Does any one here clear via NewEdge? We have noticed a severe drop in service, and attitude. Alternatives? MFG? RJOB? FORTIS? GS?
When I was evaluating Newedge, I talked to a few reps and definitely thought their attitude was off base. Extremely carefree is a nice way to put it.
Rumor I heard was they are in the process of relocating their ETF & Equity desks from San Fran to NYC - I think that things will change a bit for the better. No affiliation - just my .02
We've had no end of problems with them. The technology solutions/comms lines are dreadful - mostly because their staff seem not to know one end from the other. Their voice desk is slow resulting in bad fills. We need to use the desk when the solutions fail. The trade support team often seem to make poor excuses of being 'too busy'. I hear they are no longer taking customers on, or have any wish to keep existing unless they can make $60,000 per month out of them. I don't know the exact figure, but I'm pretty sure as a firm we must be paying them more than that given our costs and margin we have placed. We're very unhappy. I just wondered if any one else had a similar experience.
I am just about to move some business to Fortis. Newedge has become soooooo slow.......yawn ! Decsision making takes years. Everything must go through credit check at Credit Lyonnais / Calyon and SocGen. Their high frequency desk seems to be also very happy with their existing business and they do not much care about new....
Depends on your size, but if the most important thing for you is good technology and less bureaucracy - try Fortis