No problem. I am aware there are issues and that many US based firms wont take on UK individuals but will take UK corporate accounts. Similarly many UK firms cant or won't take on US based accounts. Not sure how relevant this is to your scenario though.
Just trying to help John. No need to get snooty. Anyway, as I said, best of luck. BTW: at least 8 groups at the CBOE do this.
Todd, let me clarify as I work in the CBOE building and have been a former floor trader. There are many groups in the CBOE that back market makers on the floor. As the floor has dried up, many of those market makers are now trading upstairs on a screen. These firms are not, I repeat not, taking guys off the street, who are not former market makers and letting them come into their JBO to trade with haircuts. If you are saying that, you can PM me with their names. Because I know everyone in that building. The largest of these groups is probably Cassandra Trading. Very few people in this business are willing to let joe six pack come off the street from a retail account and let him have access to haircuts, for obvious reasons. I know a guy here in Chicago that probably runs the largest or one of the largest fully backed operations here for traders. And he refuses to let them trade with haircuts in a JBO structure. They actually trade in retail accounts. Giving a guy access to a haircut account is like giving him matches and gasoline. Very few firms will do this. And the ones that do will deal almost exclusively with floor traders because they have an edge. If a successful floor guy leaves the pit to go upstairs, and risk management is confident he won't abuse his risk, they will probably let him trade on a haircut account then. I'm not being snooty Todd. I just want to clarify the facts.
It's cool John. As I said good luck with "Joe Six pack off the streets from a retail account" in London with pooled capital.
I never said I was going after Joe six pack. Todd, you are really beginning to irk me man. I don't know if you have resentment or what, but you are twisting everything I say on this thread. Yes, there are hundreds of JBO's out there and yes, there are hundreds of little small 3 to 5 man operations out there. My goal is not to run a chop shop in Chicago or London. I do not want to bring joe sixpack from ET and take his small capital contribution and give him a haircut. Since you left the firm Todd, we have been aggressively moving into the P&L business, not the commission business. In fact Todd, in the last few months, we have cleaned out all our small accounts and asked them to take their business elsewhere. Please, stop twisting my words. The only reason I am looking at London is because one of our guys is moving there next year to be closer to his family and I would like to take advantage of the fact that we will have someone there.
LMAO John. Whatever dude. I honestly don't care one way or another. Just contributing to a thread a board.
You are not contributing Todd, you are making claims that simply do not exist. You know nothing about what our firm is doing now and you sure as hell don't know what I'm trying to do in Chicago and possibly London. But you act like you have all the answers. Why don't you go contribute on a thread where you can be of some use. Why you are posting on a thread about London while you are in Tahoe is beyond me. And btw, thanks for that great job you did running that Tahoe office. Herb really appreciates that.
Anyway, I'm going to attempt to bring this thread back on topic. Sorry about the pitstop there. I want to try to keep this thread on topic. I know that is hard to do on ET.
Do european stocks trade with U.S Style options or European options or both? It would be hard to short-term arb a European option if you found a closed solution, because everyone would have the solution too = zero arb. Just a thought.