Which brokers allow retail traders to trade from the broker's office?

Quote from UDon'tKnowMe:
..... It is because Bright is <b>NOT ALLOWED or ABLE to have customer accounts</b>.....
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It is a good reason not to allow customer accounts for me ... .. it sounds to me like it is a Bright business decission and I do not see anything wrong with it ...
 
Quote from UDon'tKnowMe:

There you go trying to Spin things again! Bright doesn't have retail accounts because it's "not what we like to do" or "because of margin restrictions etc." It is because Bright is <b>NOT ALLOWED or ABLE to have customer accounts</b>. Bright doesn't want the extra scrutiny and stricter compliance and regulatory rules of FINRA. They rather be an exchange BD because the CBOE's regulatory and compliance rules are more lax and not as strict as FINRA's. That is why you can't offer Retail accounts. Why wouldn't Bright want Retail accounts, they can collect the same commissions that they collect from their Prop traders without Bright having to risk any of it's own capital as it does with Prop traders. "not what we like to do", come on stop with your BS.

<b>Why don't you clarify and explain what you mean by "because of margin restrictions etc.???</b> How would a customer's retail account affect Bright's margin restrictions for its' Prop business?
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No reason for a fuss. If we wanted to open a Retail Brokerage, we certainly have the wherewithal to do so. BTW, we are not members of the CBOE. And, quite simply, retail customers are limited to Pattern Day Trader rules, not a big deal, just a restriction in my way of looking at it. Heck, can't even do opening only orders (one of my favorites, as you know LOL). I'm not worried about Bright's margin requirements, just any "customers" we might have.

All the best,

Don
 
Quote from Don Bright:

No reason for a fuss. If we wanted to open a Retail Brokerage, we certainly have the wherewithal to do so. BTW, we are not members of the CBOE. And, quite simply, retail customers are limited to Pattern Day Trader rules, not a big deal, just a restriction in my way of looking at it. Heck, can't even do opening only orders (one of my favorites, as you know LOL).

All the best,

Don
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I'll assume you were just trying to be helpful, and not 'spinning'. However, many traders do opening orders in retail accounts, including some of the best traders that post in the OPG thread, FYI. (Interactive brokers is almost ideal for retail OPG trading for many reasons, FWIW, but Genesis is one of many other options for retail OPG trading)
 
Quote from EricP:

I'll assume you were just trying to be helpful, and not 'spinning'. However, many traders do opening orders in retail accounts, including some of the best traders that post in the OPG thread, FYI. I have also done OPG trading in a retail account, although don't do it currently. (Interactive brokers is almost ideal for retail OPG trading for many reasons, FWIW)
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Yes, I understand that some retail brokers allow opening only orders, it's just that most won't allow the submission of a $million or so of orders without proper capitalization. And, yes again, I think IB is one of the few who do allow these orders.

All the best,

Don
 
Quote from Don Bright:

No reason for a fuss. ... retail customers are limited to Pattern Day Trader rules, not a big deal, just a restriction in my way of looking at it. Heck, can't even do opening only orders (one of my favorites, as you know LOL). I'm not worried about Bright's margin requirements, just any "customers" we might have.

Don
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Don,

Now you're being silly. I'm retail and have trade the Open for years. I generally place about 15-20M dollars worth of orders and get filled on a fraction.

Unless you're at Fidelity or Schwab (or one of those places) you can certainly trade the open. Why would you say otherwise?
 
Quote from vikana:

Don,

Now you're being silly. I'm retail and have trade the Open for years. I generally place about 15-20M dollars worth of orders and get filled on a fraction.

Unless you're at Fidelity or Schwab (or one of those places) you can certainly trade the open. Why would you say otherwise?
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Aaah, hmmm? I just checked with Compliance (and , and open orders entered are subject to standard PDT margin, regardless of whether they are opening only or day orders. If you're able to do this, I am really, really surprised (and not much surprises me in this business).

I'll check with my guys at IB and MBTrading, I may be missing something.

Don
 
OK, I checked with my guys. PDT rules apply to opening only orders for those under PDT. "When the market is not open, we use previous day's closing prices for calculations." Those with "portfolio margining" may use approximately 6 times equity ($100K minimum account for this at IB). Same answers from several sources, just FYI.

(You had me going there for a second, LOL). If you have some combined account or something our of the ordinary, I wouldn't know.


All the best,

Don
 
Quote from vikana:

Don,

Now you're being silly. I'm retail and have trade the Open for years. I generally place about 15-20M dollars worth of orders and get filled on a fraction.

Unless you're at Fidelity or Schwab (or one of those places) you can certainly trade the open. Why would you say otherwise?
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I hope you don't mind answering if you do thats ok, but what broker are you with and how much money do you have with them that they let you put 15-20m worth of orders?

I guess they would cancel remaining orders after the few that get filled cause you to hit your buying power?
 
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