ETG+Schoney?

Trade123 · Sep 2, 2005

Quality, not Quantity. From speaking with head traders and traders who have been with and left Schonfeld, they are nothing more than a churn factory with an even worse payout.

Avalanche · Sep 2, 2005

Quote from heavy:

"The deal will bring 325 traders into the Schonfeld fold...
ETG's proprietary traders and retail trading customers trade on average 5 million shares a day."

With only 5 mil/day shares and 325 traders, I'm surprised they were able to stay in business this long.

That is either a poorly worded sentence on their part or they left a zero off the 5 or something.

zdreg · Sep 2, 2005

the numbers don't seem impossibly low if you consider that there might be traders on the books who are not currently trading or traders with limited allowable positions because they are new or have been doing poorly or the numbers are recent and are less because of the summer etc.

joeyata1 · Sep 2, 2005

100 or more of thoise traders could jsut have accounts and be not trading or trading very little.

zdreg · Sep 2, 2005

you gave a feeling of reality to my statement by supplying a realistic number of traders who are probably inactive.

spyglass · Sep 2, 2005

5 million shares a day or not as an accurate number, It was a press release, so if it wasn't accurate who is the jackass that put that number in. Goes to show the firms we are dealing with.

If they are only doing 5 millin a day, they should have gone out of business a long time ago.

I bet ETG just gave the whole firm to Schoenfeld, and got nothing for it. Anyone know any B members that can get some details.

Avalanche · Sep 2, 2005

Lets say 125 of the account or inactive, the other 200 traders are only trading what 25K shares a day? Its a slow mkt but that slow? hard to believe.

Was ETG mainly made up of Manual traders? I know they had a subgroup that was automating some stuff through Neovests platform a while back, no idea what size that group was however.

I guess that number is possible just seemed a bit improbable at first glance

areyoukidding? · Sep 2, 2005

Quote from spyglass:

5 million shares a day or not as an accurate number, It was a press release, so if it wasn't accurate who is the jackass that put that number in. Goes to show the firms we are dealing with.

If they are only doing 5 millin a day, they should have gone out of business a long time ago.

I bet ETG just gave the whole firm to Schoenfeld, and got nothing for it. Anyone know any B members that can get some details.

they got money for it, otherwise why do it?

spyglass · Sep 2, 2005

Quote from areyoukidding?:

they got money for it, otherwise why do it?

Bob's been gone, Jeff in a new job I guess, dump their liabilities. If they are really only doing 5 million shares, I would imagine they are not making too much of a profit.

Maybe they got something, but not much, Would really like to hear a dollar amount from someone.

ratboy88 · Sep 2, 2005

Quote from spyglass:

Bob's been gone, Jeff in a new job I guess, dump their liabilities. If they are really only doing 5 million shares, I would imagine they are not making too much of a profit.

Maybe they got something, but not much, Would really like to hear a dollar amount from someone.

i have to agree with this assessment. (dump liabilities)