Is Genesis cheating?!

Discussion in 'Prop Firms' started by stylelad, Dec 18, 2007.

  1. stylelad


    Hello! We need help!
    Our brocker Genesis gave us the recalculation today. They said its from Island ECN. its the recalculation of routing fees. Its too big and we thing that Genesis are trying to cheat us. We have been charged 0.0006 per share. Big money.
    We havent heard about that. Have somebody recieved the same recalculation?How can we investigate is this data true?

    Thank you very very much.
  2. Sounds like your group is trying to cheat you, at my friends group they never got charged any fees. And then exclusivly trade nyse. Sometimes when the deal seems too good it probbaly is and you will get cheated someother way, happened to me at my previous company. First they are all nice tellming me this and that, we pay this much, and then they start screwing you. Welcome to the game buddy. Sometimes i wish i stayed with my old company swift because they never did stuff like that too, plus i hated trading alone from home. I started making 50% less. so even with a little higher payout i was actually way worse off.
  3. stylelad


    tx Don!
    thats the dummiest thing in this..
    I contacted the ECN they said they havent had any charges change.
    and i havent seen this number 0.0006 anywhere!
  4. stylelad


    Thats the explanation of Genesis: "The backcharges were mostly INET - we were charging .0025,
    should be 0.003(NYSE route away charge) + 0.0001(ISLD mark up) = 0.0031
    instead of 0.0025. "
    but why havent they tald about that before?!
    have anybody who uses Genesis as brocker has the same charges???
  5. .003 has been the charge since Oct 1st i believe. Not 100% sure though, could be sept 1st. .0025 was in effect from about april-(whenever the specialist started going .0008 to remove, free to add). So just check your sheets and see what the route out has been charged as, and you will see if the fee was legit or not.

    I think Genesis has been known to shave rebates (paying .0019 for inet adds) so that markup could be a fee.
  6. ya know...

    I have a retail account at genesis and I noticed that I was being charged for taking liquity for EVERYTHING. I emailed my sales rep who then didn't know the answer and took about 2 days to get back to me and then said that because the take/provide liquity isn't recognized by the broker in real time, so they charge everying as take liquity and then credit back.

    Weird thing is why didn't he know the answer in the first place? If this happened to everyone, I'm sure this would be a common common question.
  7. Like Moe Ansari says:
    "If you don't ask, you don't get."
    Or the old "Catch me if you can."
  8. I have a retail account through Genesis and just got hit with HUGE ECN fees from the last several months. It was explained to me that they were charging $2.50 for NYSE route outs instead of $3.00. When I looked at my trading records I see that it was true. Also, they said there was an additional fee that INET charged to access the NYSE and they just got the bill for it.

    I have no problem paying what I'm supposed to, I just think that Genesis really dropped the ball communicating this to their clients. They clearly have my email address and phone number. I simple phone call or email would have gone a long way in explaining this. Instead, I had to try figure out on my own why my account balance was off by thousands of dollars.
  9. A trading partner of mine also trades retail with Genesis. While their ECN fees DID in fact go through the roof the past couple of months, it's still competitive with my firms fees. I think they (Genesis) must have taken it up teh a** a while back on fees and are now trying to recoup them through the recalculation(s).
    #10     Jan 4, 2008