Peak6/Breakwater in Chicago

Discussion in 'Prop Firms' started by thisguy, Oct 3, 2007.

  1. caru423


    I had heard from a person that Breakwater in NYC was run by the same people who were running the prop shop at AB Watley? I am not sure about this and was hoping that someone could confirm. I was taken advantage of by AB Watley during the Sqwak box case and am interested to know if these guys are back. John J. Amore, Keevin Leonard, Sandy Navarro, John Baker, Michael Picone, Linus Nigawe, If anyone knows the deal please let me know I would obviously like to avoid thiem if this is correct. Thanks sory to take the thread off track.
    #11     Feb 17, 2008
  2. thisguy


    Don't know about Breakwater in NYC. Possibly not affiliated with the Chicago office or maybe sold or split off. Some partners in the past left on poor terms from what I heard. It's the trading business. Not everyone gets along...

    Final word from a few folks is one of:

    1) cultural issues won't make the merger work;

    2) Breakwater lost a ton of money and Peak6 people gave Breakwater people the bum's rush!

    Either way, they are no longer affiliated.
    #12     Feb 25, 2008
  3. AMW


    Is it true that peak6 made traders sign non-competes before bonus' would be paid?
    #13     Feb 27, 2008
  4. thisguy


    I have heard an approximate yes to this type of question about Peak6. However, this is not unique to Peak6 if you ask people around town. GBAR, maybe even old Stafford might have had these type of agreements.

    While not all these non-competes are enforcable in Illinois, it's expensive to fight and may take months to complete.

    Is the equivalent for people looking for work of "caveat emptor" to think about?
    #14     Feb 27, 2008
  5. robroy143


    yes !!! they almost scare you of not paying your bonus if you did not sign your non compete!!
    #15     Jul 18, 2008
  6. hangover


    the cultures definitely clashed. it wasnt an issue of one side making or losing money. during the few months of the merge.. each side held its own in certian respects. Peak6 never got comfortable with Breakwaters risk. Peak6 specializes in trading equity options.. they did not understand how to quantify or control risk in the fixed income markets.instead of working through it .i think they both agreed the firms were too diffrent and each would be better off on its own
    #16     Jan 23, 2009