Anyone have a sense of how the merger is going? Peak6 has the reputation for being a profitable equity options trading firm, not necessarily strong in technology. Breakwater has a reputation for being a profitable trading firm with strong technology. Each might provide the other with ways to improve their weaknesses, but I wonder how the intersection of their technology/IT groups is going?
I spoke with them a while back while I was changing firms, Breakwater that is, they have an "awesome 20/80 profit split" to start with the worst I have ever heard... p.s. the merger is happening.
A lot of firms are merging right now. Mine is. I think valuations are high and there is a need to cut costs and become more full service.
The merger closed on Aug 15th. They're really called Peak6 Futures. Some people have been let go (obviously with mergers), others have gone on to get better deals. If you are looking into working with them, you will have to go through Peak6 Futures, and they will filter the candidates out and pass on the potential candidates to that group. The split is a little worse, but you get to play with a lot more risk capital.
Yeah, talked to a bud @ Peak 6 today and the merger's already closed; apparently had been in the works for a year. I was totally in the dark.
Any more information ? I was pretty sure it closed a while back. Some of the partners left because of the merger.
Well it was pretty much a done deal but it was taken a very long time to officially close. The reason for that was there was a big cultural difference between the two firms and the partners at Peak6 realized it wasn't going to work. So they just decided to break it off.