Bright Trading and Nasdaq

Discussion in 'Prop Firms' started by Bryan Roberts, Aug 1, 2001.

  1. Bryan Roberts

    Bryan Roberts Guest

    Just curious, is Bright still anti-nasdaq? I think their deposit requirements for nyse is $25k and for nasdaq is $40k to $50k. From what i heard, the brights hate nasdaq and tell potential traders that they can't make money trading this market. sounds a little closed minded IMHO, but i could be wrong, so if any of you Bright "nasdaq" traders have some useful info concerning this area please enlighten us.
  2. Fletch


    Yes, Bright is still anti-NASDAQ and requires higher capital requirements (unless you can convince them to let you trade smaller shares with less capital) At least they now offer you L2 (for an additional fee) but I think they only give you access to REDI and ISLD routes. REDI will technically route your order the best way but sometimes you just want to pref a MM or hit an ECN.

    In Bright's defense, I believe Echo has higher capital requirements for NASDAQ, too.

  3. Just a note . The Bright brothers have a
    successful trading organization that is
    built on mainly NYSE trading. As a trader
    and firm owner , I can see benefits of trading
    NYSE. You get price improvement many times
    when trading NYSE. If you trade JNJ,GM ,IBM
    and other S&P 500 stocks , over 80% of the
    volume is done on the NYSE floor. NASDAQ
    market is "fragmented" and more volatile.
    I could trade 3000 shares of GM(on most days)
    with less risk than 1000 shares of CIEN. I
    know we are not comparing apples & oranges ,
    but the point is I can trade at a centralized
    market place with potential price improvement
    and a "real" order book(the specialist keeps).
    The NYSE & NASDAQ are really two different
    markets. Over 60% of our traders volume is
    NYSE. Our top traders in our firm (P&L) only
    trade NYSE stocks. Is NYSE better for traders
    than the NASDAQ? That is a matter of opinion I
    leave up to you.

    Gene Weissman
    Managing Member
    Stocktrade Network
    Lieber & Weissman Sec., L.L.C.

  4. I try not to be biased in my replies
    or tout our firm , but for any interested
    traders , we offer REDI+ for NASDAQ with
    links to REDI,ISLD,INCA,SuperSOES & ARCA
    and soon BTRD. I would reccomend a $25,000
    minimum capital contribution for NASDAQ.
    Any professional trader will tell you,
    this is minimal capital. We will sponsor
    experienced traders for the Series 7 test.

    Gene Weissman
    Managing Member
    Stocktrade Network
    Lieber & Weissman Sec., L.L.C.
  5. Fletch



    Does your company have ticket charges? Have you considered a price structure like Bright or Echo?


  6. We offer professional rates based
    on volume. We start at .03 cents a
    share and go down to .0125 cents a
    share-no ticket , no ECN , No MM
    fees or minimum charge. I don't like
    to tout our firm on boards. We have
    been around 5 years with a very good
    reputation. If you are interested in
    trading with us , send us an e-mail
    at .

    Gene Weissman
    Managing Member
    Stocktrade Network
    Lieber & Weissman Sec., L.L.C.

  7. Bryan Roberts

    Bryan Roberts Guest


    is that 3 cents or .03 cents a share, if it's the latter then sign me up. i'm guessing it is 3 cents.....let us know.
  8. Our rates are .03 down to .0125 cents per
    share. 500 shares would be $15 at our
    highest rate and $6.25 at our lowest rate.
    There is no ECN,MM or hidden charges and
    no minimums. In terms of rates, we are not
    the lowest or most expensive. All I can say
    is you get what you pay for. You can trade
    NASDAQ/AMEX/NYSE with us. Matchpairs,Synthetic
    Puts, Calls & "Bullets". Series 7 license is

    I really think too many traders are concerned
    about just rates. How long is a firm in business? Does the firm hold back any funds? How long?
    What are the hidden fees? Are there any minimum
    charges? Can you trade remotely? Is the trading
    desk manned by professionals? Who is the firms
    clearing Broker? Sure rates are important, but
    if a trader can't make money at .02 per share,
    he probably can't make money at .01 per share.
    The .01 rate usually quoted by firms is NYSE
    non-billable, so NASDAQ and billable NYSE is
    usually more. If you are a real "trader",
    our firm and most others will give you competitive
    rates. ECHOTRADE, Bright, ETG , Lieber & Weissman
    & On-Site,L.L.C. are well known trading L.L.C.'s.
    On-Site was recently acquired by A.B. Wately
    (pending due diligence). Call each one ask some
    of the questions I mentioned.

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


    >Our rates are .03 down to .0125
    >cents per share.

    I think after your clarification, it's clear that your rates are .03 to .0125 *dollars* per share, not "cents". In terms of "cents", your rates are from 3.0 to 1.25 cents.

    I think we probably all knew this and the clarification was ask for half in jest.


  10. True , but being in this business
    20 years-no question suprises me!


    #10     Aug 1, 2001