becoming your own broker dealer

Quote from SwingOutOn5:


NetCap requirements are $5,000,000.

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Not even close to that for equities. 50k gets you an IB to one of the major houses. Of course you have to pay compliance officers, lawyers and the FINOP to keep things tidy. Year after year those add up to millions.
 
Quote from indahook:

Not even close to that for equities. 50k gets you an IB to one of the major houses. Of course you have to pay compliance officers, lawyers and the FINOP to keep things tidy. Year after year those add up to millions.
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Again, Swing was making comment about a PB, not b/d.
 
Quote from indahook:

Not even close to that for equities. 50k gets you an IB to one of the major houses. Of course you have to pay compliance officers, lawyers and the FINOP to keep things tidy. Year after year those add up to millions.
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actually 5k gets you daytrading...100k gets you prop trading..but your right on about the admin. cost....FINRA now requires at leas two different 24;s...some firms are grandfathered in with the one principal rule.....
 
Quote from TM_Direct:

actually 5k gets you daytrading...100k gets you prop trading..but your right on about the admin. cost....FINRA now requires at leas two different 24;s...some firms are grandfathered in with the one principal rule.....
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You are correct. I was thinking $5k broker dealer but wrote down 50.
 
Quote from indahook:

You are correct. I was thinking $5k broker dealer but wrote down 50.
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I'll let it slide this time but don't let it happen agin or I'll flame you!!:D :D

How have you been? Haven't seen you round here in awhile..hope all is well
 
Quote from TM_Direct:

I'll let it slide this time but don't let it happen agin or I'll flame you!!:D :D

How have you been? Haven't seen you round here in awhile..hope all is well
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I do not need to be flamed by the master!

Still here daily, but trying my best to stay out of threads not trading related. Thanks for asking.

How is Shill Securities LLC treating you? :D
 
Quote from TM_Direct:
re: BP....the most a LEGAL finra firm can give is around 6:1 ....these other people who tout 10,20, 50 to 1 are not FINRA firms but are LLC's operating outside Finra...Also, I don;t beleive Penon offers JBO's because they are not NYSE members...although they are CHXmembers and may be abl to o it through th [/B]
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Swifttrade, Title trading, Genesis, all have their own B/D's in place, which are FINRA registered, AND those companies will give you 10,20,50 or even 100x.
 
Quote from autoexec:

Swifttrade, Title trading, Genesis, all have their own B/D's in place, which are FINRA registered, AND those companies will give you 10,20,50 or even 100x.
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No they are not....they have LLC's in place that have accounts with them....the LLC's pool many investors $$ together and make it seem like your getting 100X ect....
 
Quote from TM_Direct:

No they are not....they have LLC's in place that have accounts with them....the LLC's pool many investors $$ together and make it seem like your getting 100X ect....
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Swifttrade's and Title's (which are a little different from Genesis here) branches only have like $5000 deposited. This $5000 deposit gives branches millions of Buying power. If this money would be backed up by investors (1/6) ... Man they would have hundreds of millions in their LLC's... No way
 
Quote from autoexec:

Swifttrade's and Title's (which are a little different from Genesis here) branches only have like $5000 deposited. This $5000 deposit gives branches millions of Buying power. If this money would be backed up by investors (1/6) ... Man they would have hundreds of millions in their LLC's... No way
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Ok...if you say so
 
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