Mirus prop shop

[kstrader]

Quote from fahim6767:

I think my previous post belongs to this thread:

Because of MF Global, we have to really look into the whole business of the brokers. When i started doing a little research about mirus this is what i found and i started thinking about it and it scared me.

Hard Eight is a major prop shop.
Hard Eight owns more than 10% of both mirus and zenfire.

Since all customers orders are entered through zenfire, with a little programming, Hard Eight could see all of the customers positions and stops and either take the other side of our orders or push the market to run our stops. It could be a "market profile" of actual customer orders...that is scary

I created an account today after coming across this thread. You do have a point Fahim. Hard Eight is comprised of very successful traders. The MD's are all ex-Susquehanna so their knowledge of the markets is what most of us dream for. It is frightening to see that they hold ownership in both MirusFX and Zen Fire. We cannot say WHAT THEY DO with having this access, but we do know what is VERY possible. Something to ponder upon and maybe even bring up to Mirus.

Quote from Maverick74:

No f*cking way they own Hard Eight. AMP and Mirus are bucket shops next to Hard Eight. Hard Eight is one of the largest players in Chicago. Each Partner alone could buy out Mirus 50 times over. I don't believe this for a second.

Just curious, what makes you say they are one of the largest players in Chicago? I know who they are, but want to hear what you have to say. Also it is easy to say that Fahim simply made a mistake and meant that Hard Eight has ownership in MirusFX and Zen Fire as opposed to the other way around. To say they would not use that to their advantage though is giving them the benefit of the doubt. You can't be to quick to assume. In fact, this should be taken very seriously and I know many Mirus clients would probably have second guessed opening account if they had this information prior.

 

[Bernard111]

Quote from comintel:

See

http://www.cmegroup.com/rulebook/CME/I/5/39.html

3. In the case of futures orders, the first party’s order must be entered into the Globex platform first and the second party’s order may not be entered into the Globex platform until a period of 5 seconds has elapsed from the time of entry of the first order.

So, essentialy how the broker could front run a futures order 'internally' vs its customers if it has to wait 5 seconds?

 

[kstrader]

Quote from fahim6767:

I think my previous post belongs to this thread:

Because of MF Global, we have to really look into the whole business of the brokers. When i started doing a little research about mirus this is what i found and i started thinking about it and it scared me.

Hard Eight is a major prop shop.
Hard Eight owns more than 10% of both mirus and zenfire.

Since all customers orders are entered through zenfire, with a little programming, Hard Eight could see all of the customers positions and stops and either take the other side of our orders or push the market to run our stops. It could be a "market profile" of actual customer orders...that is scary

I created an account today after coming across this thread. You do have a point Fahim. Hard Eight is comprised of very successful traders. The MD's are all ex-Susquehanna so their knowledge of the markets is what most of us dream for. It is frightening to see that they hold ownership in both MirusFX and Zen Fire. We cannot say WHAT THEY DO with having this access, but we do know what is VERY possible. Something to ponder upon and maybe even bring up to Mirus.

Quote from Maverick74:

No f*cking way they own Hard Eight. AMP and Mirus are bucket shops next to Hard Eight. Hard Eight is one of the largest players in Chicago. Each Partner alone could buy out Mirus 50 times over. I don't believe this for a second.

Just curious, what makes you say they are one of the largest players in Chicago? I know who they are, but want to hear what you have to say. Also it is easy to say that Fahim simply made a mistake and meant that Hard Eight has ownership in MirusFX and Zen Fire as opposed to the other way around. To say they would not use that to their advantage though is giving them the benefit of the doubt. You can't be to quick to assume. In fact, this should be taken very seriously and I know many Mirus clients would probably have second guessed opening account if they had this information prior.