Its still 20% gross monthly plus another 10% hold back that you receive every 12th month if youâre still there or Its 50% net with a cost of $8 on a 1000. You get the better of the 2 after 12 months.
Public RIP ETG Service Announcement I saw this coming a mile a away.. Positioned my self accordingly and am way better off today. Any former ETG guys looking for advice or options send me a PM I have many contacts and am at your service. I am also wanting to chat about some of the former ETG proprietary trading styles now that they are no longer proprietary. I will check my PM more frequently to accommodate my offer. I do this because I believe strongly in the spiritual benefits of altruism and know the rollercoaster ETG traders have had to ride to the end. "Where we go one we go all" -Best to all going forward
What is going to happen to the current Prop Trader Trainees there at ETG? Rolled over into the Schonfeld program or stay where they are or canned?
There's a public press release out somewhere now on the deal. Think both retail and prop are going to be rolled in, although I haven't heard which offices will survive.
-------------------------------------------------------------------------------- E-mail | Comments | E-Mail Newsletters | RSS BusinessWire Short-Term Trading Pioneer Schonfeld Group Acquires ETG, LLC; Schonfeld Continues Consolidation of Trading Industry Started with 2002 Acquisitions of Heartland and Broadway, Recently Trinix Securities 08.30.05, 12:03 PM ET Schonfeld Group: -- Addition of 300 Plus Traders - Retail and Proprietary - Adds to Schonfeld's Industry-Leading Trader Headcount/Volume; -- Diversifies Schonfeld's Historical Facilities-based Focus with Online Traders; -- Grows National Presence Schonfeld Group, a leading proprietary and retail trading and investments firm, announced today the acquisition of Electronic Trading Group (ETG), LLC, one of the largest remaining independent professional trading firms, furthering the active trading industry consolidation that Schonfeld has spearheaded over the past three years. The deal will bring 325 traders into the Schonfeld fold - 200 retail and 125 proprietary. Specific terms of the agreement were not made public. The acquisition gives short-term trading pioneer and historically office-based Schonfeld Group additional size and scope and a nationwide presence. At the same time, the acquisition extends Schonfeld's presence in the remote trading business. ETG's proprietary traders and retail trading customers trade on average 5 million shares a day -- 33% of which are traded remotely. Schonfeld Group trades approximately 140 - 150 million shares per day, or 2-4% of all listed and OTC volume - a number that dwarfs the trading activity of online companies like E*Trade and Ameritrade. Post-closing of the transaction Schonfeld will be home to approximately 1,200 active traders - nearly half of which are retail. Retail is an area of the business Schonfeld Group has grown 3000% in the last three years. Steven Schonfeld, CEO of Schonfeld Group, commented, "We believe in the strength of the trading business and the advantages of scale. While the world is focused on consolidation among the online retail players, you will see us continue to lead consolidation in the active trading realm. Ultimately, we believe we will see this trend in both sectors of the trading industry continue and eventually develop into broad, industry-wide combinations." Schonfeld President Andrew Fishman said, "Like Schonfeld Group, ETG is one of the industry's oldest professional trading firms, and one that has seen success throughout its existence. ETG has prospered despite the ebbs and flows of trading environments over the last fifteen years by making a commitment to the success of their traders. We are excited to bring on board a company with such a strong track record." Fishman added, "We believe the transaction adds good online and facilities-based traders, strong management, national presence and the economies of scale we need to continue to excel in this business." "We are thrilled to join forces with an industry leader who shares similar philosophies around trader education and training," commented Jeffrey Mester, Chairman of the Board of ETG. "We believe the transaction provides our customers access to new trading strategies and capital to further their ability to be successful in the trading marketplace." A number of the principals of ETG will join Schonfeld. Schonfeld officials noted an anticipated close of the transaction by end of October 2005. Schonfeld Group Schonfeld Group is a leading proprietary and retail professional trading and investments firm. A professional trading pioneer, the company's businesses include leadership positions in both the retail and proprietary trading communities, clearing services, and a focus on alternative investments including hedge funds and private equity. ETG, LLC ETG, LLC is a nationally recognized leader in the professional trading arena. ETG strives to provide to the professional trader, proprietary, customer and trainee, as well as to hedge funds and groups, a superior platform from which to maximize their trading potential and grow their trader business. ETG traders conduct business out of its twenty offices nationwide and trade remote as well. --------------------------------------------------------------------------------
"The deal will bring 325 traders into the Schonfeld fold... ETG's proprietary traders and retail trading customers trade on average 5 million shares a day." With only 5 mil/day shares and 325 traders, I'm surprised they were able to stay in business this long.