I've received an offer from Prudential Securities to trade with their firm, paying 7 dolars a trade (with no ECN fee's or any hidden costs). Affraid to be caught in MARK-UPS and MARK-DOWNS...I talked to the guy about it and he said that I could be using the Bloomberg System (which is also direct access) to execute my orders instead of their regular internet software, so there is no way i could be marked up/down. And because of my trading volume, he would provide me the Bloomberg terminal with no cost. It all sounds very exciting, but I wanted to ask for the opinion of you guys first. Trading under these conditions is good thing or is there any hidden trap that I am not seeing? Also, what's your opinion about the bloomberg terminal? Good executions?...etc? Does trading with firms like IB, ECHO, all these daytrading firms.....is better than Prudential? I aprecciate your help! Also, sorry about my english mistakes (I'm brazilian)..hehe
That sounds like a great deal for your volume! I think a Bloomberg terminal should also provide you the INCA book. Be sure to ask for it.
Bloomberg also allows pegging and other features. Go to their site and read the manual, you'll want to do it.
More info about the Bloomberg Tradebook http://www.bloomberg.com/corp/tradebook/front.html Thanx for your help.
Bloomberg also offers the fastest news alert for off the floor traders. You will get news such as "Fed surprise rate cut" 10-20 seconds ahead of everyone else off the floor not on a Bloomberg My team is supposed to get a Bloomberg slave, but a guy who left our team a while ago somehow transferred it to his name and took it to another branch office. Get the manual on this thing, it is a very complex yet powerful platform. When mastered it can be a huge asset to your research routines. Working at a large firm like Prudential will give you an edge over even those who work at prop. trading firms. You will have a lot of unfair advantages and hidden perks that won't become apparent to you when you first start work there. Congratulations, it is a golden opportunity, make it count!
Hitman, i'm not going to work for them, I'm just planning to trade for my own account using their services. just like any other trading firm. The thing is that I don't know what would be best: trade with Prudential using the Bloomberg Terminal for 7 dolars a trade, or trade with another firm like IB, Echo... I'm planning to trade big volume. (around 1 million shares/day)..that's why this system of CENTS PER SHARE is not viable for me. It would kill my profits. What firm do you recommend me, in terms of low cost and good service/executions? Since I'm going to trade as a scalper... Also what firm do you trade with? Thanx for your help. Raphael Aranha
Aranha; not trying to throw cold water or anything but I have to ask this question. Did you contact Prudential or the other way around? If they contacted you, how did they get your name? Good luck
forgive my ignorance but who exactly is taking the trade when you execute through Bloomberg's terminal? I mean who is the intermediary/broker? and why is it one charge ($7) rather than a per/share charge? I thought that institutions pay per share (although aruond 0.05 or less)
Dear White17, It's No problem. ok, I told one friend of mine that I was looking for a direct-access broker. I explain to him all the details (volume, number of trades/day..etc) and he told me that he would look up to. Since he has many contacts in the market, he told me that he has a friend at the Prudential Securities and that this guy was seeking potential clients. He talked to him and a couple of days later I've got a phone call from this guy at Prudential suggesting that we should have a meeting. They made their offer at the meeting. If you got any questions, don't hesitate in asking. Best Regards Raphael Aranha
Dear Babak, as far as i Know, I will be a Prudential's Client....just like anybody else is a client of a firm (example: IB)..and I'll be using the Bloomberg Terminal to execute my trades...just like any other...(REALTICK, RediPlus). I don't know If I answered your question. All the Best Raphael Aranha