Ok, I am bombarded with PMs, which is a good sign. Some common questions: Do you have to be Licensed: No. Either is fine. Can it be done remote: Yes, I think remote is preferrable. I am not affiliated (yet). When the group will be done so that we can take advantage of the group volume, then I will be. They are not a sub-LLC of anything. They are self clearing Also, request: those with ties in the industry that can scout out the firm: that would be great. I spoke with some guy here on ET who made little sense: he was talking about chop shops. While he did make little sense, and didn't know the firm, and thought it was a sub-LLC of some other firm, I still want to get more opinions on the legitimacy of the firm. Maybe he had a point? Not a clear one, but its possible. Just please keep the ramblings to a sane level, and if you don't know anything about the firm, state so. Otherwise it just doen't make sense. I want to make the correct decision and I want to base it on the facts. In any event, those are the answers to some common questions I got. Also, I haven't signed with the yet, but hopefully the group will be ready soon. I am also not planning on any overrides on the group, the savings to me in commission alone will cover all the work that I am willing to do of organizing. So the commissions will be uniform. Did anyone test the speed yet?
Several of you guys contacted me about the demo. Did you guys download/try it? Please let me know what you think of it?
Anything new on this? I would like to get the details. I avg. over a million shares/month. SitrusTrader please pm me or somebody who has the details. By the way, i've sent 3 pm's to you , Sitrus.
If you get a team together, your gona pool the money if im correct. If you all trade from the same pool and ur leveraged, say normal industry standards of 4:1....gota remember....1 Cowboy in the group can sent you guys into the abyss. There are a lot of legal issues you need to figuer out among the group. I know a few who have created such a group and they did create a LLC for protection of a lose cannon if he were to go off. Also you need to ck into the TAX aspects of trading as a group. If you guys are really serious about this and not just some yahoo 9 to 5ers talking shit....then i would seek out an securities lawyer. Yes this will cost money, but this is ur buissness you guys are starting....and its worth the money. IMHO
After you have all legal and tax questions taken care of....then worry about FEEs. Fees for ecn and clearing are gona drop, the Industry is changing and that includes lowering the clearing fees, comissions, etc. ( I think the SEC fees will be raised, but not 100% on that). So PROP shops are gona be more like clearing firms giving out leverger and creating pooled capital. I also think they will act more like owners of office space, providing destk, phones, faxes and T1 lines and the sort...as well as trading softwear. But this i just what i belive .....