Opinion about Rosenthal Collins Group for trading Commodities?

Discussion in 'Order Execution' started by jayaraja, Sep 29, 2009.

  1. jayaraja


    Hello Traders,

    Can you Guys please write your opinion about Rosenthal collins group for trading?

    is it Good firm?Trustable?anything else?

    Thank you.
  2. Surdo


    I have had nothing but positive experiences dealing with them as a clearing firm.

    What is meaning of trustable, I no speak that language?
  3. heech


    Perhaps I'm in the minority, but I had a horrible experience with RCG. I had a 7-figure account with them before abandoning ship 2 months ago.

    - ridiculous risk management policies, combined with very poor client management.

    - very poor, circa 1995 web-based platform (have you seen their portal?).

    - extremely poor technology/platform support, at least their "ehelp" department. (They have a better platform support department, if you can stumble on it.)

    Oh, and after transferring out my account.. they've held on to about $1500 of my money for possible platform fees. Considering I paid around $15k in commissions every month, with previous monthly platform fees coming in at about $100 a month... that's pretty ticky-tack. And I'm still waiting for the rest of my money.
  4. the1


    Been clearing through them for years. Never had a problem.
  5. They had a pretty good band too. Remember this one? :D

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  6. No surprise. RCG must change their service attitude. I am talking about certain people at the firm which occur quite arrogant and snooty.

    Also, no direct access to Asian Exchanges. They go through Newedge / Fimat.
  7. I clear through them via Mirus / Zen-Fire....

    ...the web interface I have is 1990 ;) Web based access to account info.... but then, I basically use it ONLY to download the account statement PDF files.

    Never had an issue at all on the zen-fire side. Fast executions etc. I dont like the front end software (ninja trader), but that is not their fault (and i work on a replacement).
  8. heech


    Ugh, was just informed by RCG that they're going to hold onto the balance of my so-called "platform fees" for at least 2 more weeks.

    Just to go through the time line again:

    - my last trade with RCG was mid August.
    - transferred out my accounts late August.
    - they told me they can't transfer out everything because of possible platform fees... they hold a balance.
    - they tell me my funds will be released "end of September".

    And now, unilaterally and without any justification, they're going to hold on to my money for 2 more weeks.

    It's certainly not a lot of money, and it looks like NFA arbitration fees make it not worthwhile to file a claim... but just on principle alone, I'm seriously annoyed at the behavior of this firm.
  9. Maybe you should contact Steve Montgomery, Head of Compliance and Vice President...I am 110 % sure, he will explain to you how NFA / CFTC rules apply to any kind of platform fee witholding...:D
  10. heech


    As it happens, 15 minutes after I threatened to take it to NFA arbitration... I was told the compliance officer authorized the immediate release of my funds.
    #10     Oct 1, 2009