Is this Genesis different from Genesis Securities (GNDT.com)?
They don't sound like just a clearing firm.
They don't sound like just a clearing firm.
Genesis Investment Partners (Stamford, Ct)
- Thread starter monty21
- Start date
I believe Genesis is Access securities. They are a chop shop, now that the making money off of kids out of college who want to prop trade thing failed they are looking to hire people who want to be stock brokers lol.
No offense to anyone who worked for them but if this guy actually knew what he was doing as a trader he would not be wasting his time with this shit. Stay clear.
No offense to anyone who worked for them but if this guy actually knew what he was doing as a trader he would not be wasting his time with this shit. Stay clear.
Chop Shop? You are sadly mistaken. I traded for them and no kid was responsible for a single pennie:
1) No commission fee
2) No desk/software (quotes) fee.
3) We each had 350,000 in our account with no initial contribution.
The only part that you got correct is about Access Securities, they were Genesis' parent company. And they are totally legit firm...some of their traders make 200,000+ daily. They are a broker-dealer so they may be expanding w/ the broker aspect but that wasn't so when I was there. The broker part you referred to is probably related to Source Trading, which is a execution firm for large institutions and hedge funds. Those traders have to find their own clients.
Had you read earlier posts in the thread you would not given your dumb opinion. You don't have to speculate... I worked their for 9 months.
Really, how did they make 200,000+ daily if they are a agency-only firm????
"We offer agency-only execution services to institutional investors"
http://www.source-trading.com/
http://www.accesssecurities.com/
Quote from operator:
Really, how did they make 200,000+ daily if they are a agency-only firm????
"We offer agency-only execution services to institutional investors"
http://www.source-trading.com/
http://www.accesssecurities.com /
They have about 10 proprietary traders... some of which do significant size international arbitrage. I remember one time where one of the younger traders had a $650,000 day.
I traded at Genesis which was not in the same office room, so I don't have all the specifics. Nevertheless, there are several individuals at Access w/ very high networths, so they can afford to trade size w/o excessive risk
I know what you mean in terms of the company as a gamble. But the amount of capital it cost the founders to launch the desk is financially irrelevant to them.
In terms of the trading though, it wasn't very structured and the founders eventually gave up on the project. Some of the ppl upstairs had no patience and thought that we would become profitable in a matter of a few months. I think the model would've been better if we were giving more time, had higher stop-losses, and some other variables.
Read some of my earlier posts and you'll see the firm in more details.