it really is not that important. It was obviously an aggressive structure aimed at providing opportunity for those barred by the 25K rule. I commend them for trying and really hope they get the no action letter and/or satisfy the regulators as I think they provide a niche worth having in the industry.
I agree. I don't see why they would not get a no action letter. We need them more then they need us! I went to there office and their in house traders were making $500 to $1000 per day. I have more then $25,000 but, I just wanted to trade with them just so I can learn how they are doing it.
What a joke, when you click on the daytraderpro link, it carries you off to Amazon and direct to Marc Friedfertig's book on daytrading. Mark, generous soul that he is, must be paying at least a penny a hit, and a nickle for a sale.
THey appear to now be just another VTS based DAT broker...albeit with pretty good per ticket commish schedule. So I guess the pattern daytrader avoidance deal did not fly with the regulators. BTW whats up with the .007 per share charge for SNETing TNTO??!! TNTO was the MMID for TerraNova prior to renaming themselves ARCA. Is this just old (very old) info cut and pasted from a prior site (if so lameness on them).
Several attempts have been made, I am told, by firms to get past the rules for "daytrader" status. Even though it may not be in the best interest of Bright Trading (as far as attracting prop traders), I really think that everyone should be able to buy and sell as often as they like (which I guess is in our best interest, since we have more liquidity).... Anyway, you retail traders be careful, I won't mention any names but since this new ruling is self enforcing, a few have been pretty lax. Another thing came to our attention from the NYSE, and that is that there are a couple of trading firms that have asked their traders to "waive professional status" so that they can save a few bucks on exchange fees. Has anyone ever heard of something so ridiculous...imagine jeopardizing all of your traders ability to ever trade again just to save a small pittance?? I am sure if any licensed trader got caught doing this that they would be "U-5'd" in such a fashion that they would not be allowed to trade.