I agree with Squadron completely in saying that that there was a great bunch of guys in the early 2000's, best group of people I have ever worked with. But that was GHCO then, and this is now. Knowing the things that I know my advice to any newbie is look elsewhere. I suppose an analogy would be that not every bad marriage is bad everyday, there are always some laughs and good times along the way, and most bad experiences make for good learning.
ghco...yes or no?
- Thread starter ebayuser
- Start date
you say..."go a long way HERE"...are you still employed at ghco in london?
if you are, how true are the earlier rumours/posts about ghco giving up prop trading in london?
i find them very hard to believe...
Leading futures firm sells clearing business
Penson buys Goldenberg, Hehmeyer unit
November 7, 2006
BY DAVID ROEDER Business Reporter
Goldenberg, Hehmeyer & Co., one of the best-known firms in Chicago futures trading, said Monday it is selling part of its operation to Penson Worldwide Inc., a publicly traded company based in Dallas.
Penson said it will pay $35 million for the firm's clearing and customer accounts business, which will be renamed Penson GHCO. Founding partners Ralph Goldenberg and Christopher Hehmeyer will continue with the company as vice chairman and chief executive, respectively.
The sale does not include a larger division of Goldenberg Hehmeyer that involves proprietary trading, or trading for the firm's own accounts. Hehmeyer said that operation, which handles more than 100 million futures contracts yearly, will remain independent.
The securities and futures businesses are under pressure to bring products under combined trading platforms so customers can have faster access. The pressure is leading to mergers of both brokerages and exchanges, such as the proposed $8 billion purchase of the Chicago Board of Trade by the Chicago Mercantile Exchange.
"It seems like the pace of change is accelerating," Hehmeyer said. "With a mouse click, you can hop around the planet and trade different asset classes."
Penson, which went public last May, offers clearing services and software for trading. The Goldenberg Hehmeyer deal will give it a larger presence in futures to balance its focus on stocks.
Hehmeyer said his firm's customer accounts business has about 90 employees and was growing more slowly than the proprietary trading side, which has 200 workers. Both operations will continue to be based at 600 W. Chicago.
The acquisition "fills a hole in our existing product offerings," said Philip Pendergraft, Penson chief executive. A Penson link will produce greater access to capital for the Goldenberg Hehmeyer unit, he said.
Pendergraft said 75 percent of the purchase price will come as cash and the rest will be in Penson stock. A targeted closing of the sale is January 2007.
Penson shares closed Monday at $22.95, up a nickel.
The customer and clearing division of Goldenberg Hehmeyer has annual revenue of around $15 million. It ranks as the 46th largest futures brokerage in the United States, according to data published by Futures Industry magazine.
droeder@suntimes.com
How is this going to impact there prop traders?
Penson buys Goldenberg, Hehmeyer unit
November 7, 2006
BY DAVID ROEDER Business Reporter
Goldenberg, Hehmeyer & Co., one of the best-known firms in Chicago futures trading, said Monday it is selling part of its operation to Penson Worldwide Inc., a publicly traded company based in Dallas.
Penson said it will pay $35 million for the firm's clearing and customer accounts business, which will be renamed Penson GHCO. Founding partners Ralph Goldenberg and Christopher Hehmeyer will continue with the company as vice chairman and chief executive, respectively.
The sale does not include a larger division of Goldenberg Hehmeyer that involves proprietary trading, or trading for the firm's own accounts. Hehmeyer said that operation, which handles more than 100 million futures contracts yearly, will remain independent.
The securities and futures businesses are under pressure to bring products under combined trading platforms so customers can have faster access. The pressure is leading to mergers of both brokerages and exchanges, such as the proposed $8 billion purchase of the Chicago Board of Trade by the Chicago Mercantile Exchange.
"It seems like the pace of change is accelerating," Hehmeyer said. "With a mouse click, you can hop around the planet and trade different asset classes."
Penson, which went public last May, offers clearing services and software for trading. The Goldenberg Hehmeyer deal will give it a larger presence in futures to balance its focus on stocks.
Hehmeyer said his firm's customer accounts business has about 90 employees and was growing more slowly than the proprietary trading side, which has 200 workers. Both operations will continue to be based at 600 W. Chicago.
The acquisition "fills a hole in our existing product offerings," said Philip Pendergraft, Penson chief executive. A Penson link will produce greater access to capital for the Goldenberg Hehmeyer unit, he said.
Pendergraft said 75 percent of the purchase price will come as cash and the rest will be in Penson stock. A targeted closing of the sale is January 2007.
Penson shares closed Monday at $22.95, up a nickel.
The customer and clearing division of Goldenberg Hehmeyer has annual revenue of around $15 million. It ranks as the 46th largest futures brokerage in the United States, according to data published by Futures Industry magazine.
droeder@suntimes.com
How is this going to impact there prop traders?
So Chris Hehmeyer and Ralf Goldenberg 'could' have access to prop trades flows cleared tru GHCO and retail trades flows cleared tru the new Penson GHCO... :eek:
Is this correct?.......
1) no more long contract
2) cheap turns
3) and defined P/L split
that is the new GHCO after they sold the customer business.
2) cheap turns
3) and defined P/L split
that is the new GHCO after they sold the customer business.