FWIW, I agree...good people (ex Bright Trader... "Hi Jeff"..." and Rob" LOL). A slightly different business model, but certainly one of the last few remaining "good" firms.
Don
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ECHOtrade
- Thread starter lwlee
- Start date
FWIW, I agree...good people (ex Bright Trader... "Hi Jeff"..." and Rob" LOL). A slightly different business model, but certainly one of the last few remaining "good" firms.
Don
Just talked to the OM, and they already switched to the CHX. Totally seamless, and I didn't even notice. They took care of all of the U4 crap for us.
Don, excuse my ignorance, as I should already know this from earlier posts of yours, but are you guys FINRA or CBSX? I only ask because of the payout issues people have raised.
I now have the understanding that some cbsx firms who didn't require licenses had an issue with the SEC, in that there was no differentiation between customers and leveraged prop traders, hence the recent fiasco with the 56 requirement, and the lower payout for prop.
I guess my main question is, why are cbsx firms who require licenses required to lower their payout, since there is a definitive difference between the retail guy and the licensed prop guy. And if the SEC still has an issue, why wouldn't a firm who requires the 7 just go with a finra exchange?
TIA. Just curious.
Don, excuse my ignorance, as I should already know this from earlier posts of yours, but are you guys FINRA or CBSX? I only ask because of the payout issues people have raised.
I now have the understanding that some cbsx firms who didn't require licenses had an issue with the SEC, in that there was no differentiation between customers and leveraged prop traders, hence the recent fiasco with the 56 requirement, and the lower payout for prop.
I guess my main question is, why are cbsx firms who require licenses required to lower their payout, since there is a definitive difference between the retail guy and the licensed prop guy. And if the SEC still has an issue, why wouldn't a firm who requires the 7 just go with a finra exchange?
TIA. Just curious.
last time i called, there were numerous fees. monthly/quarterly fees besides data fees...
Quote from jnbadger:
I guess my main question is, why are cbsx firms who require licenses required to lower their payout, since there is a definitive difference between the retail guy and the licensed prop guy.
I asked the CBOE directly regarding caps on payouts, and although there is no current requirement for CBSX firms to lower their payout, they only said that it's "currently under review by the SEC and FINRA."
Here is the CBOE circular that provides the notice:
https://www.cboe.org/publish/RegCir/RG10-101.pdf
Quote from lwlee:
2) I was quoted .0035 commission rate, $10k to open, 10x-30x leverage, $100 per 100k shares rebate (max $500), and $400 monthly data charges (400k shares/mth to cover charges).
So if you do 500kshs you get $500 rebate AND the $400 month data charged covered? How does Sterling compare to Lightspeed as far as speed for someone who does a lot of volume in the first 45mins based on the tape? Do they accept a s56 in place of a S7?
Quote from glenviewcap:
last time i called, there were numerous fees. monthly/quarterly fees besides data fees...
Not sure what you mean by monthly and quarterly fees IN ADDITION to monthly data fees. I wonder if you're talking about the Green Mountain fees. I remember hearing something about them, but quite frankly I didn't care then, and don't care now. Too negligible to worry about on my end. And I am a small timer compared to most at Echo.
You also get rebates when you do volume, as per the original post. Not to mention, the liquidity rebate game is not entirely dead.
Look, I'm not paid to post this stuff. I just trade. But the bottom line is - if you can't cover your fees, whatever they may be, then don't trade prop. This ain't a 100 share a pop retail gig.* Maybe go with IB or someone. But if you are serious, know how to manage risk with big time leverage, and if you think you may have a shot at being good, then give Bright, Echo, Hold, or whatever top notch firms are still out there a call.
*Yes, there are 100 share strats which warrant 100 shares. Gamma scalping, layering, market making, etc.
Time for a beer. jnbadger- out.
Quote from KingDong130:
Do they accept a s56 in place of a S7?
No. For now, anyway. By saying "there may be something in the works", I may be stretching it a bit, so don't hold your breath.
I wouldn't count on a FINRA firm accepting 56's anytime soon. Need the 7 for now.
EDIT --- Someone correct me if I'm wrong. I feel like I'm in unfamiliar territory on the regulatory stuff. But for now, series 7 only for Echo.
Quote from KingDong130:
So if you do 500kshs you get $500 rebate AND the $400 month data charged covered? How does Sterling compare to Lightspeed as far as speed for someone who does a lot of volume in the first 45mins based on the tape? Do they accept a s56 in place of a S7?
That rebate info does not appear to be correct. I may be wrong, but I don't think they are actually going to pay you to trade. You might double check, they do rebate at $100 per 100k to cover platform fees.
We charge $200 platform fee (max for part time traders, not bad overall), and rebate it fully with 200k shares. This covers NYSe monthly fees, L1 quotes, dde links etc.
To the other poster, we are CHX (not CBSX).
And, last I heard from both exchanges is that S7 will work either place (supercedes the new "56"), but CHX doesn't recongnize the 56. They "may" be "either or" in the future. One of the reasons that I was more supportive of S7 (being able to go to "work" (aagh, "work" LOL) in the industry in other roles (fund, broker, etc.) vs. 56 for CBSX trading only (at this time anyway).
(And, please go directly to Echo with specific questions for them... I tend to want to help with questions from and for anyone, LOL. I remember I had a guy on IM for 2 years, every morning asking questions about the Opening Play, pivot points etc..... and, yep, you guessed it, he was trading at another Firm.. he neglected to mention that....not that I really minded, just kinda funny).
All the best,
Don