i think pall mall and phenomena are right on the money. London knows what they are doing and it makes all the difference in the world to be around good traders. i wouldn't worry about that office's stability at all... go ahead and congratulate your son.
they hired the wrong people- 1)trainer to to start the Chicago office. 2)then when they hired a horrible under qualified gm. both of which are gone. the head of the trading desk recently left (he was the only good hire) they came to the Chicago office very arrogant and with style but no substance. they didn't teach a real edge in the market. they made their money early on in the uk from the inefficiencies in the market especially the economic numbers and used the money to learn from. unfortutanly that gift is rarley there nowadays. so when the markets started tightneing up they had nothing to fall back on. THey never had anyone with equities futures knowledge. they didnt teach money money management or risk managemant. they didnt teach the curve or market relationships they also are very slow in moving traders up in size unless its a number and then they jack it up toa ridculaous size and hope you dont choke. there model is old and not effective and they havent changed it... and yes the office in chicago is very very red....
Here's some Refco articles you may want to check out: They received a Wells Notice: 1) http://biz.yahoo.com/prnews/050516/nym256.html?.v=5 2) http://www.thestreet.com/_googlen/m...924.html?cm_ven=GOOGLEN&cm_cat=FREE&cm_ite=NA And, regarding the TT lawsuit: 1) http://www.futuresmag.com/library/2005/06/05_0605trendlines.pdf 2) http://www.tradingtechnologies.com/news/documents/050510_TTRefcoFollowUp.pdf
yes, MB?? a great hire?? if so, i must respecfully disagree, i think all those guys are fucking clowns, HALF of that crew had success in the pit, but none of them had success on the screen, ....whether it was learning to trade with "you know who", who, come to find out HAS NEVER EVEN TRADED BEFORE!!!! or trying to talk to one of the other clowns, who are too busy playing fucking fooz ball to talk to you regarding +/-'s in the theoretical foundation of your strategy...never a dull moment with old uncle ref...they were a bunch of pit burnouts who got those jobs via nepotism/contacts/hook-ups....even the newer mgt who, i guess are supposed to save the day, or rather were supposed to, are the LAUGHING STOCK of the firms that they come from, i know of only ONE, and he is a newer one, who knows what the fuck he is talking about, the chicago office is on its last legs, and they are all pretty much at the same table....i remember not back a year ago, it was a fine place, but as soon as the Poms left things in the hands of the fucking 3 stooges things started rapidly decaying.
damn guys...don't be shy !!! LOL LOL LOL..... what's sad is it's all true. just curious, is the risk manager still there? (MB's little sidekick)
God you guys are tough!!!!!!!!! Now I know why their best Eurdodollar trader left. Sounds like a real circus in there. Anyone know where he is going, sounds like got a good instinct about whats going down in tradersville!!!!!!LOL. Lets piggyback him!!!! Good luck all. Chris