Search results

You are wrong. It makes a lot more sense to check your facts before you post. Especially if you are posting something that you know nothing about.

Again, you couldn't be more wrong and are really showing your ignorance. All BD's must register with the SEC. FINRA is an SRO (Self Regulatory Organization). The CBSX is an SRO. There are many BD's that are not FINRA BDs. WTS Prop Trading is a CBSX BD, not a FINRA BD. Check your facts...

You might want to check your facts dealmaker before you post nonsense because you are 100% wrong. WTS is an SEC registered BD.

WTS is a BD that has a branch system. You too can open a branch if you have a lot of traders, the proper licenses (I believe 7,24,56 at a minimum), and the capital to put up. I believe it is $50,000 plus the cost of operating a trading floor. Nothing complicated.

100% unrelated. WTS as a whole is leaving current clearing firm to go to ETC. Not a big deal and trading going on as usual. Just a business decision. The closing of CTG by WTS was because there were things going on there that shouldn't have been. WTS takes compliance very seriously and...

Seems like it would be US...especially if you don't openly solicit the foreign traders. If you advertise in that country you might need to register in that country as well. As always, don't put too much faith in legal or accounting advice from nameless people on internet forums and chatrooms!

Wrong! If a firm internalizes orderflow it is a good thing for the traders if you know how to take advantage of it. Think about....you are always in front of the line ahead of the book and the rest of the trading universe. One word on how to work this to your advantage: pinging. JT

That "branch" was a total joke. I think they were doing some shaddy things like putting US guys at offshore firms. I wouldn't be surprised if WTS just pulled the plug on them and took it over to clean it up.

If you were smart you would realize that you could easily school that system and make it work to your advantage!

Most prop firms will let you take small overnights. The ones that let you take big overnights I would not trade with. Those firms are just letting you take big overnights to get your business. The next time a plane flies into a building your equity (and all the other traders) will be wiped out.

Old news....8 months old.

No reputable firm does that. You can test if a firm does this by placing an order and seeing if it hits the tape. I recall reading that Oliver Valez does this. But a firm, especially a registered BD, cannot do that without disclosing it.

It's only free because they see your order flow to market makers and trade against you.

It is actually the opposite. Prop firms want their traders to succeed so they will trade longer. There are 2 types of prop firms: 1. Ones that back you and take a percent of your profits. This has been beaten to death on elitetrader. You won't find one unless you have an Ivy League...

Very expensive for that type of data.

Never get tax advice from a forum. Only get it from a tax professional. If your tax professional isn't well versed in trading find a new one!

Overall, we are on the same page. If you want to trade you should be in a structure that is generally accepted by the SEC. However, the whole idea of foreign BDs is grey. Please refer to this link: http://www.sec.gov/divisions/marketreg/bdguide.htm#II And look for the section: 6...

Hokies, It is not 100% illegal. Just grey. A firm has to register as a BD in the US if they solicit business in US, has an office in US, and owned by a US citizen. There are a few other grey areas such as accepting deposits and marking up trades but firms can word agreements in such a way...