Schonfeld Sec. bad moon rising ???
- Thread starter cz1
- Start date
Could someone please explain to me WHY Schonfeld would purchase Broadway? From this and previous threads I understand that Schoni is supposedly getting away from scalping and momentum, and that Broadway was a weak and feeble firm. Its not like Schoni would be buying Broadway's "brain power"...I doubt BWay's traders are locked under contract.
What assets could Bway have that Schoni would be willing to buy?
ax
What assets could Bway have that Schoni would be willing to buy?
ax
If schonfeld is getting rid of 50% then he needs to make up the volume since he's self clearing. Alot of the Broadway traders are self backed. He could probably lower their commisions and still make money on the deal.
Schoni bought broadway to enter the retail end of the business. This gives them access to some decent software (watcher) for naz scalpers. He can collect commissions on retail money now, not just on his boys.
You may already know they were somewhat in it a few years back, but were fined due to violations of nyse rules. I'm sure you can find all the info on the NYSE website.
:eek:
You may already know they were somewhat in it a few years back, but were fined due to violations of nyse rules. I'm sure you can find all the info on the NYSE website.
:eek:
He is correct, its posted. That makes sense to me, to move into the retail arena. This way schoni can save is own money, get ride of most the prop traders and take on customers. He did by a seat at the CME so, I Schoni is looking to clear and take on customers from Futures as well. Time will tell
If he did buy a seat, I'll bet that he bought a seat so he could make a mkt in the ssf. Owning a seat gives cboe members huge margins. Plus the seats are at all time low prices. Most of the stock firms couldn't survive in chgo, but many prop future firms are. It makes total sense, less capital, no uptick, etc....