earning interests on shorts -> Don

Discussion in 'Prop Firms' started by OHLC, Aug 22, 2002.

  1. Don, can you please clarify??? Simply put, what are you current debit and credit rates at Bright???
     
    #11     Aug 24, 2002
  2. rs7

    rs7

    Don, it's good not having to be you.
    :)
     
    #12     Aug 24, 2002
  3. OHLC

    OHLC

    #13     Aug 24, 2002
  4. Ain't competition grand?
     
    #14     Aug 25, 2002
  5. GHJ

    GHJ

    This is pure B.S. I know for a fact that SLK has offered others short interest rebates without this restriction. And why isn't (wasn't) this 100k minimum disclosed on Bright's rate sheet anyplace??? I talked to some Bright traders about this and they were completely unaware of this "minor stipulation." I hate to say it, but this is yet another reason why I cannot believe anything that comes out of your mouth Don.
     
    #15     Aug 25, 2002
  6. Any comment on the previous post?

    Luv
     
    #16     Aug 26, 2002
  7. I did get a short stock rebate at bright last month. Is the $100,000 minimum on short stock positions(in order to get the rebate) new? The web site refers to a commission rebate not a short stock rebate.
     
    #17     Aug 26, 2002
  8. Geez, once again the jackals are out. We switched from FOC (division of SLK) in April/May. We are still sorting out the new and different system....we have found some things that need changing...this is pretty complex (not just the interest, but the whole mess with moving over 600 people). I gave a "top of my head" number...I can check more into it.... I know on my sheets that the "debit" interest is 3.00 today, and 1.25 for credit interest. This does change often. The first $100K of short stock does not qualify for receiving interest.

    GHJ, I'm sorry that I don't always give you the answer you would like to hear, but there is no reason for me to give erroneous information in a public forum. As stated before, everything is a part of public record. Feel free to question anything, but please don't sour the mix with snide comments....
    it just isn't cool.

    Thanks....

    Don
     
    #18     Aug 26, 2002
  9. GHJ

    GHJ

    Badmouth me all you want Don. But I didn't hear you disputing my facts or answering my questions.

    Avoiding the truth "just isn't cool" man.
     
    #19     Aug 26, 2002
  10. Trajan

    Trajan

    FOC/LIT RATE SHEET

    Effective Date: 08/26/02

    Interest Rate Change

    Old
    New
    Change
    Broker Dealer Rate
    2.4375
    2.5000
    0.0625
    Cross-Margin Broker Dealer
    2.4375
    2.5000
    0.0625
    FOC Short Stock Rate
    1.5375
    1.6000
    0.0625
    Equity Credit Rate (325 & 690)
    1.1875
    1.2500
    0.0625

    That is from FOC today. Your spreads look kind wide.
     
    #20     Aug 27, 2002