Number 2 and 3 I have no problem with as each one has sufficent excess net capital. My problem lies with TMG forcing their retail customers to use transact aka york business associates whose excess net captial as of last update is only 497,675. http://www.cftc.gov/files/tm/fcm/tmfcmdata0511.pdf What is the reasoning behind this ? This reason alone will keep me from trading through TMG because I do not feel my money is safe with such a small amount of excess net capital. I have talked to other traders and they feel the same way about switching over. My personal opinion is that TMG would gain quite a few more accounts if they let a stronger fcm clear their retail trades or at leat gave you the option to choose who you want to clear your trades such as how global futures does. It does not make sense to me to use rcg and fortis and then offer transact to the little guys. If I open a retail account, can RCG still clear my trades ? I like TM, and had very little problem with it in the past year. For those speaking of disconnects, I believe it is a server issue from your broker because I was on PATS and can only remember a few times where I have got disconected and was immediately able to log back on.
Of course a client can choose between RCG and TransAct. The benefit of clearing through TransAct is the strength of their back end, stability, reliability and speed. We have built a proprietary data feed in conjunction with TransAct to offer one year historical tic data. No other front end ISV can provide one year historical tic data without the benefit of a third party data provider. RCG or any other FCM, other than TransAct, cannot provide this function. Please remember that all accounts, per CFTC and NFA regulations, are segregated from the books of the FCM. This regulation assures the financial integrity of the customer account. Even when Refco went bankrupt the regulated futures accounts were safe. Their unregulated accounts were not safe. TransAct and York are a non-clearing member FCM. The ultimate clearer of all tranactions is Goldman Sachs. Best Regards, Doug Zalesky Managing Partner, TradeMaven Group
So I can use RCG to clear my trades if I open a retail account with TMG. Thank you for clearing this issue up.
Dear Doug Zalesky, I have been a user of TM since last year August and recently opened an account with TMG due to the recent merger. Overall, TM is a great al-in platform especially when you get used to the trade-off-the-chart feature. I am glad to hear about the execution desk with the guaranteed 24 hrs support answering within a couple of rings because my last customer service experience with TM was very disappointing. Only after finally contacting your partner Jeff Ganis and complaining about TMâs CS, did I get replies. Anyway, could you please PM/email me the phone numbers of the desk? Furthermore, I have a few questions/suggestions as follows: 1. Will there be an on-line live support as an alternative to calling the execution desk? As a customer, I believe that a live support facility will even more enhance confidence in customer services as it will reduce misunderstandings and misinterpretations while on the phone. 2. Will TM offer a daily profit/loss target feature in the future, like in SR? 3. Could you please confirm the all-in $3.80 RT commission as this offer has recently been taken off TMâs website? And what are the conditions for having the RT commission lowered to $2.40 (this link has also been taken off the website)? (Actually, I have asked these questions last week to Martha but have not received any reply yet). 4. Will PFG be able to continue to offer Best Direct Fast in the future? 5. In my experience, TM seems to disconnect from the server more often then when compared to SR for example. Will this issue be addressed soon? I look forward to receive your reply. Thanks and regards, Eugene
Eugene Wrote: I have been a user of TM since last year August and recently opened an account with TMG due to the recent merger. Overall, TM is a great al-in platform especially when you get used to the trade-off-the-chart feature. I am glad to hear about the execution desk with the guaranteed 24 hrs support answering within a couple of rings because my last customer service experience with TM was very disappointing. Only after finally contacting your partner Jeff Ganis and complaining about TMâs CS, did I get replies. Anyway, could you please PM/email me the phone numbers of the desk? Furthermore, I have a few questions/suggestions as follows: 1. Will there be an on-line live support as an alternative to calling the execution desk? As a customer, I believe that a live support facility will even more enhance confidence in customer services as it will reduce misunderstandings and misinterpretations while on the phone. 