Looking to trade professionally, directly with the banks

i dont know for RBS other than they were happy to talk to me with $500K a year ago or so... my accts are opened with ODL, a second-tier prime broker. their prime is RBS. RBS is my direct contact for Currenex access on ODL credit lines... as far as ODL, i helped a mate of mine join with $200K, AUM size doesn't matter so much (i joined with about $700K AUM at the time, 3Q05), what matters is turnover... basically a sub-prime aka introducing / second-tier prime broker wld expect you to do at least a yard/mth...

for RBS mins etc, Lon Eagle is the person to talk to!
 
2cents

thanks for the reply . so you do qualify for open an account with rbs , i think you use odl is because odl give you more on the credit than rbs ? and how safe is the money with odl ?

thanks
 
correct i guess, altho i didnt go all the way with RBS therefore i'd want to hear from people who have... but other than better leverage (100:1 vs 33:1), what ODL gives me is the ability to block trade and they take care of sub-accts allocations, sthg RBS wasn't well equiped to do... now if your only trading your PA that shouldn't be an issue...

how safe the money with ODL?? :-) what can i say... i am not in the habit of leaving stones unturned really, however i am just as faillible as the next guy... safe enough for my taste i'd say... at the same time, you know what they say, never put all your monies.... ....
 
2cents

if open an account with a bank, like rbs or ubs , do they pay interest to your balance ? i know odl pay interest to the balance , right ? does odl have some kind of protection like ib with sipc ?

thanks
 
you're correct that odl pays interest on balances... this is sthg i was willing to waive in exchange for other stuff i won't get into here, but just to say that i haven't really checked that particular point in my talks with them, ubs, rbs etc...

sipc-type protection: no. some measure of segregation: yes if you bring in $1mio+ but thats just segregation from the company's funds, ie not a particularly high level of protection shld ODL go belly-up for whatever reason... on the other hand, they have good & seemingly sound financials - that they don't normally make available, therefore one has to know where and how to get them... - a fairly decent track record as a UK FSA-supervised institution (and my experience tells me that the UK is a pretty solid place to do business...), and via other reliable sources i know they know how to manage 'risks'... hope this helps
 
Don't count on SIPC in forex trading business, it protects neither futures contracts or currency contracts (suppose forex spot as one kind of currency contracts).

As for FSCS (UK's combo of SIPC and FDIC), it doesn't protect forex spot as well, but futures contracts are protected.

No major country presently protects investors' funds in forex spot contracts.
 
If it's safety that's of chief concern, I understand that Canadian Forex accounts are protected by the government up to something like $200,000. Please do your due diligence, I'm just remembering off top of my head from another thread.

IB is different that other brokers due to their unique Universal account, where all unused funds are swept to an equities account which is covered by SIPC, but only up to SIPC limits, of course.
 
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