Misc. Fees at Prop firms?

I'm not sure I understand the need for a desk fee. Is that to make up for being a low volume trader?

Also, are there volume quotas at prop firms? I would be concerned about going somewhere with a high payout and then getting kicked out for not doing enough commissions. Does that happen even if you are trading well ?
 
Originally posted by dotslashfuture
I'm not sure I understand the need for a desk fee. Is that to make up for being a low volume trader?

Also, are there volume quotas at prop firms? I would be concerned about going somewhere with a high payout and then getting kicked out for not doing enough commissions. Does that happen even if you are trading well ?
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The reason for any desk fee at all is to keep out the "movie watchers" and hobbyists, who aren't there to trade. Any average trader gets his desk fee rebated back anyway, but to keep things happy, we allow people full use of the office, phones, computers, data feeds, and all the rest for $400 per month ...and there are no minimums on trading.

Don
 
Originally posted by Don Bright


The reason for any desk fee at all is to keep out the "movie watchers" and hobbyists, who aren't there to trade. Any average trader gets his desk fee rebated back anyway, but to keep things happy, we allow people full use of the office, phones, computers, data feeds, and all the rest for $400 per month ...and there are no minimums on trading.

Don
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What service do you offer to remote trader? What for does he pay desk fee?


Lojze
 
Originally posted by lojze



What service do you offer to remote trader? What for does he pay desk fee?


Lojze
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The remotes only pay $200 (and are rebated back at 200K shares, very few). They get full Redi, with quotes, dde link, Active-x (for openings), full support, use of capital, full day conference/support....not bad for less than some simple quote services.

Don
 
Originally posted by Don Bright


The remotes only pay $200 (and are rebated back at 200K shares, very few). They get full Redi, with quotes, dde link, Active-x (for openings), full support, use of capital, full day conference/support....not bad for less than some simple quote services.

Don
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Remote traders also have access to a platform developed specificially for them which gives them a number of other capabilities found few other places... such as audible alerts on user-determined high and low spread values (which pair/spread traders really like).

Also a good deal when you consider most full featured quote services alone are in the $300+ range.
 
Originally posted by Don Bright


4. I agree with number 4. And when it makes sense to burden our traders with ECN fees, to receive the rebates we probably will. We are always looking for ways for our traders to make more money.
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Why make it a "burden" to anyone? Why not just give traders a choice of either pay no ECN fees, or pay them and receive the rebate? Makes sense doesn't it?
 
Originally posted by daniel_m


Why make it a "burden" to anyone? Why not just give traders a choice of either pay no ECN fees, or pay them and receive the rebate? Makes sense doesn't it?
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There's a lot more to it than that, unfortunately....progamming the entire firm via SLK just to help a few would be onerous....but, as I said, possible. 90% of our traders don't want ECN fees involved at all. Remember, we're a pretty big company, would have to sign contracts with all the ECN's, have GS sign off on all of this, etc. We're really checking it out, and I have been in personal contact with the ECN's.

A big problem is Super Montage, which may screw the whole thing up.....when Nasdaq starts pulling all the orders back their way.

"Trust me" we will do what's best for the traders.

Don
 
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