They closed all of their TX offices. With the former SOES crap that came from TX not many want to touch this state. Jay (Hou, TX)
The NASD initiated a number of things to resolve that issue. It's not an issue anymore given SOES is now SuperMontage. That isn't the reason why. Even if it was, you don't shut down your energy company in Texas because Enron goes under. That's a ridiculous analogy. If they have an excellent management staff, they should have no problem keeping tabs on their traders in any office. If they have a good training program and culture, it wouldn't matter where the office is located. So I would assume that them closing down there Dallas office would be related to incompetence or mismanagement of some sort. Or they simply made no money in the area because they couldn't get enough interest? I just don't get it. Something seems fishy about the whole idea of them closing down an office in a major U.S. city. If they closed down their New York office, everyone would be talking. But since it's Dallas, less people assume anything. Why did it happen? There has to be a legitimate reason. Did anyone here trade out of the Dallas Bright Trading office?
.....but this is the perception, its about the people. (I understand SOES is now SuperMontage.) I bet Don Bright says the same thing about TX.
Houston is bigger than Dallas, so why did they close this office also? I actually work for a energy company in houston and can tell you the trading floors have paired back dramatically since the enron and dynegy problems (even during this boom time for the industry).
Technology is better..............remote trading is cheaper than setting up offices. No more commute.....no more office overhead for those in those offices.
Then what's the point of having an office anywhere at all if that's your rationale? You do it for the added convenience you provide your traders. Many traders would much rather trade on higher end equipment and be with a group of professional traders on a daily basis than at home and would gladly pay a desk fee to have that access.
BT closed their Saratoga Springs,NY office too. It was a very small office. Now there isn't a single office in the area. Which is weird b/c I know there are a few traders in the area. If there's any prop firm that is interested in opening an office near Saratoga Springs,NY shoot me a PM. Office space is dirt cheap up here. ALL-Tech had a decent size office back in the bubble and I know there are still a few traders left from that.
How many traders that know how to make money and trade in very large volume, want to sit in an office and help recruit new traders to eventually pick off their methods? You need volume, and a repeatable edge to make an office worthwhile. if you have that, then open your own and keep the profits. of course there are exceptions and they go to the office in nevada or whereever.