firm out there that provides a fair deal, Good commissions, adequate BP, reasonable holding costs(they don't try to rape you on haircut!) and have a great trading platform with good backend support. This is the place to go for traders who conduct their trading like a business. Good trading to all! Mike
had a friend who was trading at Generic, when he left, he had to do some shouting to get his money back. i don't know what crossed their mind - that he'll forget about his money if they delay the wire to his account? freaking assholes. mschey, all props are scum and your new prop firm will prove to be the same.
Stir that pot!!!! I wish you people would at least post one actual detail before claiming the sky is falling.
About the "moving"... Manhattan real estate is out of control right now... maybe their lease expired, and they can't get a decent deal on their old space. Moving may have nothing to do with cutting costs.