I was referring to stocks and this is exactly what i have been trying to tell him. Unfortunately English isn't my first language so my posts probably didn't make too much sense at times . It seems like he thinks that if he is the broker dealer he only needs to transfer a little bit of his own money and the exchange will provide the other part (the margin). As far as i am aware that is impossible. If he is his own broker dealer he will need to put up 100% of the purchases value, since nobody is giving him a loan. Unless he takes a loan elsewhere, he will have no leverage. Not including financing by short selling that is. Correct me if i am wrong please.
Like I said, you guys are talking past eachother. He is talking about futures and you are talking about stocks. They don't work the same way. Futures have leverage without debt, stocks do not.
I never heard that it it is possible to start trading without broker help, we have choose the broker which suits according to our needs.
If you wanted to self-clear you would join a clearinghouse not start one. Owning one wouldn't achieve what you are trying to do.
As ph1l has pointed out, the original post was written by the same guy who wrote this a few weeks ago: So, first he wants to buy up an entire company by acquiring all shares of a penny stock. Now he wants to trade without a broker by opening his own clearing firm. He wants to operate at the very top level of the system, so he can make the rules himself. Next he'll ask how he can form an organization like FINRA so he can write the regulations. And then he'll ask for help on how to open a new stock exchange. Obviously, this guy wants to completely take over the global financial system... BMK