Misc. Fees at Prop firms?

Discussion in 'Prop Firms' started by jmathers34, Jul 1, 2002.

  1. I'm not sure I understand the need for a desk fee. Is that to make up for being a low volume trader?

    Also, are there volume quotas at prop firms? I would be concerned about going somewhere with a high payout and then getting kicked out for not doing enough commissions. Does that happen even if you are trading well ?
    #41     Jul 19, 2002
  2. The reason for any desk fee at all is to keep out the "movie watchers" and hobbyists, who aren't there to trade. Any average trader gets his desk fee rebated back anyway, but to keep things happy, we allow people full use of the office, phones, computers, data feeds, and all the rest for $400 per month ...and there are no minimums on trading.

    #42     Jul 19, 2002
  3. well that's a good thing.
    #43     Jul 19, 2002
  4. I'd pay you $400 a month just to get away from my wife all day...:D
    #44     Jul 19, 2002
  5. lojze


    What service do you offer to remote trader? What for does he pay desk fee?

    #45     Jul 19, 2002
  6. The remotes only pay $200 (and are rebated back at 200K shares, very few). They get full Redi, with quotes, dde link, Active-x (for openings), full support, use of capital, full day conference/support....not bad for less than some simple quote services.

    #46     Jul 19, 2002
  7. cashonly

    cashonly Bright Trading, LLC

    Remote traders also have access to a platform developed specificially for them which gives them a number of other capabilities found few other places... such as audible alerts on user-determined high and low spread values (which pair/spread traders really like).

    Also a good deal when you consider most full featured quote services alone are in the $300+ range.
    #47     Jul 19, 2002
  8. Why make it a "burden" to anyone? Why not just give traders a choice of either pay no ECN fees, or pay them and receive the rebate? Makes sense doesn't it?
    #48     Jul 19, 2002
  9. There's a lot more to it than that, unfortunately....progamming the entire firm via SLK just to help a few would be onerous....but, as I said, possible. 90% of our traders don't want ECN fees involved at all. Remember, we're a pretty big company, would have to sign contracts with all the ECN's, have GS sign off on all of this, etc. We're really checking it out, and I have been in personal contact with the ECN's.

    A big problem is Super Montage, which may screw the whole thing up.....when Nasdaq starts pulling all the orders back their way.

    "Trust me" we will do what's best for the traders.

    #49     Jul 20, 2002


    Which (market maker) ECN is BRKR #0067 in SLK's(Redi-Plus) P&L activity reports ?
    #50     Jul 20, 2002