I received an email from WTS (whose sub-group I trade under), stating that due to the seizure of CBSX operation, it is forming an "alliance" with T3 Trading. All seems pretty standard, with rates and contracts all remaining the same. Does anyone else know otherwise or is there anything I need to be aware of? Ty.
"due to the seizure of CBSX operation"...I don't follow that prop firm, but that does not sound good.
I may have given the wrong meaning by using the word "seizure". What I meant to say was that the CBSX has shut down. WTS was using them and has now formed an alliance with T3 to cover that part of it's trading, as well as pooling their financial resources.
O. So WTS was using CBSX as their SRO and now you are saying that CBSX closed down and now WTS needs a new regulator so they "joined" T3. If you r contract changes, they will let you know. Does not sound like a big deal.
Ya, just more consolidation in the prop world, the traders at WTSprop will trade with T3, but maintain their same rates/commissions from what I was told by a current trader at WTS. For new traders, they'll have to sign all paperwork and negotiate their rates with T3 directly after November 3rd. Also, as 1245 mentioned, CBSX is no longer an SRO, so the props moved over to the PHLX. It's not just WTS though, firms like Chimera and Avatar moved their SRO over to the PHLX as well.
I was told exactly the same and called to reconfirm as i want to hold on to the deal I have going. It would be a bummer to have to renegotiate. @ScalperJoe you seem to be pretty clued up about all this, so your words put me to ease. Thank you.
I was pretty much convinced that I was going to join JC Trading Group since they seem to have the best reputation out of any firm I have researched and have by far been around the longest. But I might wait a few to see if this is an issue.