Rumor? Fact? Bright's .40/1K share fee?

Discussion in 'Prop Firms' started by seisan, May 17, 2003.

  1. seisan


    Heard on the "street" about Bright's supposed revamping of fees.

    Listened to most of their internet show today - no mention.....
    So to any BT traders out there - what's the deal - just some type of bad mouthing or a big move to squeeze the competition?

    Accomodating only large/largest traders?
    40 cents per 1000 shares was the only part I was told......

    If for real, an incentive to effect larger overall trades since supposedly only the traders doing large sizes are making the big bucks in this "traders" market.....?

    If "not an alias" Don is hangin' somewhere between Vegas and Denver - someone else step in with the facts before Mon AM trading.
    But if it's the usual jokers on ET who "get off" on goofin'...
    then 'fess up so the rest of us can get back to work.
  2. "Brand New" fees and some other improvements (software, systems and support). Just announced this week at Bright's 'advanced trading'.

    $0.004 for all shares over 1000 per order. Can be for all shares if you're a 'heavy hitter' (multi-million shares/month, not sure of actual limit) - I'd call Don for the details.

    As always, these guys are constantly negotiating with SLK (and others) to improve their pricing which they always seem to pass on to us 'grunts' in the 'trenches'!

    Also, EVERYTHING seems to get done 'as promised' - K1's, Disbursement Checks, Wire Transfers, Account Credits, etc.

    I ain't no 'shill', I'd 'switch' given a good business/personal reason(if Bob, Eddie and/or Don left?), but, these guys just seem to keep their word and they do try to make us better (more profitable for me and them) in a lot of little ways!!

    P.S. - Advanced Training was excellent!!
  3. .4 cents incremental above 1000 shares/ticket

    If a Bright trader sends in a ticket for 2000 shares and pays 1.0 cents right now, he pays $20 in commiss

    With new structure, the first 1000 shares is charged at 1.0 and the other 1000 is at 0.4. Total commis $14.

    Savings of $6 per ticket on 2000 share order.

    From my understanding, does not apply if you average into your position 500 shares at a time even if your total position becomes 2000 shares. It's per ticket I believe.

  4. jem


    howellpar - I appreciate everything you said, especially about keeping their word. That is very important. But do you really think these guys have to go and squeeze SLK before they pass it on. I am willing to bet they get approached all the time and consequently they have made sure they have unbelieveably low rates with SLK. I am sure it rivals other self clearing type structures. They would not have stayed at SLK because they like the name. Think about how much a clearing firm must love volume, lots of listed, and looking at Bright as one entity instead of a buunch of hedge funds.

    They probably could make .35 on the .40 deal they may offer. This may be an exageration but I mean how much do you think they have to pay. I mean if traders at other firms are getting in the 3 dollar per 1000 range what do you think the brights pay.
  5. No doubt, certainly Bob, Eddie nor Don are in this for the 'altruism', but, hey, none of us are. I've owned 2 small businesses in the past, both moderately successful, and I've dealt with many other small to medium size businesses. I'm just amazed at how lean they run their business and yet still provide a reasonable level of service to the limited partners, their 'customers'.

    This seems to be reinforced by much of what I read on these boards in terms of competing firms, their pricing, their service and their 'staying power'. Additionally, the Brights' appear to offer this level of pricing to all their 'customers', not just a select view, on the same 'level' - volume. Although I'm not a 'high-volume' style trader (pairs don't usually work that way), I appreciate the other cost savings they make available to my 'little trading business'!!
  6. where did you find the show yesterday?
  7. seisan


    Was lucky to be here in Las Vegas on Saturday to catch the show on the local AM station 970 - at 12:05 PST.

    Since they also broadcast the same show on a local "off cable"
    TV station (channel 35), I'm going to try to catch it again in a few minutes - 5PM PST - since they were putting out a lot of different/interesting info with 2 or 3 guests, etc. to find a TV with a strong enough antenna......

    Oh, I believe Don said that their new expanded? webcast should be up & running in a couple of weeks.......then yesterday's show should be accessable from Bright's site as a "prior show" webcast.

  8. So you are encouraged to do larger size trades. There must be some advantage to Bright, SLK, and/or the exchange for you doing that, for them to offer the lower rates, and you should be getting in the neighborhood of .004 rate regardless of share size anyway.
  9. jester

    jester Guest

    thank you ESC fro bringing some logic and reason to the "obvious" Bright Traders posting love fest....I've had SEVERAL close friends LEAVE Bright and their opinion was MUCH different than these obviously new Bright traders ...I attended a week long "training" session...TOTAL waste of my money, but I'm glad I did the long run, (like my former Bright Trading friends told me) I saved quit a bit...............

  10. nitro


    Where are you getting .004 regardless of size?

    #10     May 19, 2003