This goes against the Schonfeld/Broadway deal....anyone know for sure what is happening.... Gene?? Don
wouldn't surprise me- i traded with these pikers for a while when i didn't know any better (right out of college and they were in my small town) but got the hell out of there for greener pastures......they were pretty shady- surprised they'd file for ch 11- they charged 2 cents/share NOT ALL-IN!!! that was what i had at first- had to pull teeth and eventually (after 1 yr) got .009 all-in...but they made SO much $$$$$ of high commissions that it wouldn't surprise me if the owners took the money and ran....just folded the biz......but i don't think this is true- i heard they were bought out by schoney for something like $14 million...but not 100% sure on that......don't really keep up with them anymore, don't really care......
i heard the deal collapsed because one of the main players died. this delayed the sale causing it fall through during a downturn in the business and economy. did you hear anything about this?
I have seen 1.2¢ everything included with Broadway Canada, and not for the biggest volume only! Seem to have spread in fee.
Read the current issue of Active Trader's Magazine(Sept 2002). They also mentioned AB Watley . Blackwood Trading, and something about ProTrader shutting offices down. Here's another article titled: Blackwood Files For Chapter 11, Looks for Re-Birth in the Software Business http://www.wallstreetandtech.com/story/electronicTrading/WST20020523S0006
Schonfeld figured out a way to keep them afloat for a brief time while taking a free look to see if he wanted to buy the entire thing. He left them at the alter. I heard that Instinet clearing lost a sub loan of $2 million.
ch 11 weeds out the scammers... but the ones left standing are not to be trusted either. Who would but a trading firm these days? any firm that's failing is obviously a POS.