2. Will TM offer a daily profit/loss target feature in the future, like in SR? 3. Could you please confirm the all-in $3.80 RT commission as this offer has recently been taken off TMâs website? And what are the conditions for having the RT commission lowered to $2.40 (this link has also been taken off the website)? (Actually, I have asked these questions last week to Martha but have not received any reply yet). 4. Will PFG be able to continue to offer Best Direct Fast in the future? 5. In my experience, TM seems to disconnect from the server more often then when compared to SR for example. Will this issue be addressed soon? _____________________________________________ Thank you for your initial comments regarding our platform especially our "trade from the charts" technology. Our execution desk is available 24 - hours, however it is not a customer Level 1 software support desk. Our software customer support desk is available from 7:00 a.m. - 5:00 p.m. Central Time. We currently have 5 TMG associates dedicated to customer support. Typically, we expect an increase in Level 1 customer support calls immediately following the release of a new software version or update. This was the case with the 3.2.1 version release. Once clients better understand the functionality of the new release the number of support calls decrease. To help mitigate the number of customer support calls we are developing a series of LiveComm web based presentations to help support and educate our clients. We will offer end of day educational webinars to help our clients better understand all of the functionality of our software. We also plan on offering an intraday chat room environment moderated by TMG support personnel. The intraday room is an open forum for TMG clients only. Your question regarding software enhancements would best be directed to support@trademaven.com as I am unable to offer an answer. Yes, the $3.80 round turn rate has been taken off the TMG web site. The conditions for a $2.40 round turn rate is a function of electing to become an ECM at the CME. The requirements for an ECM membership can be found at the CME web site www.cme.com Your question regarding PFG should be directed to them. I will confirm that we have no plans to discontinue offering our software services to PFG. The stability and reliability of our software back end connectivity is constantly being addressed with our back end partners. Unfortunately at the moment we have little control over back end connectivity. I will confirm that TMG management is analyzing and planning the creation of our own proprietary back end. This is a huge undertaking and one that we feel is necessary to best serve our clients in concert with our "one stop shop" solution. Best Regards, Doug Zalesky Managing Partner, TradeMaven Group
Dear Doug Zalesky, Thank you so much for your reply. Regarding the $ 3.80/RT, you confirmed that it has been taken off the website, but is it still the current commission rate? Appreciate your confirmation. Could you kindly also PM/email me the phone number of the execution desk? Regards Eugene
AMIINDEW WROTE Regarding the $ 3.80/RT, you confirmed that it has been taken off the website, but is it still the current commission rate? Appreciate your confirmation. _______________________________________ Our commission structure is negotiable and accommodative based on volume expectations, the specific needs of the client and equity in the account. My track record regarding client commissions is summed up by: Those who warrant a deep discounted rate will almost certainly be granted one. Best Regards, Doug Zalesky Managing Partner, TradeMaven Group
Volente 00 Wrote: What are the requirements for the 3.80 rate regarding volume and account size. _____________________________________ As I said in an earlier post, our commission structure is determined by volume, special needs of the client and account size. I am happy to negotiate a fair and equitable rate for both client and firm based on those prerequisites. Unfortunately our industry currently has been relegated to a commoditized state where price is the number one salient feature with little or no consideration for superior software functionality, reliability, stability, software development and/or a robust network infrastructure. Attentive customer service, consistent accurate account statements, 24 - hour execution support and education are all features that should be considered and evaluated by the marketplace. TradeMaven Group intends to provide all of the above listed features offered at a fair and equitable price that is win/win for both the client and the firm. Other firms may choose to continue the self destructive strategy of lowest price at any cost. TradeMaven Group strives to lead the industry away from this madness. Best Regards, Doug Zalesky Managing Partner, TradeMaven Group
Not quite the response I was looking for. What is needed as far as rt's a month and account size for TMG to offer 3.80. 50 a month, 100, 1000 ?? account size 2k, 5k, 10k 50k ?? How often do you really need customer service if the platform is good.