Whats going on with Broad Street

Discussion in 'Prop Firms' started by Frank_SA23, Jul 20, 2012.

  1. Im getting alot of conflicting info. Some people are still signing up with them but when I called they said there not doing business anymore. A few people also say they haven't received there deposits back. The guy said the cancelled their CBOE memb and refunds have not been approved.
    But yet, I still see them advertising in certain chatrooms.

    Does anyone know whats up? Was looking to join but cant get any info.

  2. well, if you contacted broad street directly and they said they are not taking members, that sounds like your answer. why don't you ask the people in those chatrooms for more information?
  3. I live next to their office in downtown orlando and have been to it...

    you dont want to trade through them anyways ... their style of trading/ training and software is terrible....

    If i remember correctly the head of the office was a dude who looked like he was from jersey shore put in a suit and was to busy to tend to the single trader in the office. I was called there by the single trader guy cant remember his name because he wanted some help with his strategy
  4. Which arm of the business are you trying to contact? If I remember correctly, there is Broadstreet International (BSI) and then Broadstreet Trading (USA). I believe BSI is still taking members.
  5. lol isn't everyone in the trading industry who doesn't trade just some dude from ______ put in a suit?
  6. good point
  7. nararbee1


    Here's the deal. People were having a hard time passing the Series 56, so Broad St. decided in June to revoke their license from the CBSX. It takes roughly 60 days for the SEC to approve their de-registration, thus sometime in August, maybe early September, all of their traders will have their funds sent back to them through mail.

    Instead their concentrating on their international branches.
  8. I called them and asked about trading with them. They said I don't need a 56 anymore to trade with them. I asked why and they said they are putting all their traders in their international unit. When I asked if that was a legal structure since I have been reading a lot here on Elitetrader he didn't want to answer the question directly. Kept putting me on hold like someone was telling him what to say. He couldn't answer why they didn't need to be a CBSX BD even though they have offices in the US. VERY SHADY! I am going to study for the 56 and stay away from this firm.
  9. VinMan


    What is the "international branch"? Why dont all their traders trade through BSI then? I'm confused.
  10. nararbee1


    International branches aka off shore prop firms. The two I know of are ibworldwide.com and bsicglobal.com. They're supposedly based out of Belize and Nevis Island respectively.

    Update: The old Broad St. filed their Form BDW for official de-registration on June 15th. So let's see what happens on Aug. 15th whether the SEC will approves their application. Will their traders get their money back?

    Also is this a sign to come for other CBSX licensed prop firms? Will the CBOE succeed in weeding out inexperienced traders with their Series 56 license requirement?

    Guess it's time to start going offshore to suretrader.com.
    #10     Jul 26, 2012