I heard ETG was getting rid of their capital reserve account and will no longer have any desk (charting software) fees ?? and switching to the new instinet trading platform. I heard there package (payout/commission) is very good - anyone have any details ????
Commissions would be substantially more for one. No leverage another reason because protrader is a retail op. The question we should be asking is why ETG is leaving SLK after never having been with anyone else since they were founded. Lower costs....naturally, but how much lower? They probably trade more than 2 billion shares a year, so I'm sure it adds up but you would think that SLK would have been given a chance to match it. Could SLK not match instinets prices for clearing? I don't much about the cost of clearing but surely some of the posters here do. As soon as one of you ETG traders has had a few weeks on instinets portal platform please post some feedback as to how it compares to redi+, especially with regard to nasdaq. Thanks. Seems like instinet is going after hedgefund business lately IMO.
The software is adaquete, though rather slow for scalpers. They have an eyes client that is valuable (an app to see high,low, crosses, locked), but is a bandwith hog and really needs a t1 (despite what some folks say). The prop group for protrader is zone trading, I trade retail, though I know some prop and have heard more neg than pos.
Can you be more specific...how is it slow for scalpers? Are you refering to connectivity or the key layout? The hotkeys are about as customizable as anything I have seen except the watcher and you can customize them to shave the ask or bid price by a penny. I think everyone has this now though, except maybe redi+ you they still only have nickle increments which makes it impossible to scalp on the naz. (been a year since I have seen redi though and surely they have hotkey'd that buy now.) Gr8trade definitely uses a ton of bandwith, but the reason for this is their eyes client has to scan all stocks every tick because it not only brings up new highs and lows but also locks, crosses, volume breakout/breakdown's, channel breakout/brakdowns etc, etc. That somewhat elminates the need for an additonal program like First Alert as an add on for many traders who don't just watch the same stocks every day and need to get a handle on where the unsual trading activity is. Rather than view the additional bandwith requirements as a bad thing, I always looked at it as a good thing....ofcourse we had a t1, over DSL it probably does bogg down but hey...not my problem. Cheers. Avalanche p.s. the two gripes I would think that ETG trades will have switchign over is that right now they do not have NYSE indications built in it or a way to view MOC imbalances other than over the DJ Newswire. Have no idea if those are in the works or not.
I heard their commissions were coming doing alot and the monthly payout pretty high for a prop firm -- anyone have the details ???
Also, does anyone know if ETG allows options spread trading - I thought I read somewhere that they were an options market maker ??
they are supposably adding the indications to the software as well as open book, neither of which are there yet. february is the date that we are being told, though these things tend to take longer than anticipated. i've read on this board that SLK (equities) and Susquehanna (bullets) have the highest clearing rates in the industry, so ETG is looking to switch to Instinet and Essex to remain competitive. i can tell you that the new rate will drop my rate by 33%, which says more about the high rates before than the new rate. the new bullet schedule has not been released yet. avalanche: ETG did 2.5 billion last year. i believe the entire reduction we are seeing is lower clearing costs, meaning none of the commission reduction is coming from ETG's slice of the pie. just a guess, but i'm pretty sure of this. if you trade at ETG, why would bandwith be an issue? our president said it would in fact be faster than redi, which gets bogged down in very active times in very active securties (like QQQ's during FED announcement and such). i was told that when we switch we will not have this problem because the data would be housed on an in house server? i don't even know if i'm quoting this right, but supposably it will be faster. the desk fee isn't necessarily being eliminated. it just won't be necessary to have AT, which you needed because of the horrific charts in REDI+. if you want extra stuff, (bloomberg for example), traders will have to pony up for.
you can trade options, though not naked positions, and obviously you have to prove yourself first. however, this is through redi+, but i assume we'll still have the capability to trade options post-switch.