Need Clearing Firm- Offshore fund

Discussion in 'Trading' started by cgjung, Jan 3, 2007.

  1. cgjung


    Hope you guys are able to assist me?

    My trading business has expanded beyond what Interactive Brokers can provide for my firm to continue to grow.

    My partner and I are just completing the necessary paper work for our offshore commodity hedge fund

    Our current needs are the following:

    We are just starting to process 300-400 total RTs a day (12000-16000 contracts a month) (we trade in the YM, CAD, EUR, ES, QM, NQ)and it looks like the volume will double in the next 2 month due to new accounts. We need a firm that can be competitive in fee structure. We are looking for a 10-20cents a side above clearing costs. (We are considering a lease membership or ECM in the near future)

    We also need the firm to markup a commission and provide us with the back office capabilities with the handling of rebate (similar to an Introducing broker arrangement)

    Most IMPORTANT Feature required we need a similar trade management system like InterBroker's financial Advisors or corporate account where it offers a sub account and the ability to move money to and from the main and sub. This is required because of the importance of our risk management policy; we need the ability to restrict our sub traders and allocate a specified amount of capital to trade.

    I was told that X-risk is a platform that can accommodate the risk mgmt issues that I have by giving my risk manage via X RISK control of allocating maximum contract size per trader and the ability to lock up access to TT X to its sub traders once loss limits are reached.

    The firm should be able to offer a block account feature for our individual managed clients alongside with our pool fund. This should be under 1 trading platform and 1 trade execution with an automatic allocation to clients.

    The clearing firm must have a floor presence and must be CREDIT WORTHY and a history of compliance and good standing with the NFA.

    I have looked at Advantage Futures but my sales partner looked at the account application and the requirements were way beyond industry standard in terms of financial disclosures and net worth minimum to trade, he says many of our clients are reluctant to provide such detail financial information and may not meet the min to open an account with Advantage. A firm that offers a relatively uncomplicated account opening procedure for clients.

    I would stay with IB but again the fees we are paying a month are outrageous even with the unbundled rate. I like their booktrader and electronic reliability and above all the Financial ad visors account with Main and sub accounts are great. Unfortunately the cost we are incurring now warrants us to look elsewhere.

    Hopefully someone can refer us to someone or point us in the right direction

    If someone can refer me or point me in the right direction where all the above features can be accommodated I would be greatly appreciate it.