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Lightspeed acquires Terra Nova
- Thread starter chictrader
- Start date
First Anvil and now Terra Nova.
It is important to note that Terra Nova is an FCM and Lightspeed is not.
Wonder if Lightspeed is sizing up looking to compete head on with Interactive Brokers? Lightspeed alreay offers lower commissions on both stocks and futures than IB does.
For futures Lightspeed needs a better clearing firm than Penson.
It is important to note that Terra Nova is an FCM and Lightspeed is not.
Wonder if Lightspeed is sizing up looking to compete head on with Interactive Brokers? Lightspeed alreay offers lower commissions on both stocks and futures than IB does.
For futures Lightspeed needs a better clearing firm than Penson.
Quote from jeb9999:
Lightspeed alreay offers lower commissions on stocks ... than IB does.
Uhhh...where? Lightspeed starts at .0395 + ECN, IB is .035 + ECN, head to head.
Also, can anyone else confirm that Lightspeed did acquire Anvil, because I can't find any info about it except for the 2 posts here by the same person?
Can anyone name a great tool that Lightspeed provides for options traders?
Quote from The Bishop:
Uhhh...where? Lightspeed starts at .0395 + ECN, IB is .035 + ECN, head to head.
Also, can anyone else confirm that Lightspeed did acquire Anvil, because I can't find any info about it except for the 2 posts here by the same person?
I am currently looking at changing over from IB to lightspeed so I have been comparing the two. I like IB overall but that doesn't mean I don't want the best I can get.
IF you trade in 100 share lot / 1 option contract size Lightspeed will be cheaper as they do not have a ticket charge. For those of us that like to scale in and out of trades lightspeed may offer a rate that is lower overall.
Also if you buy options the cut off time to manually exercise is an hour later with LS on expiration Friday with most stocks than it is with IB. That can be important if you own options on expiration Friday that are just out of the money at the close.
I have been told that customer service is better with LS from others in my chat room that use it as well.
I have not decided which way to go but depending on your trading either LS or IB could be a lower cost way to go.
Quote from The Bishop:
Uhhh...where? Lightspeed starts at .0395 + ECN, IB is .035 + ECN, head to head.
Also, can anyone else confirm that Lightspeed did acquire Anvil, because I can't find any info about it except for the 2 posts here by the same person?
Take a closer look at the Lightspeed commission schedule. Just like IB, Lightspeed has bundled and unbundled for equities. If you use the Web Trader platform ("Market Center Fees do not apply to Lightspeed Web Trader.") it is a flat $.00395 per share (plus SEC fee on sales) which is cheaper than IB's bundled $.005 per share.
I have what should be called a dormant account @ Terra Nova (aka Rushtrade) and today I received a letter from Terra Nova stating they are being acquired by Lightspeed and that Penson will be the clearing house.
I do not know Lightspeed, However anyone considering Lightspeed as a broker I can not urge you in strong enough words to have Penson send you a copy of "Penson's Rules" that your account will operate under. Read those rules. Penson is a total scumbag company and their lack of rule disclosure cost me a lot of money. Don't let this happen to you! Be forewarned!
I do not know Lightspeed, However anyone considering Lightspeed as a broker I can not urge you in strong enough words to have Penson send you a copy of "Penson's Rules" that your account will operate under. Read those rules. Penson is a total scumbag company and their lack of rule disclosure cost me a lot of money. Don't let this happen to you! Be forewarned!
I used Penson for 5 or 6 years and had no problem.
What issues are referring to? Thanks.
What issues are referring to? Thanks.
Quote from wilburbear:
I used Penson for 5 or 6 years and had no problem.
What issues are referring to? Thanks.
I am glad that you have not had any difficulties....YET!
Here is the short version of what happened once from memory;
I opened an account with Rushtrade (aka Terra Nova) which was clearing thru penson. The account was opened with cash ($1000) & stock ($35,000). I placed a trade to short LU. The head trader , Mark saw nothing wrong with the trade and placed it. The trade settled and the next day Mark called. He explained that Penson required CASH ONLY in account for margin and wanted a minimum of $25,000 CASH that day or I must close the trade.
I asked Mark how Rushtrade would handle this as they should have known Penson's rules and he as head trader should have known before taking the trade. Mark stated that neither he nor Rushtrade knew of this and I would have eat any losses plus commissions...which I did.
I asked to speak with Pension and get a copy of Penson's rules but Penson refused to talk with me or to give me a copy of their rules.
I am happy that it only cost me what it did. Trading is hard enough without being handicapped with one company having rules they do not disclose even to their business partners!