http://www.thetradersclearingalliance.com/ It's been done in London for a few years, they're looking to open in the states if the demand is there but I think each trader backs themselves at TCA
What's the point w/o access to leverage? The model makes no sense w/o a JBO. Otherwise it's an investment club.
I wasn't necessarily thinking of equity traders. I only trade futures, and I have plenty of leverage. It makes sense to the extent that one would like a social atmosphere in which to work rather than his own home, as well as sharing costs of office space, top-notch internet connection, daily refreshments, etc. A small group might also negotiate better commissions from a broker than a single trader.
yes - this is what i'm talking about, it actually goes a step further being a self clearing firm. clearing costs for equities are probably sub .001/share - that's why many firms can offer .002 rates and still make 1k per trader per month if the guy does 1 million a month.......even i got a .002 quote from one firm without him even asking me how much volume i did, i decided not to go for it because they used a platform i never heard of. now you have some firms that charge .003 and .004 and their making 2-3k per month off their traders and providing shit service in return.
I looked at it last year and they planned to set up an office in nyc. They are still planning. If they can't set up an office in nyc, they won't be able to have enough interest to set up any office in the states.
Since they specialize in futures, they should really look into opening up in Chicago. I'm guessing a lot of people would leave their futures prop firms there for a set-up like that.