Cy Group is not registered with FINRA

Quote from Itrade2009:

Hey Joe...how are you?

Can you provide a link to that testimony since I have heard from a very good source that they have ALWAYS traded that way. And knowing the type of operation they run that shouldn't surprise anyone. There was a reason they only allow you to trade in a handful of liquid stocks...so you could never test if your order really went to the market in an illiquid stock. In a liquid stock there are prints going off every second.
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Hi, check your p.m. regarding a link.

There was no restriction for independent traders, we could trade whatever stocks we wanted. You're right about the other part, prop traders who were in the training program could only trade a list of liquid stocks, however that list was developed much later.

I cannot state with absolute certainty that all the prop traders had real accounts. If there's ever a formal charge from any investigative authority, then it will probably become part of the public domain, and therefore will put an end to any rumor.
 
This sounds like the best setup for the traders Does anyone know any prop groups set up like this?

thanks in advance

Quote from rmorse:

I don't know anything about this firm Cy Group. However, set up properly, it is possible to run a prop trading business as "customer" rather than firm. You just can't claim to be brokers, mark up commissions or claim the sub accounts are owned by the traders. These are not all the issues that need to be addressed. But, it can be done and we have clients that do it. Profits are derived from trading, not fees.

Hedge funds are set up in this manner. Typically a hedge fund is an LP and a trading group would choose an LLC.

Bob
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