Hi. I have been trading with IB for some time and now thinking about moving to a prime broker, maybe GS or MS, or maybe some other. If you have any knowledge about their minimum requirements and commissions relative to IB that would be very useful. thank you all.
Prime Brokerage Account
- Thread starter lucky trader
- Start date
Robert Morse
Sponsor
I'd be happy to talk to you this afternoon. We introduce to Merril Lynch Professional and Wedbush. Just email me you contact information and a short description of your needs. We can set up a time to talk this afternoon.
Bob
Bob
Ugh wedbush is the worst. Had an account Years ago around the cross land wedbush merger, just an awful experience.
Robert Morse
Sponsor
Lightspeed provides all services, not Wedbush, except custody, stock loan and clearing. We have very few issues with them.
It was their risk dept that was so difficult to work with. I had plenty of excess margin but they would constantly hassle.
Robert Morse
Sponsor
You would never talk to their risk department, only ours. I have no idea what your issues were, but as long as you stay within risk and margin, we have few issues that can't get resolved. Would you like to call me to describe what the issue was?
Unfortunately Wedbush has a rather sordid reputation. For example:
https://www.elitetrader.com/et/threads/been-asked-to-move-to-another-fcm.301026/
https://www.elitetrader.com/et/threads/been-asked-to-move-to-another-fcm.301026/
Robert Morse
Sponsor
I spoke to wedbush about this client. There are two sides to this. All I can tell you is that Wedbush would have taken him back with Lightspeed as his broker. He had another broker at that time.
As a matter of interest, what are your main reasons for using a Prime Brokerage?
I had recently heard on a Wealthtrack interview that smaller houses like Jefferies have been a safer harbor during major market turmoils than their larger cousins eg credit crisis...