Hold Brothers becomes self-clearing

What happens if a clearing member cannot meet an obligation, let's say they are long S&P futures and the market crashes. Who takes the loss? Could it be me if I am short those contracts?
 
Originally posted by nyproptrader
I think you answered your own question. It was complete speculation probably originating from a disgruntled trader that had formerly worked for HB. In fact, HB has more capital than a majority of the "prop firms" on the street and recently acquired a sizable group of profitable traders that previously worked for Schonfeld.
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the rumor was more likely started by a trader still at hb in the jc office. x-hb traders love to pass em on. like the bony buy out!!! besides in the words of management, "we are not a trading firm any more, we are a technology firm". but then that why alot of the talent that originated at hb is somewhere else.:confused:
 
Where is all the top talent that left Hold trading ? Maybe the top talent is still there and those that left, really never were the top talent.

In the bubble it was easy.....Just because you can lift the last offer standing on JDSU and hold it for a few hours or maybe overnight and make 20 sticks on 5000 shares doesn't make you a good trader. It makes you lucky and rich (I wish I did that!!), but it doesn't make you a good trader. Maybe they were a good trader in the bull market, but times have changed.

It seems that when the market turned, the top traders that remained at Hold adjusted, and the others disappeared.

I hear that a few went to Andover, but are doing no better than the top traders still at Hold. If anyone knows of a firm where all the "top talent" are trading and getting rich NOW..... let us know cause I'd love to check them out.

Banker
 
ahh lucky and rich, i think that bubble was just a dream. making and losing sticks per second seems so far away. its better to blow up than fade away.
 
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