Anyone have expereince with Quad Capital? My understanding is that they're relatively well capitalized but I'm having a tough time finding basic info on the deal, partners etc. Want to do some due diligence before I contact them. Thanks.
Maybe Mav can help me out on this (again, LOL). All you guys need to do (assuming this is a legitimate question).. is to simply ask the Firm for their affiliations (Which exchange, their Clearing Firm (be sure they're not a "sub-llc" of some other firm of course)... then ask for a copy of (yep, you guessed it Mav) their balance sheets to see not only about their capitalization, but their audited condition overall ...as in connections with others etc. The primary firms are all happy to share this info... and, as I do, respect you for doing your due diligence. All the best, Don
What answers should I look for? What kinds of clearing firms are reputable? which are not? Why is the clearing firm so important? How do these answers tell me anything about the firm's training program and whether or not I will learn something from them?
Hey Don, Thanks for the answer. How will knowing the firms clearing firm and capitalization give me any info on whether or not their training program is legit? Or are tehse things just indicators of whether or not they have well-managed areas and are serious about their business? Why is the clearing firm so important? Which are good ones? Is Penson any good? I hear Penson is quite cheap....
I was only referring to viability of the firm itself (any firm, not specific to this one). Sub-LLC's are a big concern in this industry...firms that use their traders money for their "net capital requirements" - you can check this by seeing their balance sheets...make sure they are audited, and are for the actual firm you're thinking of joining, not an "umbrella" firm or anything like that. The better Clearing Firms generally have a better "short stock list" and back office support. Goldman, BofAMerrill, are the top firms these days, IMO anyway. Just like any business arrangement, you should check out the firm you're doing business with. Don
They're a fully backed multistrategy prop b/d run by ex speer leeds member located in NYC. Peer group is First New York and Schonfeld. ~$5-$10m books. Mostly bigger prop daytraders, ex-bank prop traders, PM's, etc.
And are you an employee Lights? Where do you trade? What is your opinion of Quad? Would a new trader have a good training environment there? How well do they do?