I am trying to open an account with one of these two. Can anyone compare these two brokers for their short locate availability and fees? If you have an experience with any of them, could someone recommend one for Short Selling?
Cobra is an Introducing Broker to Wedbush - same as Lightspeed - so the same ETB list and locates list. In addition, we offer third party locates which have a fee, but very popular. https://files.brokercheck.finra.org/firm/firm_132078.pdf Centerpoint Securities introduce to a number of clearing broker including Wedbush. Good luck determining which is "better". Is that your only criteria?
Does Cobra only introduce to Wedbush or do they also introduce to others including Interactive Brokers. Robert do you know if Wedbush handles managed accounts? multiple managed accounts?
As we are the broker on our accounts, it would be up to us to manage SMA. Yes, we can. All our software can be enabled for multiple accounts with a pull-down.
Thank you. Im gathering some data for another trader. Hes in contact with Cobra and others gathering data. Do the persons in each SMA - suppose there are 5 accounts, 5 investors - do each need to be accredited? Are there any important issues/disclosures/etc if they are or arent. Thank you for any general information.
Okay - Ill forward him your name and number - might be a few days as hes still gather data and pricing and such from several places. Thank you Robert.
I understand. When there might be a legal issue, I'd rather not post a general statement that might not apply to all.