Mac/refco Trading Services

Lon Eagle. Yes it is.

 

I have been offered the following proposal from Refco Trading Services.

50/50 1$ to $400,000
60/40 $400,000 to 1,000,000
70/30 1,000,000 and above
3year deal

Could you tell me what to counter with.


Thanks,

Sean

 

COunter with, "When do I start?"

 

The split means little if you do not have a cost structure. What are they charging you for desk and transaction.

 

Is the 74c per RT starting cost including or excluding the Eurex fee? Is it 40 + 34 or is 40 + 74?

 

So 50/50 doesn't look so 50/50 anymore does it.
Anything over €54/rt on Eurex is a premium as this is rate openly available to self funded traders.
For Liffe anything over 70p/rt is same.
Even at those rates there is profit margin in it for the business and the clearer.
Saying that, as funded deals go it is pretty good.
i think what you will see happen over the next few months is that funded deals move more towards charging cost on transactions and dek fee and looking to make return only on proftishare. One of the real drawbacks that I have seen from grad schemes is the demotivating effect on new traders who pay high costs and just see their accounts eaten up slowly. Better to have a trainee who is given the best possible chance as state of mind is then more positive and potential rewards for both sides is greater in long run.
Good luck.

 

FGBS, it sounds like a good deal and the rates are very competitive. I joined RTS a month or so ago as an own account trader and am really pleased with the way things are going, they have been really up front with me about everything and have helped me alot.

Go for it.

 

I think it would be great if more shops did this.

 

Does anyone know or can anyone find out if there are any plans to add an API to RefcoPro?

X_trader had its own API. I wonder if Mac/Refco plan to develop something similar for clients to execute their own systems.

Runningbear

 

When Refco Pro was easyscreen they did have a dll that allowed spreadsheet to be linked to the platform and this allowed auto execution. Think it was DDE rather than RTD but before it was widely available somebody had a screw up with it and ended up taking easyscreen to court and winning. Think volume and price got mixed up or something but whatever it was, it ended in a nasty loss. As a result they scrapped it and not been revived since. No idea why, imagine it was because they did not want to have to support it.
I am sure they will need to provide something like that. TT API is OK and Pats new system is really quite impressive as can be linked directly to charts which also hold historic data.