Swift Montreal Closing?

[AutoMate]

Quote from Rhue:

I really doubt the 75% and the vacations paid as none of the owners informed me of this. I'll confirm on this but as solo stated this could be a sweet deal...

Other than that, yes traders are also partners in the company. The shares given are determined by their profitibilaty etc. Right now they are not hiring but keeping and developing the limited amount of people they have. For now its quality over quantity and it's not about hiring only the top traders, the company wants to train and develop their own traders aswell. Cheers

If there is one thing experience in business has taught me it's this, 'SWEET DEALS' most often end up leaving you with a SOUR taste in you mouth!
If it sounds 'too good to be true' , it is, or will usually prove itself to be in a short amount of time. The universe requires balance, just like the markets. Things that are out of balance are unsustainable and usually correct themselves. That's it, nothing further .

Auto

 

[billybobnasdaq]

Well said Auto.

 

[777]

What are the basic ideas to liquidity trading?

What happens when a liquidity trade quickly run the wrong way?

Are the Swift Traders really the best at this?

 

[krazyanyway]

Quote from 777:

What are the basic ideas to liquidity trading?

What happens when a liquidity trade quickly run the wrong way?

Are the Swift Traders really the best at this?

To my knowledge, not many Swift offices specialize in credit trading. But those that do, do it really well

Of course, NMS changed the game overnight, so we'll see what happens in the next few months.

All I can say is there's a lot more gross profits (as opposed to credit profits) being made in the credit trading game than 2 weeks ago.

 

[eusdaiki]

Quote from krazyanyway:

To my knowledge, not many Swift offices specialize in credit trading. But those that do, do it really well

Of course, NMS changed the game overnight, so we'll see what happens in the next few months.

All I can say is there's a lot more gross profits (as opposed to credit profits) being made in the credit trading game than 2 weeks ago.

true.

 

[7-2os]

"Sweet deals"

Can anyone explain why profitable futures traders in montreal get 70% - 80% splits, and stocks traders at best get only 50%...

 

[JSL_Capital]

Quote from 7-2os:

"Sweet deals"

Can anyone explain why profitable futures traders in montreal get 70% - 80% splits, and stocks traders at best get only 50%...

- Transitioning from stocks to futures isn't easy and takes time, especially if you were a rebate trader.
- Futures firms charge much higher overhead fees than stock firms in Montreal as far as I know, and though $1,500/month may not be much to traders who can rake in +$10k/month, it makes a difference to many, if not most stock traders.
- IMO 70-80% cut makes prop futs trading unattractive compared to using IB or TradeStation unless you need someone else to finance your buying power or you like the office setting.
- The Law of Inertia

Hmm, do you work at Saxon? Just asking after having seen your previous messages.

 

[7-2os]

I interviewed at Saxon some time ago... they are setting up a stock team but are only looking for experienced traders with proven P+L to head it up..

 

[speedyj]

Swift Montreal is alive and kicking with yes, Sammy behind the wheel. I know - I helped him set it up. The other Quebec based offices are also open and operating under their own auspices.

Anyway - back to the ballgame...

 

[Woz2000]

Is this the same Peter Beck that was an analyst for RBC and was flogging dot bomb stocks like Basis 100 during the gold rush???

Quote from biggerfish:

Given the above info about Swift Trade and its new competitor comprised of former Swift traders, one now sees the timing of this week's National Post article (shown below) in a different light.

A revelation that jumps out - Peter Beck doesn't even trade.


National Post
Monday, February 19, 2007

Race goes to the Swift
Proprietary trading model: Swift Trade's success stems from flexibility

By Philip Quinn

Swift Trade president Peter Beck weighed the attractions of Paris with the opportunity to tackle the next big challenge of his career. The challenge won out and Mr. Beck returned to Canada to eventually start up Swift Trade Inc. in 1998, the first Canadian company to supply a trading floor for day traders.
...[snip] //