TopstepTrader and Patak Trading Partners- Any and all questions answered here

Status
Not open for further replies.
Quote from traderCND:

I have sent the following email to MarketRegOutreach@cmegroup.com:

I would like to make a complaint against Patak Trading Partners. According to CME Rule 106.H. Corporate Membership
January 2010, a CME Rule 106.H. Trading Member "May not hold themselves out as members of the Exchange."

However, on their website http://www.pataktradingpartners.com:

1. They clearly have CME logo with words "Member of the CME Group"
2. On Home Page have the text: "Patak Trading Partners is a boutique proprietary trading firm and member of the Chicago Mercantile Exchange, based in Chicago, Illinois"
3. Also on Home Page they have the text: "Since we are a member firm of the CME Group, our traders benefit from direct clearing relationships, a cutting edge trading platform, and the capital required to manage a trading account."
4 On this website, Michael Patek posted" "http://www.elitetrader.com/vb/showthread.php?s=&threadid=248456&perpage=6&pagenumber=37" :

"Additionally, Patak Trading Partners, LLC is a member firm of the Chicago Mercantile Exchange. Our registration information information can be found here: http://www.cmegroup.com/company/mem...day_mailing.pdf"

Can you please look into this.

Thank You,
More...

traderCND- Appreciate you looking into that for us. Your email went to market reg. They do not handle that type of stuff as it is not a market regulations type of an issue.

You will need to send it to the membership audit department. Here is the CME switchboard number to get their email or contact them directly: 312-435-3500. Contact Ellen over there. She handles membership review and knows us. They are really helpful and nice people. She will inform you that we are well within the rules in how we hold ourselves.

Again I do appreciate you taking the time to thoroughly review TST and PTP.

mp
 
Quote from traderCND:

Clearly they are trying to mislead people by claiming they are CME Members. The type of member they are requires nothing more than signing your name and you get a discount on trades. There is no financial reporting or requirements involved. However, on their website they claim:

"Since we are a member firm of the CME Group, our traders benefit from direct clearing relationships, a cutting edge trading platform, and the capital required to manage a trading account."

So I ask, besides the fact that they are not allowed to hold themselves out as members (which they do), they also claim that this membership allows them to benefit from "the capital required to manage a trading account" (from their website). This is a complete lie!! According to CME website, 106.H firms "Are not subject to CME capital requirements, periodic financial statement reporting or financial and compliance examinations."

I would think twice about doing business with a firm that is blatantly breaking Exchange rules.
More...


lol wowwww are you retarded? There is no fiduciary responsibility here because its all INDEPENDENT RISK. why would an independent shop risking their own money need to report financial statements to the CME?

you can't trade on CME without a credit check by CME and your clearing house on every trade you place on the exchange. they know if you don't have adequate capital/margin.


the basis for exchange membership is lower rates, because you will be transacting more. what do YOU think membership is?


you just sound like a frustrated loser
 
Quote from MichaelPatak:

traderCND- Appreciate you looking into that for us. Your email went to market reg. They do not handle that type of stuff as it is not a market regulations type of an issue.

You will need to send it to the membership audit department. Here is the CME switchboard number to get their email or contact them directly: 312-435-3500. Contact Ellen over there. She handles membership review and knows us. They are really helpful and nice people. She will inform you that we are well within the rules in how we hold ourselves.

Again I do appreciate you taking the time to thoroughly review TST and PTP.

mp
More...

You handled that a lot better then I would. :)
 
Quote from traderchi128:



When they go back to live do they have to make up that loss from the first time in live trading ? If not and Patak eats the loss then it seems like it would be a lot easier mentally on a guy who got dropped down to the minors.
More...

traderchi: this question has already been answered by Patak, see below. And I totally agree, not having to make up the loss would DEFINITELY be easier mentally.

Quote from MichaelPatak:


The most we have done this is 4 times. So that is n the Combine, go live, struggle for whatever reason, go back to the Combine (if balance is well below initial starting balance of course). If they successfully meet Combine objective they come back live with a reset account balance and get another shot. If they struggle for whatever reason, they then go back to the Combine (if balance is well below initial starting balance of course).... Needless to say the most this has happened is 4 times. Each time we reset it and each time PTP absorbs the losses. I believe this trader took time off and is now readjusting his trading plan and methodology.

mp
More...
 
Quote from ScalperJoe:

traderchi: this question has already been answered by Patak, see below. And I totally agree, not having to make up the loss would DEFINITELY be easier mentally.
More...

Thanks man...I didn't see that part. With that being the case it's not bad. I guess it depends on how long they drop you to the minors for. But if it's something like you stay in sim until you made back your loss from the live account it's then just protecting both you and them from digging a big hole.
 
Hello Michael


Your commission fee is higher then most retail brokers charge , most would agree on that


For clarity purposes

The important issue is the exchange fees you charge !

Are you actually passing on the reduced rate as being a cme member of some type to your traders ?

What are the exchange fees you charge your traders on cme contracts ?

How much is your sp emini contract ES exchange fees per side ?
 
Quote from hitnrun:

Hello Michael


Your commission fee is higher then most retail brokers charge , most would agree on that


For clarity purposes

The important issue is the exchange fees you charge !

Are you actually passing on the reduced rate as being a cme member of some type to your traders ?

What are the exchange fees you charge your traders on cme contracts ?

How much is your sp emini contract ES exchange fees per side ?
More...

The famous Rule 106H-

"Parent companies, affiliates, subsidiaries and customers of such corporate members are not eligible to receive corporate member rates (unless they become corporate members themselves)."
 
Not sure what they have

Looking for the facts


What type of cme membership does patak have ?

Do they pass on those rates is the question ?
 
Quote from traderchi128:

Thanks man...I didn't see that part. With that being the case it's not bad. I guess it depends on how long they drop you to the minors for. But if it's something like you stay in sim until you made back your loss from the live account it's then just protecting both you and them from digging a big hole.
More...

Sure. My interpretation is they "drop you to the minors" only for the time it takes to redo the combine and meet the profit objectives. You stay in sim until you complete the combine again. It doesn't matter what the loss was in the live account, since PTP absorbs the loss.
 
Quote from MichaelPatak:

traderCND- Appreciate you looking into that for us. Your email went to market reg. They do not handle that type of stuff as it is not a market regulations type of an issue.

You will need to send it to the membership audit department. Here is the CME switchboard number to get their email or contact them directly: 312-435-3500. Contact Ellen over there. She handles membership review and knows us. They are really helpful and nice people. She will inform you that we are well within the rules in how we hold ourselves.

Again I do appreciate you taking the time to thoroughly review TST and PTP.

mp
More...


roflmao
 
Status
Not open for further replies.
Back
Top