Anyone here know if the traders there also have suffered in the last 2 yrs like many of us? When I was there in the late 90's guys like Serge made 6-7 figures based on what I can see at their website those days are over .... or at least the number of traders having positive months is down from a few yrs ago on avg.
heard a rumor last week that they shut down or sold off the business......I heard that traders were not doing well in there the past year.....
The numbers on their web site are old. Not all of those offices are still open. They payed a monthly draw until October of last year. After they cut the draw, a lot of traders left. And yeah, I also heard they sold the place.
that they sold off to Schonfeld which is interesting in light of the other thread going on right now about those guys.
Broadway was always run like a 3-card-monte game, ie. the cardboard box always an inch away from folding up and the players scattered.
I worked for Broadway and was not at all impressed with the firm. It honestly does not surprise me that they are having so many problems and are folding up. They made many millions in the good ol days and the owners used it not to funnel money back into the business and improve the trading environment and support but to buy yachts and live the high life off the rediculous 2 cents/ share commissions that they raped people with. Their business model seemed to be- who cares if the traders make money as long as they churn their asses off and makes us some nice commission change. I did not know really anyone who was excited to work for these guys and thought that they were getting a reasonable deal from a company that genuinely cared about their traders ( I sure didn't) Not to mention that their in-house software was complete crap- the Mach would go down at LEAST 4 times in a trading day- tons of fun when you are playing volatile stocks with size!!! Tech support was atrocious and it was tough to get decent help. Most of the traders that I know got the hell out of there. When I tried to negotiate a better commission rate (I traded about 500K/ month) the best they could do was 1.4 all-in and it was seriously like pulling teeth to get that. (If I was in NY maybe it would be different- but branch offices suffered higher rates) It doesn't surprise me about the rumors of them selling out to Shoney- Broadway used to be a powerhouse but is now one of the weaker players in the biz. I know that I have made some disparaging remarks but I am not some bitter mook who lost money and is pissed at the firm- quite the opposite- I was one of the few traders there who made money consistently and one of the last few standing before they shut my office down. I am off to explore other firms now and find out how much greener the grass can be with a real firm.
Someone said on another thread that Serge cashed out a couple of years ago while still on top and didn't succumb to the fate that so many others did.
Hello NDQNCA I also used to trade with Broadway. They charged way high commissions at that thime and problably do now. Also I used the watcher back in the day. It was great. But now I have left them and trade with Pointdirex, similiar to the watcher. Awesome software, fast, and reliable. I am glad i made the move. I wonder what is going to happen to broadway and what is still going on. Hans
check out their net cap numbers in the past 2 years. It might give you some insight. Nasdaq seems to be dead. I hear they have been talking with Shoenfeld.