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Bye-bye reg T
- Thread starter just21
- Start date
Yip,
JBO was the way to go for an option trader before PM (which as of today is not yet widely available) reg-t is far too restrictive. But with PM I would think it only logical to go with a good retail firm that offers it. If you don't have sufficient capital a JBO may be what you need, but when you have a substantial account the lack of financial guarantees make the risk unpalatable. I am no longer considering a JBO, but we have yet to see how PM will actually play out. I understand IB has done nothing but make it more and more restrictive since implementing it.
To answer a couple of your previous questions that I just found, there is no "good" reason that JBOs have to cover more margin than a retail PM account. I placed calls to several people involved and, itâs not really an answer, but the gist was that it came down to the squeaky wheel gets the grease. There were a lot a people asking for PM, the JBOs didn't complain enough to get in on the deal yet. And your question about PM at TOS vs. IB, well no one can answer that yet because TOS hasn't really started it yet.
Mav still is unable to grasp the concept of negotiation. If you are a serious trader paying the listed rates from the website then you deserve to be taken. It is amazing that anyone listens to him when he so clearly has his own biased agenda. Sure why not just put up a link to a broker and call them thieves but conveniently (probably do to his clear drug addiction - does Vtrader pay for that too?) leave out where is states additional interest rates schedules are available.
JBO was the way to go for an option trader before PM (which as of today is not yet widely available) reg-t is far too restrictive. But with PM I would think it only logical to go with a good retail firm that offers it. If you don't have sufficient capital a JBO may be what you need, but when you have a substantial account the lack of financial guarantees make the risk unpalatable. I am no longer considering a JBO, but we have yet to see how PM will actually play out. I understand IB has done nothing but make it more and more restrictive since implementing it.
To answer a couple of your previous questions that I just found, there is no "good" reason that JBOs have to cover more margin than a retail PM account. I placed calls to several people involved and, itâs not really an answer, but the gist was that it came down to the squeaky wheel gets the grease. There were a lot a people asking for PM, the JBOs didn't complain enough to get in on the deal yet. And your question about PM at TOS vs. IB, well no one can answer that yet because TOS hasn't really started it yet.
Mav still is unable to grasp the concept of negotiation. If you are a serious trader paying the listed rates from the website then you deserve to be taken. It is amazing that anyone listens to him when he so clearly has his own biased agenda. Sure why not just put up a link to a broker and call them thieves but conveniently (probably do to his clear drug addiction - does Vtrader pay for that too?) leave out where is states additional interest rates schedules are available.
I know TOS biggest customer, he is a friend of mine. He is also Penson's biggest customer. I know what he pays in rates. I know you are not getting the rates he does, so you are paying way too much. I don't care if you negotiated rates down to half of what they published, you are still getting hosed. The sad thing is, you don't even know it.
I PMed you my number. I have $100 that says you won't call. Typical character assassination attack on ET. Hide behind the anonymity of a message board. FWIW Opt, Yip is actually a customer of VTrader. I think my reputation in this industry far exceeds yours. Who are you again? LOL.
The difference between me and you Opt is everyone on here knows who I am. They have my name, my number, and I never hide from anyone. I'll answer any question on here with brutal honesty. And with a message board like ET where people attack their firm at the first problem, there has not been one thread attacking my firm or myself. Can you explain that Opt if what you say about me is true? Of course you can't. You're all talk.
I PMed you my number. I have $100 that says you won't call. Typical character assassination attack on ET. Hide behind the anonymity of a message board. FWIW Opt, Yip is actually a customer of VTrader. I think my reputation in this industry far exceeds yours. Who are you again? LOL.
The difference between me and you Opt is everyone on here knows who I am. They have my name, my number, and I never hide from anyone. I'll answer any question on here with brutal honesty. And with a message board like ET where people attack their firm at the first problem, there has not been one thread attacking my firm or myself. Can you explain that Opt if what you say about me is true? Of course you can't. You're all talk.
