Actually quite a few, as they are astute businessmen. When they may save a few $thousand in haircut and interest charges by doing so, and they receive interest on balances anyway, why not? A big chunk of our "family" money is held at Goldman Sachs for the exact same reasons. Why would we pull money out when it's safe and sound at GS. We don't get SIPC or anything either. Insurance only covers a small amount of money, but if any traders wants to take their $$ out every week, then that's fine as well. Everyone should run their trading business as any other business, understand what you're doing, make good decisions. (and Maverick seems to understand all this very well, and as always his comments are well taken)...and for Mav's benefit "ya gotta check the balance sheets before leaving any money anywhere, LOL....I'll think I may get a t-shirt made with that saying on it) All the best, Don
might be a good profit center ( prop capital insurance ), don. perhaps a call into lloyds may be in order---- i want a percentage! LOL !
don keeps saying, "check the balance sheets". let me ask you, maverick, is this realistic? will your firm show traders their actual balance sheets, will any prop firm show the balance sheets on request? and if so, how can the validity of the balance sheet be determined? thanks, surf
I have had recently, some of the highest volume traders from Echo returning or simply coming over, that's all I can tell you. Traders need to look at the whole picture, and yet I doubt that these "bighitters" would be here if they didn't get the right deal. Traders move around at times, not so much anymore, very few places to go, it seems. I respect what Jeff and Rob did with Echo, and they have always been honest and fair "competitors" - things have changed over there, no big deal. I'm sure Merrill will do well with PAX, and hopefully the Echo guys will continue to do well. I haven't heard much about Hold again, until lately...I look forward to meeting with them at some point, discuss the industry, share a glass of wine. If anyone knows a good, direct contact number for the Hold Bros., please let me know, I would love to chat. (It's funny, all the rivalry that some traders thinks takes place is simply non-existent for the most part...most of us know each other, and we have similar issues that affect the industry as a whole...that's why I'm heading off to Chicago next month, to address some of these issues, and I would like to chat with other exchange member firms about some of these issues). Don
(Sorry, I'm reading these posts from the back to the front, didn't think there would be so many on a Sunday). Sure, why wouldn't a regulated firm provide disclosure? This is not like asking some group of "good ol boys" to see their bank accounts or anything...just public disclosure. Mav, help me out here. Don
Geeeeez! C'mon already! You're in a thread that has "Don Bright" in the title. You KNOW that Don is going to be talking about Bright Trading. You apparently get violently ill when Don talks about Bright Trading. So, the question is: Why do you EVEN READ THE THREAD??? You're like those people that rant about how a TV show is such crap and should be pulled off the air, but watch it anyway to get justifications for your position. Why not just change the channel and not watch?!?!? In addition, if this is such a problem for you, just click on Don's name and then on his profile page click on the "ignore this user link". And finally, if even this is too much, go pig out, then read this thread and at least you'll get the benefit of calorie-free meals! BTW Mizer, all of the above goes for you too. OK, now for your response to me... to make your life easier, here are some choices (just cut and paste): "Cash, you're just Don's puppet!" "Cash cheering Don and Don cheering Cash, how cute" "Well Cash, it's no surprise that you'd take Don's side." (Anyone else have some witty retorts for these guys? Although I really don't think they need any, cause they seem to be pretty "Bright" ) Cash
Don, When you talk about your business and the equity business, it amazes me that you feel your model and equity markets have a shot in hell compared to real prop firms and private groups that trade currency, index futures , commodity or any asset class that actually move and have liquidity to scale up a trading plan/model. Your Commish Model with a product (equities) that moved to penny spreads killed your business 5 years ago. The day trading equity business is where some traders cut their teeth in this overall trading business. Most successful traders move on to other products when they become successful in equities. That is the normal progression. You lose that trader as you offer nothing for him to grow and eventually raise monies? No clue why you let that happen. Why? Because they have the ability to scale up the system or method into more liquid and thicker markets. Furthermore it makes no sense to spend 70% of your gross p/l on commish unless you are the guy on the otherside on that commish. Very nice to be the house on that. I will ask you one more time......why have you never offered more trading products to your clients when their success is a direct variable in your trader turnover problem? Wake up and look around at other professional groups. The TransMarket Group, Gelber Group, Peak6, Citidel, Geneva GHCO.........I can name 5 more if you like but the truth is that the equity model is the Class A Ball division if we consider CTA/CPO and Hedge Funds Managers as Major League Traders. You will not hear from me anymore about "Bright" being behind the curve. I give up. Keep that balance sheet strong.>>>>>>That is the only thing you have going your way. You were in the right place at the right time years ago. Times change and so do markets. Flexibility is the only trait that your firm does not have.
I love the sound of cicadas and tree frogs punctuating a sultry summer night....... Great insight TC!!
last i heard these guys were sucking eggs. transmarket was really getting beat up, when did things turn around?
Rat I don't follow the quarterly returns Of TM , but when you have an international presence ( US, Europe, India, Australia) and don't ask your new trader to put up 5K, that difference has to put you on a different level. Peak6 has taken over and leased the old Financial Room at the BOT, Don opens an office in a strip mall in Arcadia, Ca. That is the basic problem. Bright is the retail side of the semi prop model compared to a real operation in NY or Chicago, but Don works these boards like a BSD (Big Swinging Dick) and that is what I have a problem with. His reputation in the eyes of any real trader is not very strong.