I worked at Schonfeld last year. You get paid 20% of Gross at end of every month. You get a total of 60% (another 40% at year end) if you cover commissions. Commissions are $11 per 1000 shares. All inclusive ECN's, INCA, etc... This $11 rate is the same for everyone firm wide. They used to have a seperate gross deal for scalpers, but got rid of it because some dopes were totally abusing it. For example; 5 Million shares of CSCO, Gross $1200, Gee I made $240 taday! Bullets are free. You can short just about any stock without having to first set up a bullet.
Read what he said........11.00 INCLUSIVE of all ECN's How much is/was ARCA? ATTN? INCA????? let's avg the ECN fee to 3.00 per 1000....what's the commission then?????? also, if you really believe some newbie who walks off the street is paying the same as a guy who's been there a few years and does 5 million shares a month, I have a bridge you can buy.
If the firm is net long you can sell "short" without an uptick or bullet... Technically, it is not a "short' sale. Peace, Rs7
free bullets is an awesome advantage...most places charge a penny....so if you are a big short player and you are not paying for ecn's or bullets, this is a pretyy thought deal to beat...although, id be very surprised if this free bullet is true.
i misunderstood your post, as i thought you were mocking the andover people again, which i thought was funny (how they are always trying to solicity business on here). maybe we're not talking on the same level, and none of the other messages were mocking them either. i wasn't speaking about anything remotely related to the message below.
Thanks, that makes sense. So, are the bullets really free if the the firm is not net long? Or is the firm just about net long in almost everthing that traders trade there, making bullets unnecessary?
Im wondering if they are internally generated bullets on selected stocks that are free....I can't believe they are free....even Shill Securities didn't mention free bullets. anyone CURRENTLY with Shoen who can elaborate? 1-2 years ago seems like eternity in this industry