Bright Trading and Nasdaq

B

Bryan Roberts

Guest
Just curious, is Bright still anti-nasdaq? I think their deposit requirements for nyse is $25k and for nasdaq is $40k to $50k. From what i heard, the brights hate nasdaq and tell potential traders that they can't make money trading this market. sounds a little closed minded IMHO, but i could be wrong, so if any of you Bright "nasdaq" traders have some useful info concerning this area please enlighten us.
 
Yes, Bright is still anti-NASDAQ and requires higher capital requirements (unless you can convince them to let you trade smaller shares with less capital) At least they now offer you L2 (for an additional fee) but I think they only give you access to REDI and ISLD routes. REDI will technically route your order the best way but sometimes you just want to pref a MM or hit an ECN.

In Bright's defense, I believe Echo has higher capital requirements for NASDAQ, too.

Fletch
 
Just a note . The Bright brothers have a
successful trading organization that is
built on mainly NYSE trading. As a trader
and firm owner , I can see benefits of trading
NYSE. You get price improvement many times
when trading NYSE. If you trade JNJ,GM ,IBM
and other S&P 500 stocks , over 80% of the
volume is done on the NYSE floor. NASDAQ
market is "fragmented" and more volatile.
I could trade 3000 shares of GM(on most days)
with less risk than 1000 shares of CIEN. I
know we are not comparing apples & oranges ,
but the point is I can trade at a centralized
market place with potential price improvement
and a "real" order book(the specialist keeps).
The NYSE & NASDAQ are really two different
markets. Over 60% of our traders volume is
NYSE. Our top traders in our firm (P&L) only
trade NYSE stocks. Is NYSE better for traders
than the NASDAQ? That is a matter of opinion I
leave up to you.


Gene Weissman
Managing Member
Stocktrade Network
Lieber & Weissman Sec., L.L.C.
gweissman@stocktrade.net


 
I try not to be biased in my replies
or tout our firm , but for any interested
traders , we offer REDI+ for NASDAQ with
links to REDI,ISLD,INCA,SuperSOES & ARCA
and soon BTRD. I would reccomend a $25,000
minimum capital contribution for NASDAQ.
Any professional trader will tell you,
this is minimal capital. We will sponsor
experienced traders for the Series 7 test.


Gene Weissman
Managing Member
Stocktrade Network
Lieber & Weissman Sec., L.L.C.
gweissman@stocktrade.net
 

We offer professional rates based
on volume. We start at .03 cents a
share and go down to .0125 cents a
share-no ticket , no ECN , No MM
fees or minimum charge. I don't like
to tout our firm on boards. We have
been around 5 years with a very good
reputation. If you are interested in
trading with us , send us an e-mail
at info@stocktrade.net .


Gene Weissman
Managing Member
Stocktrade Network
Lieber & Weissman Sec., L.L.C.
gweissman@stocktrade.net

 
Our rates are .03 down to .0125 cents per
share. 500 shares would be $15 at our
highest rate and $6.25 at our lowest rate.
There is no ECN,MM or hidden charges and
no minimums. In terms of rates, we are not
the lowest or most expensive. All I can say
is you get what you pay for. You can trade
NASDAQ/AMEX/NYSE with us. Matchpairs,Synthetic
Puts, Calls & "Bullets". Series 7 license is
required.

I really think too many traders are concerned
about just rates. How long is a firm in business? Does the firm hold back any funds? How long?
What are the hidden fees? Are there any minimum
charges? Can you trade remotely? Is the trading
desk manned by professionals? Who is the firms
clearing Broker? Sure rates are important, but
if a trader can't make money at .02 per share,
he probably can't make money at .01 per share.
The .01 rate usually quoted by firms is NYSE
non-billable, so NASDAQ and billable NYSE is
usually more. If you are a real "trader",
our firm and most others will give you competitive
rates. ECHOTRADE, Bright, ETG , Lieber & Weissman
& On-Site,L.L.C. are well known trading L.L.C.'s.
On-Site was recently acquired by A.B. Wately
(pending due diligence). Call each one ask some
of the questions I mentioned.


Gene Weissman
Lieber & Weissman Sec., L.L.C.
gweissman@stocktrade.net
 
>Our rates are .03 down to .0125
>cents per share.

I think after your clarification, it's clear that your rates are .03 to .0125 *dollars* per share, not "cents". In terms of "cents", your rates are from 3.0 to 1.25 cents.

I think we probably all knew this and the clarification was ask for half in jest.

JB
 
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