Introducing Cornerstone MTO (Member Trader Organization)

Quote from atticus:

What distinguishes Cornerstone from a firm like VTrader Group? 100% payout and access to haircut, but VT doesn't charge a desk fee. I believe that VT's option comms are better than a quarter a turn.
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I believe VTrader offers each trader different rates. Beyond that I am not familiar with what VTrader offers so I cannot make a comparison.

We do offer a cool game room where traders can relax.

I will post more of what we offer shortly.
 
Quote from Steve Dillinger:

I believe VTrader offers each trader different rates. Beyond that I am not familiar with what VTrader offers so I cannot make a comparison.

We do offer a cool game room where traders can relax.

I will post more of what we offer shortly.
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Massage/happy ending Friday would explain the desk fee. I have no affiliation with VT or any prop firm.

I realize you're going to elaborate further, but do you charge a vig on overnight leverage [on short gamma]?
 
Steve,

Can you please elaborate on software fees. I saw on your website the diffrent softwares you have available. I assume they aren't included for free, can you please give us the pricing for the different softwares?
 
Quote from atticus:

Massage/happy ending Friday would explain the desk fee. I have no affiliation with VT or any prop firm.

I realize you're going to elaborate further, but do you charge a vig on overnight leverage [on short gamma]?
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Our interest rates can be found on our website. If I understand your question, the answer is no. We do not add a surcharge on overnight short gamma.
 
Quote from Steve Dillinger:

Our interest rates can be found on our website. If I understand your question, the answer is no. We do not add a surcharge on overnight short gamma.
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Thanks.
 
Quote from UDon'tKnowMe:

Steve,

Can you please elaborate on software fees. I saw on your website the diffrent softwares you have available. I assume they aren't included for free, can you please give us the pricing for the different softwares?
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Sterling and ToS are both around $250 / month. Market Data fees are pass-thru.

Portware (for algorithmic basket execution) is free.

Bloomberg is (last I looked) around $1400 / month.

If I missed anything let me know.
 
i would consider myself an expert on prop deals and different platforms. i've analyzed all steve's responses and his site. #1 for stock trading this is not a good deal at all. .002 and paying 1k a month is a horrible deal. in addition paying a $250 software fee for sterling. thats over coming $1250 a month in fee's before you see any benefits. to pay $1250 a month in fee's we have to assume somebody's doing at least 1.5 mil montly vol. one can easily get .0015 retail with sterling and save the 1k fee. also the site says 50k min desposit so i'm assuming most put in 100k. the site acts like one must be there a while before they get leverage so you probably get little or no leverage in the beginning months till you prove yourself. REMEMBER YOUR DEPOSIT IS NOT SPIC INSURED SO THATS A LOT OF MONEY NOT INSURED. when we speak of tuco guys they were getting 30-1 to 50-1 leverage with no more than 25k down and rates similiar to the .002 for high vol guys.i don't see were under any situation somebody would not be much better off with a well known llc and much less of your money tied up. it says on the site that people need to have been series 7 licensed in the past accept for rare circumstances. again thats because if you're a member of the cboe or philly exchange you can accept previously
licensed traders i believe. as far as the options or futures portion of this i guess if you do huge vol its ok. by huge i mean 1000 futures or 1000 options trades per month.IMHO THE ONLY WAY I COULD SEE A TRADER DOING THIS IS IF HE TRADES HUGE ,HUGE VOL IN FUTURES OR OPTIONS AND GETS BIG LEVERAGE FROM CORNERSTONE. steve please critique anything i've said that may not be accurate
 
A few questions.

Futures commissions are stated at $0.10 a side - are member or nonmember exchange fees charged?

Is the balance of the capital contibution returned when leaving the MTO?

Is the $1000 monthly fee shown on the annual K-1?

Other than low commissions, what does the $1000 monthly fee give a trader?
 
Quote from Steve Dillinger:

Sterling and ToS are both around $250 / month. Market Data fees are pass-thru.

Portware (for algorithmic basket execution) is free.

Bloomberg is (last I looked) around $1400 / month.

If I missed anything let me know.
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Portware is the standard. One Bloomberg per trader, or "sharing" a license?
 
Quote from Steve Dillinger:

I would like to introduce Cornerstone MTO (Member Trader Organization). A trading firm designed by Cornerstone Trading Group exclusively for independent professional traders. We are a well established proprietary trading firm that has been in business for nearly 20 years. For the first time we are accepting membership applications from select independent professional traders.

We offer our members access to the full suite of services and technologies that in the past have only been available to traders employed at large Wall Street firms.

We provide access to most US Equity, Future and Option markets through top trading platforms. We have relationships with many large Wall Street firms, allowing our members access to the most advanced algorithmic trading, top-notch research, and timely market commentary on the street.

We have a nearly 20 year relationship with Merrill Lynch Professional Clearing (and its predecessors) and have a very strong capital base. The six owners of the firm average 25 years trading experience. Mark Duffy, one of our Managing Members, is on the Board of Directors of Chicago Board Options Exchange.

Due to our size, history and capital base we can offer our members very low rates. We offer our member equity traders a rate of $0.0020 / share ($2 / thousand), our member futures traders $0.10 / contract and our member options traders $0.25 / contract. All with no minimums. There is a $1,000 per month membership fee.

We are not a retail firm and do not have 'customers.' If you are accepted as a member of Cornerstone MTO you become a member of our firm. If you are new to the field and need a place to get your feet wet we are not the answer. If, however, you are an established, well-capitalized trader you should consider applying for membership.

That is the short version for now. I will provide more detailed information in the near future. In the mean time for more information on our MTO and proprietary group you can check out our website- www.cornerstonetg.com. If you have more questions or would like to apply for membership you may contact me via email (sdillinger@cornerstonetg.com) or phone (312-431-7300).

Thanks.

Steve Dillinger
Managing Member
Cornerstone Trading Group | Cornerstone MTO
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Steve,

So if I trade options with your firm, my orders go to the exchanges as customer or firm/broker dealer?
 
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