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I don't need to get into an arguement defending a bunch of pigs that will be convicted. The rules are there however, and frankly, not many large stop orders are on the books so it would really not be worth fooling around with. You might as well go where the money is. Also, as far as I...

I don't see how people confidently trade when they don't know the rules. Then again, how do you start with five thousand dollars and get 10-1 margin and trade LU all day and expect to have a career???

If you don't know how an equity auction market works you are better off sticking to the Nasdaq. I will repeat, I was on the floor for fifteen years and suspect I averaged less than one stop order a day. I know it is popular to bash the specialist for our own inept knowledge of the market...

There are rules in place where it makes it diificult for the specialist to take advantage of stop orders. Anytime there is a build up of stop orders a form must be filled out (stop order accumulation form). Once this is done it is pretty hard to put a trade on out of line. There are also...

My main concern with the LLC set-up has always been the safety of my money. I think this sounds like a darn good idea.

It was in the best interest of the exchange members to take the money because Thain is trying to close the darn thing. Grasso would have gotton each member of the exchange more per seat. What did arca bring to the table other than a goldman connection? another win for the boyz at GS.

It seems to me that the information on what stocks he will discuss is dissimenated. Are the callers really that prescient? They are always able to come up in a split second with a relevent response and question about an Unknown stock? Please, Bill form New Mexico was not on hold and decided to...

Part of the reason it is diificult to get backing without these ridiuculous $10000 payments is the idiotic statements here. "play big" "swing for the fences" "no risk to you" etc etc etc what about professional integrity and respect for just how diificult the business is. If these...

Good recap Don. It is important to me that orders on the book be given the chance at price improvement when a print goes on the tape. Also, if the book is not getting price improvement you will have a real wild west show if the specialist can pick the ultimate price to fill an order and be the...

What the heck does never had a down month gross mean? Who cares? We enter into trades so we can be profitable net. Aren't all trades and decisions based on these economics? I might enter a lot more trades if I did not have to pay commissions.

I agree. Good point Don. You all have certainly adjusted well over the years. It seems to me that the price improvement is necessary in order to get me to put a order on the book which creates liquidity. Why would I ever have an order on the book if the stock can be walked up penny by penny?

It is not a NYSE rule but rather up to each individual specialist firm how to handle "billable" orders. These fees are often discounted and also tend to be negotiated when the agent broker is large enough.

Somehow I think very few people have lost more than their capital contribution.

Awful scarey that a firm would need to hold a minimal capital contribution from a trader for a year in order to meet some SEC capital requirement. Of course, not sure I understand why someone would need to make any small contribution to any firm. So, trader puts up money, is responsible for...

What does it mean that you do not need to "hold" money? How is this different than other firms?

Why would someone pay 12% to execute a trade idea? Do credits and debits offset?

These guys have a program where they will allocate capital to talanted traders from various markets.

Left a hedge fund recently where I had been working for a year in solely an execution role. Previously, I ran a equity prop desk at a major bank. Would like to recreate this former set-up with a firm that would provide capital for a low risk strategy that will produce much in the way of...

Sorry guys but I come from the world of "margin". Please explain with numbers the concept of "haircut". What is 4%, what is 6%. Is this per annum? How different is it to margin?

Don Could you explain what a "sub-llc" is and the implications of. Is it different than an llc? Thanks in advance.