Offshore Retail Broker

Discussion in 'Retail Brokers' started by Babak, Jun 9, 2003.

  1. Babak


    I have no idea as to the quality of this retail brokerage, but as there are so few electronic offshore brokers out there I thought I would put this on the board in case someone is looking.

    I've contacted them to get more info regarding their fees. Will post if/when I get a reply from them.
  2. Just looked at their website briefly and noted that GTL is not available to U.S residents or citizens.
  3. We agree that there are too few viable alternatives for electronic offshore trading and have set up a Bahamian broker dealer last October to address this need.

    Our firm, Petra Securities Ltd., offers electronic access to the U.S. options and equities markets through multiple platforms providing access to the major exchanges and ECNs with competitive commissions comparable to U.S. electronic brokers. For clients interested in establishing an offshore structure such as an IBC (international business corporation), we can assist with the incorporation process. For U.S. clients wishing to stay onshore, we can set up your account as a fully disclosed account with an introducing U.S. broker dealer.

    Please contact us at 630-377-3097 for more information about commission rates and the account opening process. This is a U.S. phone call using voice over internet technology so that you will not have long distance charges to the Bahamas.
  4. We use Petra ...
  5. Babak


    I found this:

    (scroll down a bit to section: Broker-Dealer Class II)

    Could you please state whether you have any affiliation or relation to Petra Sec. in the UK?

    As well what is the difference in "classes" in the Bahamas? TIA
  6. Babak,

    Thanks you for your questions. We are not affiliated with Petra Securities of the U.K.

    Under The Securities Industry Regulations of 2000 from the Securities Commission of the Bahamas, the different classes of brokers indicate what activities a broker dealer may be involved in.

    I'm not sure how much detail you would like; we are not allowed as a Class II broker to be involved in underwriting, distributing or other syndicate activities. Those activities are reserved for Level I b/ds.

    Our focus is on highly effective and cost efficient trade execution in both equities and options.

    the Professor
  7. Babak


    Cool. Could you post more re fee structure? or perhaps a pm instead? TIA
  8. Professor, Do u have web site? Which clearing member firms are used? Who holds the funds? Segregated? What is the financial strength of your firm? How about commodities/index futures?
  9. Babak


    Got a response from GTS. Currently they only offer equity trading (options and futures will come online in about a month or two). Their charges are $50 ticket plus 1 cent/share (although the ticket charge can go down with volume of trades).
    #10     Jun 12, 2003