starting a sub/branch of an existing prop firm?

I am in the early stages of openign with swifttrade now, initial costs are around $12000 for training and deposit against losses. but the split is pretty good, 17/83 in favour of your floor.
 
Quote from ovovov:

how much does it cost?
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All in all I would say around 60k $.

Training, hardware, office equipment, rent, personal and business expenses for the first 6 months.
 
There are a zillion different business models available. In our case, we allow what is basically a "free franchise" opportunity to those who want to develop a business within our framework. The most successful are probably British Columbia and Boston so far. Traders in Austin developing now. We have one in California as well. We do our best to negotiate something that works well for everyone. Feel free to call to discuss.


Don
 
All of our traders are members of the main Firm (safer etc.), not a sub- LLC or anything like that...so everyone has the same licenses. Series 7 for everyone, S63 in some states, S55 in Missouri I think.

The following states require additional examinations:
Series 63 in Massachusetts, Michigan, Missouri, Nebraska, Nevada, Texas and Virginia; $82 fee.
Series 55 in Missouri; $80 fee.
State Registration fee – This only applies to traders in the following States:
Colorado - $8
Massachusetts - $75
Maryland - $35
Michigan - $65
Missouri - $50
Nebraska - $40
Nevada - $110
New Jersey - $30
Tennessee - $50
Texas - $235
Utah - $50
Virginia - $30


Don
 
Quote from ekwtrading:

Don,
thanks. question for you. Can I build a group under your firm where I can receive commission overrides from my traders and also have a risk management system? that is the reason i wanted to start a branch. and in that case do i need other licenses. I am in NY.

I want to attend your get togather in NY if you are having one in July, otherwise I will go foxwood.
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Send me a PM. Some things to consider.

It seems I'll have both NYC and Foxwoods, perhaps we can chat then.


Don
 
Hi Gents,

Sorry to chime in on your conversation, however I while reading your thread I was intrigued because I am thinking of opening an office in the Toronto, Canada area and I had the same questions with regards to firms who have the same business model. Can you guys shed any light into this.

Thanks
 
Quote from Edward Wong:

Hi Gents,

Sorry to chime in on your conversation, however I while reading your thread I was intrigued because I am thinking of opening an office in the Toronto, Canada area and I had the same questions with regards to firms who have the same business model. Can you guys shed any light into this.

Thanks
More...

Only BC at this point in time, no other Provinces allow U.S. Prop firms (we've been trying and hoping...I flew to meet with the Ontario Securities Commission in January, still no good news).

You might want to chat with my friend Charles Kim at Swift??

FWIW,

Don
 
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