Mav, lets see exactly what I said about you before you attacked me, mr. "character assassination":
"you seem like a nice guy who gives people here useful information." Boy that is terrible, maybe I should be shot. For what its worth, which is very little I can assure you, I am now an independent trader so why in the world would industry reputation be an issue. I am not here selling something like you. I know exactly what rates different firms pay, I simply choose to net pay more for good service and the financial guarantee. Don't worry I will be calling. I have to since you avoided my question as to the probability that your firm is violating intraday net capitalization rules and therefore should be audited by the CBOE and SEC.
Since this is a thread about reg-t and PM, which is the OCC's haircut and you have claimed to be a foremost expert and human calculator, please enlighten us with an explanation of how the nightly RBH file is composed. By definition you have to know this since it contains the only numbers used to calculate the haircut you can do in your head. Time to prove yourself.
"you seem like a nice guy who gives people here useful information." Boy that is terrible, maybe I should be shot. For what its worth, which is very little I can assure you, I am now an independent trader so why in the world would industry reputation be an issue. I am not here selling something like you. I know exactly what rates different firms pay, I simply choose to net pay more for good service and the financial guarantee. Don't worry I will be calling. I have to since you avoided my question as to the probability that your firm is violating intraday net capitalization rules and therefore should be audited by the CBOE and SEC.
Since this is a thread about reg-t and PM, which is the OCC's haircut and you have claimed to be a foremost expert and human calculator, please enlighten us with an explanation of how the nightly RBH file is composed. By definition you have to know this since it contains the only numbers used to calculate the haircut you can do in your head. Time to prove yourself.
Quote from Maverick74:
I PMed you my number. I have $100 that says you won't call. Typical character assassination attack on ET. Hide behind the anonymity of a message board. FWIW Opt, Yip is actually a customer of VTrader. I think my reputation in this industry far exceeds yours. Who are you again? LOL.
I am a customer of vtrader, but it means nothing in the discussion. I am sorry to say that I still don't see (or haven't used) the benefit of jbo yet.
Most of my capital is in TOS, and I am getting a credit rate close to 5%, and a commission rate of 0.75 (all included) per contract.
I like to share info with other traders but like to stay annoymous here. Please don't disclose my background/info anymore.
Quote from opt789:
Mav, lets see exactly what I said about you before you attacked me, mr. "character assassination":
"you seem like a nice guy who gives people here useful information." Boy that is terrible, maybe I should be shot. For what its worth, which is very little I can assure you, I am now an independent trader so why in the world would industry reputation be an issue. I am not here selling something like you. I know exactly what rates different firms pay, I simply choose to net pay more for good service and the financial guarantee. Don't worry I will be calling. I have to since you avoided my question as to the probability that your firm is violating intraday net capitalization rules and therefore should be audited by the CBOE and SEC.
Since this is a thread about reg-t and PM, which is the OCC's haircut and you have claimed to be a foremost expert and human calculator, please enlighten us with an explanation of how the nightly RBH file is composed. By definition you have to know this since it contains the only numbers used to calculate the haircut you can do in your head. Time to prove yourself.
I'll be waiting for that call. Yes, we have an annual audit every year. I'll be more then happy to answer any questions you have over the phone. I think you are completely clueless on haircut calculation as well, but we can go over that on the phone too. And I'll throw in a bonus. You give one of your current positions and I'll tell you in under a minute what your haircut is. How is that for a challenge?
Quote from yip1997:
Most of my capital is in TOS, and I am getting a credit rate close to 5%, and a commission rate of 0.75 (all included) per contract.
Percy, I'm pretty sure that is what you are getting on cash balances, not your credit positions. There is a difference. In other words, if you have 100k in cash, no positions on, you will earn a money market rate on that cash. It will be detailed on your confirm. If you had a position on that took up the full 100k and had a 50k credit, I do not believe you are earning 5%. In fact, IB does not even pay 5% on your credit rates and IB is by far the best retail broker on long/short rates.