I think a group of guys with a bagful of money should setup some trading operations in London - it seems there are plenty of people out here in Europe looking for opportunities but there's no Wall St "culture" over here where a guy hands over his $10k (or $0 for Worldco) and is given a chance to prove themselves. If you think about it it wouldn't need to cost the preverbial arm and a leg. You could setup a special deal with Bright or Echo or one of the others, get yourself an office, big internet pipe, hardware, set yourself up as a company, and bob's your uncle
The problem is a regulatory one. Apparently to be a pro trader in the US and based here, you also need to be registered with the FSA here. It is not as simple as passing a Series 7, so I am told. You know what our government is like!
That madness I tell you madness!!! So even if you're a single-trading-from-home kinda guy you need FSA approval? That is just plain NOT FAIR!! Why can't a group of traders pool their resources and setup a LTD company and trade through that? Why do they want to try and save you from yourself? Its not like they'd care if you spent your hard earned $'s setting up a no-hope type business like selling chocolate teapots is it? I shall conduct some further investigation and speak to my accountant.
I ran a search on Google and found this firm: Geneva Trading. They hire traders to trade futures and equities with office in Dublin and Chicago. Has anyone heard about them ? Also Carlin Equities seems to have an office in London but it's a retail firm . Also mentioned: LETCO Stafford... www.geneva-trading.com/
You dont need any approvals from the FSA to trade on your own account, or to work for a company when you are trading their own money. You do need approval if you are going to trade, or work for a company, that trades money for the public.
If anyone is interested in having a central london trading room set up with direct line access and taking advantage of the opportunity for lower brokerage fees, let me know
Hi, If you were to create a limited company (in the UK) for your trading, would you be able to trade through a professional trading firm such as Bright or Echo remotely? (I am considering setting up a ltd. company for tax reasons and I am also considering joining a profesional firm for margin and bullets.) TIA, dll
I would definitely be interested in this in the future as I am only beginning/learning. But something like this has the potential of doing well with the right people involved. Hope you get loads of takers.