Discussion in 'Retail Brokers' started by AAAintheBeltway, Aug 12, 2012.
Anyone have any experience clearing through Apex with a Lightspeed account?
I know people that trade at LightSpeed. I know people that traded for Greenmoor Financial that got taken over by Light Speed, then closed down. What informational are you looking for.
I just am wondering how reliable and financially solid this clearing firm is. LS clears through several different firms.
Financially, you only have to be concerned with Apex. That's where your assets and securities will be held. Apex currently is great after the change from Penson. Light Speed you have to be concerned with service and their offering. I can't help with that.
What does Apex have to do with Penson?
Apex is the result of Penson's equity + Peak6 Equity ($40M) + Peak6 Management - Penson debt.
It is no longer part of Penson, but Penson owns 94% and Peak6 runs the new firm. Because the debt was removed, the current business is very solid, has no trading desk and is much better run.
OK, thanks. I did look it up and found that. I used penson years ago and hated them. So apex is not run by penson?
Wouldn't wedbush be preferable though?
I don't know enough about your business to determine which broker would be better for you. I have no issues with Apex for CPM. They are more liberal than ANY other broker with regard to risk, and currently they are stable.
"You" used Penson years ago and hated them? "You" typically do not have a choice for your clearing firm. Your broker has that relationship. I have been with MB Trading for 12 years and never had one problem with Penson holding my funds.
Penson never had a trading desk so that is not relevant.
The Penson clearing section was spun off and is now known as Apex. Same address in Texas. Same people. Same desks and equipment. Simply no more worries about the old Penson and the racetrack problem.
Chill out. All is well.
That's what I was afraid of. Same firm, different name.
If you cleared through a better firm, you would know the difference. It's not a matter of holding your funds. Anyone, short of MF Global, can do that. After all, they're insured. LOL.
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