The Fall of Refco Trading Services

Can't for a minute believe the loyalty payment is true, if it has been confirmed then the traders would have been told.

Also, Marathon 'f*****g loving' the company was a quoye from management. So believe what you want.
 
Agreed on the loyalty payment, are you telling me that any company are going to give a trader £1500 just becasue they have been with them for over a year. If a trader is down in his account and owes the company money, the management are not going to give him a £1500 bonus because he has been there for over 12 months. COMPLETE RUBBISH!!!
 
Quote from Mediocre:

What do you mean bias? Traders are locked out of the Chicago office, and we still have not been "officially notified" of our termination. All Refco and Man officials party to this are scumbags. At least tell people where they stand. Yes, we can figure it out. However, anyone with a shred of integrity or professionalism would notify their employees.
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Mediocre,

have you heard anything yet? Also, do you know how to get in touch with Erich Nazarof?

-dj
 
LoL...so funny to see my name on this website...especially considering i log on about once every couple months.

yeah..i'm basically one of 3 people still at RTS, been there everyday this week cleaning up the mess, returning phone calls & helping some of the guys w/ their resumes & pointing them toward some good places to trade at. more or less doing the job that someone who gets paid ALOT more than me should be doing-->INTEGRITY...karma's a bitch & for those of you that know what/who i am referring too probably understand that its a small industry & it will eventually bite u in the ass.

anyway, Man is "passing on the operation" or at least thats what the unofficial word is, it has been difficult to get straight answers as, i think, Man has much bigger issues than RTS to deal with. I have been trying to get in touch with the people that i recently interviewed for trading jobs--> sorry i have not contacted you DJ, i could not find a copy of your resume, one of the other guys had it & his office has been cleaned out.

anyway, gimme a call if you have any questions...312.420.2535
any of you "kinda X-RTS" traders need references let me know as well.

e
 
I trade interest rate futures for a futures prop and I was wondering what the advantages or disadvantages are of being W9'd by the firm as opposed to being 1099.

Thanks
 
The only advantage to being W'd by your firm is that you can receive health benefits, which is nice for a rookie trader, that along w/ paying member rates for CME products. If you are not on your compnay's payroll as a prop trader you are not eligible for member rates, unless you have a CME membership. Outside of that your best off being 1099'd if you make good money. The tax benefits are far better...in my opinion.
 
Quote from Arbitrageur:

if Man had wanted to be in the prop/arcade business, I guess they would already have a presence, they've been around long enough to have done this. Seems like they dont want to be in the prop business and having got rid of the core of RTS business to Marathon, they are closing down the remainder. real shame, RTS as a "trade anywhere" option was a great model - from the meeting here last week it sounds like Marathon intend to make the future of RTS a global concern again though.
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Looks like RTS (London) will be renamed to Marex Trading Services (London).

www.MarexTradingServices.com
 
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