Schonfeld Securities??

Discussion in 'Prop Firms' started by profitz, Aug 8, 2001.

  1. profitz


    Alot of discussion around here about prop firms but only one or two limited references to Schonfeld. Their website claims they have over 1000 traders. Is anyone trading with them, or traded there in the past? Just wondering if anyone knows about them. Thanks.
  2. Hitman


    It is a great firm to get started, the only trading firm bigger than Worldco, and easily the biggest trading firm in the U.S., they allow you to work their capital. The commission rate is very low but the biggest problem with this place is the some of the lowest pay out ratio in this business. Still a nice place to get started with, but I would look for something else after you go profitable with them, they make money with payout, not commissions, hence they are more interested in you making money than generating commissions. Last time I checked they treat their traders very well, free sodas, free gourmet lunches, lots of field trips, and a lot of other gimmicks to make you feel part of the family . . .
  3. They were under the broker ratings section for awhile but had emailed Baron to be removed.

    The ratings weren't too great. It would be nice to hear a discussion on them though.
  4. I found a picture of Stephen Schonfeld if you guys want to see it. Go here:

    He's listed on some kind of dating service under "Eligible men and women of Wall Street." It's alphabetical.

    He's single if any ladies are interested. He lists his passions as gin rummie and scrabble. Sounds like a fun guy. :)

    But seriously, to answer the question: From what I know they back (put up the money for) all of their traders and look to make money of keeping a chunk of your profits. If I wanted to turn pro and had no dough, it is probably where I would go. Since I have dough, I like keeping all of what I make at Echo.

    Trading with someone else's money stinks if you are a profitable trader, but otherwise, not a bad place for beginners.

  5. Thanks Jim, but he's not my type :)

    I know this about them, apparently they were fined $1.5 Mil for a long list of things, a fine that big against a firm doesn't come along very often.

    Here's the link,

    That scares me a little.

  6. agent99


    Not my type either Jim. But funny thing...I know some of the others on the list! I almost fell off my chair when i saw them!


    Thanks for making my evening...what a hoot :D

  7. Bryan Roberts

    Bryan Roberts Guest

    i'm sure they "asked" real nicely (to be removed from the ratings page)!!!!! i remember etg "asked" real nicely, via their lawyer. the way i understood their (schonfeld) compensation, you receive 20% of your net profit that month. then if you're a good boy you may get 30% more in the next 6 months. high volume was also rewarded but that was somewhat complicated. eventually after 3 yrs you would receive up to 80% of your initial net profit. golden handcuffs???? when these firms exclude themselves from being rated, then by default, i will only assume the worst!!!!!! come on etg and schonfeld, let's try to be ethical then you won't have to threaten an honest web site. just remember pigs get fat, hogs get slaughtered!!!!!!! oink oink
  8. never understood why, one would need to, want to, be flattered by being features on one of these lists...

    you mean that in all those rarified air environs, where exclusion is the only song of the day, those few getting "in" aren't good enough dates/potential mates?

    seems I saw/heard this arguement somewheres on Sienfeld
  9. I'm always on the look out for info on the different firms cause I'm trying to find the most effective way in.
    I met one of there newbies in a bar a ways back. He was too new and clueless but from what I gathered they give their traders top equipment, have mroe experienced traders as "Trainers" and they roll with serious capital, but the new guys don't get it until you prove yourself for a longtime. It completely makes sense to me.

    I found Steve Schonfeld stating that if someone is a hard working trader that they could make about 50k to 75k in two years. In my book that's fine for starts, because if you multiply 50-75k with a low payout to a higher payout, you could easily get into the six figure category somewhere else.
    The website looks good too it says they're a member firm. That's a good sign too.