I would as well if I had anything to sell to you. If you are interested in placing funds within a segregated account structure, fully serviced by a prime broker with full account protection to be traded by algorithmic foreign exchange strategy engines and are interested in having audited account statements sent to you directly by the auditing company after you have signed a preliminary intent to invest agreement then please feel free to PM me for contact information. I never claimed what you do is illegal or unethical BUT from my many years on the trading side I can tell others with confidence that funds/traders almost all the time get ripped off when trying to engage in IBs that are very unforthcoming to publish their costs of service. If a broker cannot tell me after a quick phone introduction what their rates are to execute, settle, and clear stock on the Tokyo Stock Exchange, for instance, and what their borrow rates are for couple sample ticker IDs on the HKSE then they are not worth my effort. Can you? If you are able to allow trading on all major Asian exchanges plus offer services on the OTC side, such as access to OTC single stock and index option pricing and you can tell me what your inventory book looks like in Hong Kong and Japan then I may be interested. Can you offer all that?
These guys are clearly out of their league. The Peter Principle at work? The secretive business model is ridiculous in these times. Dal
absolutely. Newedge and brokers on a similar level are able to tell you their fee structures without hesitation. People who are unforthcoming when it comes to the cost of the wares they sell usually have something to hide or they have something to gain from obscurity. If someone gains the other loses, guess who...
When I was a full service broker, I dodged the 'how much does this cost' question any way possible. Why? B/c I was going to charge a lot. Stock trades STARTED at $50 and up from there. Funds, annuities, etc. could easily get me 5%+ up front.
lol, what an outdated business model. Lack of transparency was yesterday, if you want to survive in today's market then you make the utmost effort to establish a relationship of trust, which translates directly into transparency of rates and charges rather than giving the impression that you first try to "feel out the IQ of your customers" before you decide how much to pull out of their pockets with your sweaty, greasy hands. ----------------------------------------------------------------------------- Transparency does not mean showing your clients rates to everyone. The model of a one stop bucket shop with the same rates for everyone is Outdated. A model in which you find out more about your clients needs and base a "Custom" package for them makes far more sense when dealing with clients. To make is simple for you "Traders", if you are in a Self Clearing outfit you get far lower rates than if your with "IB". Rates are not the same for everyone, period. This business model is the exact model that guys like myself, in the PE world, use. Of course, we have different projects than "Traders" but we need to establish relationships of trust, find out the instruments the clients need and then discuss "Rates" or Take down % etc all. Such a model deals with more than a Monkey pushing buy/sell buttons while posting a picture of their trading station on ET.
well, most investment banks now offer 2-4 basis points on best effort VWAPS while guaranteed vwaps command about 20-25 basis points depending on name and notional traded. The broker business is not viable anymore unless you traded hundreds of millions in USD notional or you find idiots who are willing to pay outrageous amounts in commission in exchange for worthless research or not even that... In this time its all about how much brokers charge for DMA and related execution services.
lol, then I recommend you fuxx off and look for different targets because you clearly missed your target group. And let me tell you something, "a relationship of trust" with a broker is exactly worth as much as the paper I wipe my ass with. Brokers are essentially not much different from vacuum cleaner sales people or used car sales men, especially introducing brokers who are only middle men without much added value. Maybe you forgot this board is not only occupied by some newbies but by trading veterans who run their own business and have traded prop positions for years with the top investment banks. And let me tell you something about IB (with whom I have traded for over 12 years now): They charge about the same amount than JP Morgan or other banks for cash equity trades but offer a lot of value added services on top of that. Or do you know of any other brokerage house that gives you access to that many markets and different asset classes? It would take me MONTHS to set up accounts with any investment bank just to open 20-30% of IB's market access. You are dreaming or at least demonstrate zero market knowledge if you deny this fact... You utterly discount the sophistication level at which some of the guys run their algo and option strategies here. Enough said!!!
I bet this poor Bastard is demanding his money back from Baron. Hang in there Pal, nothing like a good sponsor vs. piker flamefest.
Bob's statement after proper editing: My intent is never to insult anyone. Everyone is entitled to his opinion. Everyone has his own expectations from his broker. I was being told that if I did not publish my rates, I was doing something wrong. Everyone should do his own investigations into whom he is doing business with and fully understand not only the rate schedule, but the firm involved. I feel this is more appropriate under FINRA guidelines and the know your customer rule to talk to potential clients and learn about their business BEFORE just offering out rates.