I Am A Self-Directed Trader About To Broker With JP Morgan's Institutional Side

MollieJp said:
SPX options? They are purely directional trades

long puts and long calls
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Why does a retail trader need an Institutional account to trade SPX options?

'Hundreds of thousands of contracts' per day....is it your goal to become a billionaire in less than a year?
 
24/7 accessibility - OCC clear even for OTC stuff - ability to access a Floor Broker during exchange hours. The FB along is worth their weight in gold, FB will add costs, but worth their weight.
 
MacBookProHo said:
You must be one of the Greatest Traders in the World...if you're a retail trader doing that amount of size, volume, money and growth.
One of the Top 4 in the history of humankind, mankind.
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Womankind. MollieJp hint, hint.

Anyway trading size can mean many things.
 
ajacobson said:
24/7 accessibility - OCC clear even for OTC stuff - ability to access a Floor Broker during exchange hours. The FB along is worth their weight in gold, FB will add costs, but worth their weight.
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You can access floor brokers with TD Ameritrade and other retail. Anything above 50 contracts is sent to the floor. Actually had this removed. Thing is, I don't think it's worth it if you are trying to move size quickly, re-route, change orders, etc. Floor is going to be slower.

In terms of 24/7 and OCC clearing, what are you referring to? Options Clearing Corp clears for retail and institutional alike. As for 24/7, not sure what trades like that except crypto!
 
SPX options trade 24/7 some of it will be sent to OCC to clear/some may not. It is the only OCC product with a choice. Much of the SPX is not pit traded and there the FB can give can add value. Especially with participation order types. Yes anyone can buy the services of a floor broker, but I want an ongoing relationship with the person holding my orders not just an occasional relationship. A handful of names and derivates trade 24/7 or close to it.
 
ajacobson said:
SPX options trade 24/7 some of it will be sent to OCC to clear/some may not. It is the only OCC product with a choice. Much of the SPX is not pit traded and there the FB can give can add value. Especially with participation order types. Yes anyone can buy the services of a floor broker, but I want an ongoing relationship with the person holding my orders not just an occasional relationship. A handful of names and derivates trade 24/7 or close to it.
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Minor point but SPX trade 20/5 not 24/7. That was what I was referring to. I don't know of anything that trades on weekends, and even on weekdays we are talking 20 hours for SPX and even 23 hours for most CME futures for example.

As for a floor broker, it's quite a bit slower no? If I'm moving around size fairly quickly I'd want to remove the human element. I don't see the advantage here.

Also, I don't know what your initial response was in reference to? Are you just detailing the advantages of a floor broker?
 
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