100% unrelated. WTS as a whole is leaving current clearing firm to go to ETC. Not a big deal and trading going on as usual. Just a business decision. The closing of CTG by WTS was because there were things going on there that shouldn't have been. WTS takes compliance very seriously and when they saw the shenanigans that was going on at the CTG "branch" they put an end to it. JT
None of the firms WTS is buying/consolidating are broker/dealers i.e. large, liquid, established firms by prop industry standards.
You seem to be working at WTS. Maybe you can clear things up for us? I trade with WTS. Check out their groups like JC, Philly, Etc. - they show WTS logo and contact info. Straight from their website - "JC Trading is a division of WTS Propietary Trading Group LLC. " which indicates WTS own all these groups, does it not? The same thing goes for Philadelphia Trading Group. It seems to me their strategy has been to operate subgroups under multiple names. Traders therefore end up contacting 5 WTS firms and believe they are contacting competing firms. Can you explain why these groups all appear to be a division of WTS but at the same time these groups "were not in compliance"? Something is starting to smell really fishy about WTS to me. The fees have doubled for my annual registration and the customer service has gotten horrendous. They also mark up SEC fees, routes, etc (which I'm sure everyone else does as well) and you have to consistently watch your reports for errors. According to JC's website, their email address is jctraders@wtsprop.com. According to CTG's it is Support.CTG@wtsprop.com. CTG's says supportctg@wtsprop.com. These aren't independent groups. JC shares the same chicago address, as CTG does the same US address. There's probably a lot more going on here than meets the eye. If any CTG traders are on the boards, please feel free to share what you know. I'm really curious about this as this would be verification of my consolidation theory.
WTS is a BD that has a branch system. You too can open a branch if you have a lot of traders, the proper licenses (I believe 7,24,56 at a minimum), and the capital to put up. I believe it is $50,000 plus the cost of operating a trading floor. Nothing complicated.
Last time I checked WTS was not a broker/dealer, they post trader licenses with other prop firms who are B/D and that's why they accept both S7 & S56.
You might want to check your facts dealmaker before you post nonsense because you are 100% wrong. WTS is an SEC registered BD.
1st of all to be a broker dealer you have to be FINRA registered not SEC... ps I just went to FINRA & SEC website and checked World Trade Securities no such firm. There is a Wolrd Trade Financial but that is registered out of San Diego...
Again, you couldn't be more wrong and are really showing your ignorance. All BD's must register with the SEC. FINRA is an SRO (Self Regulatory Organization). The CBSX is an SRO. There are many BD's that are not FINRA BDs. WTS Prop Trading is a CBSX BD, not a FINRA BD. Check your facts before you post.
CBSX is an exchange its not a regulatory agency i.e. CBSX enforces FINRA & SEC rules. All props are registered with an exchange most large ones are with Chicago Stock Exchange. ps I will check further if I find I am wrong I will post it.