Instinet acquires ProTrader

[MGB]

I visited a ProTrader office today to check them out. I wanted to explore the possibility of joining the office (as an on-site trader or prop trader).

I had a nice discussion with the manager. You probably already know this but I'll say it anyway. One of the things that I learned was that Instinet acquired ProTrader for $150 million. This came up because ProTrader's clearing firm is Spear, Leeds, Kellogg but within 30 to 60 days it will be changed to Instinet's clearing firm.

Apparently, on May 15, 2001, ProTrader entered a non-binding agreement to be acquired by Instinet.

Fascinating.

MGB

 

[Dustin]

Because of the acquisition ProTrader is now the only place to offer the INCA book. Doesn't seem fair ;-)

 

[MGB]

CyberTraders have a direct connection to the Instinet Book.

MGB

 

[mjt]

Dustin is referring to being able to view the entire INCA book, as opposed to just best bid and ask.

 

[Sanjuro]

I plan on visiting a ProTrader office soon to find out more information. They have the only office near where I live.

Are there any traders on this board who can give me some more information on them? I already looked at their web site. http://www.protrader.com
Do they require you make make a certain number of trades a day?
Do you get a 100% payout since you're putting down 50k?
What are the Pros and Cons of them?