Hold Brothers

[calibertrader]

Originally posted by Sanity
not a good place to work, i used to work there and know some who are still there. they make you sign a contract, which locks you in for 2 years. also, they lack many good traders, so learning to trade there will be tough. management is a complete joke. the Holds are generally not easy to deal with.

Depending on the group you go into you might not have to sign a contract. The contract is negotiable. I run a group there, and we do not make any of the traders sign commitment contracts. The only thing the trader has to sign is a non-compete, which allows them to leave to go to another firm, but not recruit any of the traders from within the company.

Things have really changed there, and they continue to work to improve the communications between upper management and the traders.

 

[nitro]

Originally posted by Kaizen
What is the deal with self clearing. Andover does it, Hold does it, but it seem like the biggest firms still don't.

Do the firms that self-clear really pass along any of the savings to their traders?...

My understanding is that a self clearing NYSE member pays ZERO commis up to 1099 using nx to send.

nitro

 

[calibertrader]

Originally posted by nitro


My understanding is that a self clearing NYSE member pays ZERO commis up to 1099 using nx to send.

nitro

Those are self clearing firms that have a direct line into the exchange.

 

[fattyasids]

Originally posted by calibertrader


Depending on the group you go into you might not have to sign a contract. The contract is negotiable. I run a group there, and we do not make any of the traders sign commitment contracts. The only thing the trader has to sign is a non-compete, which allows them to leave to go to another firm, but not recruit any of the traders from within the company.

Things have really changed there, and they continue to work to improve the communications between upper management and the traders.

isn't that a non-solicitation clause? a non-compete says you can't go to the competition.

 

[calibertrader]

Originally posted by Thunderball
Banker blue chip = Steve Hold

Actually you're wrong, Bankerbluechip is not Steve Hold. I know who he is, and the man makes some really good money. He's one of the most consistently profitable traders I have met.

 

[fattyasids]

Originally posted by calibertrader
I work there. The firm has done an excellent job getting their finances in order. They just went self clearing, which speaks highly of their financial stability. Now that they've got their costs in order, they have begun expanding again. Let me know what else you want to know, and I'll pass along the info to you. If you prefer, you can PM me.

are they really expanding? i heard they gave up some space in their jersey city office?

 

[OVERtheLINE]

hows that greybox?

 

[calibertrader]

Originally posted by fattyasids


isn't that a non-solicitation clause? a non-compete says you can't go to the competition.

Both terms are used interchangeably. If you decided to leave and start your own firm, you couldn't compete with us by recruiting our traders.

 

[calibertrader]

Originally posted by OVERtheLINE
hows that greybox?

Greybox is awesome. For NYSE traders it has probably the quickest executions I have ever experienced, and I've worked for two other firms. The software itself is extremely stable. The only problems we have is when one of the DOT providers goes down, and there's nothing anyone can do. It's like when Island goes down, no one can use Island, and no one in the firm can fix it until Island fixes it.. But even that isn't really a problem because we just re-route to one of the other two DOT providers. Since I've been there, I haven't had any trading downtime due to software issues.

 

[nitro]

Originally posted by calibertrader


Those are self clearing firms that have a direct line into the exchange.

Out of curiosity, would that cost be strictly the cost of running a T1/T3 into the exchange? Or are there additional costs?

It seems to me to be a no brainer either way for a firm to run that line. A [fractional] T3 PTP connection is about 7-10K a month. I would imagine that would be made by a firm in a day or two max.

nitro