The whole company.
worldco going out of business??
- Thread starter st0ckman
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The whole company.
This is exactly why I look for prop deals where no cap is required. In stead of having people bring in capital as a form of insurance, they should provide credit. And if a trader does not want to pay for losses after they leave, a firm should tarred their u4. No firm BD will touch them.
Not that i dont have the 5,10gs required by most, but just concerned about firms going under.
First off, I trade at Worldco and I heard these rumors being spread around the office the past week. Are they true? I have no idea. I honestly don't think so but I will certainly not deny that it could be true based on recent events. But just to get some things straightened out, this is what I do know and these are FACTS:
1 - Certain trading platforms and entitlements were phased out and no longer being offered to traders. Some of these include Townsend, REDI, and First Alert. Everyone was forced over to Worldco Trading platform, ILX, AT Financial, and Moretrade Filter system.
2 - Some key personnel were fired recently which included people from nearly every branch: Risk Management, Programming, Recruiting and Human Resources.
3 - Everyone that I know of has received their regular bi-monthly paychecks if they were owed one. Anyone who has left the firm recently may not have been paid their capital though but the firm has 60 or 90(i forget which) days to give it back. This might be what traders claim to have "not been paid".
4 - Many of the recent re-hires(left and came back to Worldco) who came back at ridiculously low rates were asked to increase their volume or take a commission hike because their volume was much lower than expected. Some left and some chose to stay. (Let me add that even after the commission hike, the rate was still very good considering the volume traded)
5 - Walter is no longer with the firm and has not been for the past 4 months. From what I understand, John Miller and Walter's brother Chris are running the show now.
You can take these facts and draw your own conclusions. I cannot confirm or deny the rumor as I don't know any more than you do at this time. Take care.
- G
1 - Certain trading platforms and entitlements were phased out and no longer being offered to traders. Some of these include Townsend, REDI, and First Alert. Everyone was forced over to Worldco Trading platform, ILX, AT Financial, and Moretrade Filter system.
2 - Some key personnel were fired recently which included people from nearly every branch: Risk Management, Programming, Recruiting and Human Resources.
3 - Everyone that I know of has received their regular bi-monthly paychecks if they were owed one. Anyone who has left the firm recently may not have been paid their capital though but the firm has 60 or 90(i forget which) days to give it back. This might be what traders claim to have "not been paid".
4 - Many of the recent re-hires(left and came back to Worldco) who came back at ridiculously low rates were asked to increase their volume or take a commission hike because their volume was much lower than expected. Some left and some chose to stay. (Let me add that even after the commission hike, the rate was still very good considering the volume traded)
5 - Walter is no longer with the firm and has not been for the past 4 months. From what I understand, John Miller and Walter's brother Chris are running the show now.
You can take these facts and draw your own conclusions. I cannot confirm or deny the rumor as I don't know any more than you do at this time. Take care.
- G
Most people at WLDCO put nothing down. Others put down only nominal amounts. But EVERY firm requires you to BUILD UP a capital account. And such is the nature that that money is at risk.
Isn't that enough to risk?? A month's profits can be substantial.
If they really go out of business where are all the traders going to trade?
This doesn't sound too cool, maybe its not true. Hopefully the traders won't get shafted if this really happens.
This doesn't sound too cool, maybe its not true. Hopefully the traders won't get shafted if this really happens.
NO DOUBT!
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