Was Andover bought out last week?

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Quote from calibertrader:


My suggestion, look for another firm, from what I understand, these types of changeovers don't go over well.
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nice advice from somebody who owns a competing firm. :D

Everyone is asking me or one of the Lynx traders to comment on this --if the merger is going to happen or not.

For Lynx it doesn't matter. We clear through Andover , we are not trading with Andover.

There are plenty of clearing firms that would love our firm's volume and Lynx can always move somewhere else. We have the #'s to do what we want. Andover or Sungard (if merger true) might clean up some of their empty offices, or offices that are net negative for the firm. Lynx isn't in this position so we have no worries here. I haven't heard anything on the merger so I can't really comment on it.

Robert
 
Quote from rtharp:



nice advice from somebody who owns a competing firm. :D

Everyone is asking me or one of the Lynx traders to comment on this --if the merger is going to happen or not.

For Lynx it doesn't matter. We clear through Andover , we are not trading with Andover.

There are plenty of clearing firms that would love our firm's volume and Lynx can always move somewhere else. We have the #'s to do what we want. Andover or Sungard (if merger true) might clean up some of their empty offices, or offices that are net negative for the firm. Lynx isn't in this position so we have no worries here. I haven't heard anything on the merger so I can't really comment on it.

Robert
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But I thought that Lynx was a sub llc of Andover. If lynx were to go to another clearing firm wouldn't they have to apply for membership at one of the exchanges? And that could easily take a few months.
 
Quote from rtharp:



nice advice from somebody who owns a competing firm. :D

Everyone is asking me or one of the Lynx traders to comment on this --if the merger is going to happen or not.

For Lynx it doesn't matter. We clear through Andover , we are not trading with Andover.

There are plenty of clearing firms that would love our firm's volume and Lynx can always move somewhere else. We have the #'s to do what we want. Andover or Sungard (if merger true) might clean up some of their empty offices, or offices that are net negative for the firm. Lynx isn't in this position so we have no worries here. I haven't heard anything on the merger so I can't really comment on it.

Robert
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I agree with you, Lynx will find another clearing firm, but the transition is going to be a nightmare. Lynx owns none of the offices, lines, or computers, at least in NY, which means they will have to find space for all their traders. They will have to run new lines to the new clearing firm, but they will need to find a clearing firm that will except their current structure, cause most don't except the sub llc since it is not recognized by the NASD. The software is going to be different from Hammer. Plus, in their current structure they are part of Andover, and who ever Sungaurd spins them off to, that's where you guys will have to initially trade through, whether you like it or not.
 
Quote from abctrade2001:



But I thought that Lynx was a sub llc of Andover. If lynx were to go to another clearing firm wouldn't they have to apply for membership at one of the exchanges? And that could easily take a few months.
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Bingo!!
 
There's definitely some truth, so it's not a rumor.

As to exactly what's going to happen, I have no idea as few are talking.

Anyway, it's Sungard, not Sunguard. They're in the S&P 500.

Even if they don't want your business, there are plenty of firms that do. I wouldn't worry too much about having a place to trade.

After a while at one firm, people in any field seem to become blinded to new opportunities.

My advice: Wait.
There are dozens of b/d's in this business.If you sign any agreements that involve significant expenditures on your part, make sure to include a provision regarding "change in control," obligating the new purchaser for a defined time period.
 
Has anyone gotten some one at Andover brokerage to admit to anything on the phone. I am surprised that no one at lynx (mainly the owners) has heard anything from Andover.

Anyone know who the next lowest cost firm would be? I believe Andoverer is about 3.50 per thousand.
 
Quote from Bullet:

Anyone know who the next lowest cost firm would be? I believe Andoverer is about 3.50 per thousand.
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I work for Caliber Financial, and I know there senior guys have pretty low commissions. Generic has good commission rates for guys doing volume. Give a call to a few, and see what they're offering.
 
Quote from jaredand:

Since, Lynx is a sub llc of Andover, how can you say there's no worries? Isn't that a bit naive?
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We clear through Andover not trade with.

160 traders, some heavily backed traders and millions of shares a day.

We can negociate with any clearing firm we want to if Lynx had to leave Andover. I doubt any (if the rumor is true) Sungard would want to turn away our business.


I 'm not worried

:D
 
Quote from Bullet:

Has anyone gotten some one at Andover brokerage to admit to anything on the phone. I am surprised that no one at lynx (mainly the owners) has heard anything from Andover.

Anyone know who the next lowest cost firm would be? I believe Andoverer is about 3.50 per thousand.
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Owners aren't hanging on this sight 24/7. Just Jwkirkland posts here from time to time.
I'm only a trader/trainer with the firm.



Everything above is based on speculation and rumor.
Nothing so far is based on facts. There has been no announcement.

also... why are 90% of the posters on this thread brand new --only been registered for 2 /or 3 months? Makes it harder to justify /take them seriously when they just registered and seem to know everybody on the boards.



 
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