Is Bright moving to Instinet clearing?

Discussion in 'Prop Firms' started by cornholetrading, Oct 22, 2002.

  1. I keep hearing rumors from some Bright traders and some ex-Bright traders that Bright is cutting a deal to move over to Instinet clearing services and using Protraders software. Is there any truth to the rumor from those who know such as Bright employees or Don Bright himself. It might be a good move to lower overall costs to be more competitive with commissions but would seem to throw a kink into the advertising slogan of being partners with the prestigious Goldman Sachs
  2. Maybe money speaks louder than ...
  3. I would not be surprised.
  4. For that to happen

    1) Instinet would have had to have done major work on Protrader's front end. The last time I saw gr8trade (about six months ago) it still had next to no NYSE order entry features/options ( e.g. MOC orders, OO orders, NX-direct, pre-market indications and so on). When I asked them about NX-direct they stared at me blankly. :)

    2) Eddie Franco and Bob Bright are pretty tight with FOC/SLK. They would have to scrap that relationship and build a new one with INCA/Reuters. Anyone who's been in the business awhile knows that dealing with Reuters is the LAST thing that you ever want to do. Hell, they still think it's 1975 and that the financial world still revolves around the City of London. Eddie and Bob are many things but stupid ain't one of them, stubborn and arrogant maybe, but stupid, no.

    3) I doubt that INCA's clearing cost or clearing service would be any better than FOC's (see number 2)

    All that Bright would be gaining is access to an average front-end. Seems like an awfully big step to take just to ditch that piece-of-crap RediPlus. But I've seen stranger things.

    Dr. Zhivodka
  5. Maybe they will clear Instinet and use gr8trade for NASDAQ and stay with SLK for listed?
  6. Kaizen


    Nobody at realtick had a clue when I asked them about Opening orders or NX orders a few weeks ago either.

    The instinet platform does have MOC and OPG order capabliity as well as NX. Plus like with Andover's platform you don't need a seperate program for bullets if you use it.

    I'm with everyone else though. Anything beats that redi thing.
  7. Are you saying that gr8trade now has this capabilty? Or is this another platform from INCA?

    I had heard quite awhile ago that they were going to try to upgrade their Research/Analytics platform.
  8. Kaizen


    They have it right now. I download the demo from the protrader site and gave it a trial run the other day. It's impressive. Supposedly a newer version is due out soon.

    Also if you go to the instinet website they have info there on order routing that shows it.

    Plus if you fill out there survery they are supposed to send you a cool instinet hat. :D

    I don't think they show indications yet but that wouldn't be to hard to build in I think.
  9. Dr. Zhivodka I sent you a PM.

    Now about Protrader I know they have direct NX feature and I am pretty sure they have MOC. However I don't know about OO and premarket indications. Also I know they don't have order imbalance information at the end of the day. They did add the bullet feature now to their software though.
  10. Interesting, I guess they'd had enough embarrassment of not knowing what certain orders were.:)

    Thanks Fellas
    #10     Oct 23, 2002